Hostile GOOG Offers Time Warner Big Bucks
Posted: 4:45p.m. PST, March 7, 2007
PALO ALTO, Calif. – In an unexpected move by what some have called the most important search engine for the last 5 years, Google INC. (GOOG) has made a bid for Time Warner INC. The initial purchase price is $50 billion with $35billion in stocks, $5 billion in cash, and $5 billion of their debt paid off. Time Warner CEO Richard D. Parsons said, “I couldn’t even speculate the value.” When asked about the companies opinion on taking the offer Parsons admitted that it was worth while and that the company had already begun internal discussions.
This turmoil in Silicon Valley has caused some discussions on whether this merger would disrupt the balance of competition with their markets. Chairman of the FCC Michael Powell would only state that “We’re not in the business of looking into hypothetical mergers.” Until Time Warner has made the decision, Google CEO Eric Schmidt look hopeful, “to merge that user base would be beneficial to the user and consumer.”
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1 comment:
Good use of the pyramid. Your wording actually made the boring topic interesting. Good job! The link wasn't working though, but I can't remember if that was necessary or optional.
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