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Google to Sell More Than $2 Billion in Stock

Authored by Mark Hefflinger on March 30, 2006 - 9:16am.
Mountain View, Calif. - Shares of Google fell nearly 2% on Thursday after the Internet search giant announced plans to sell 5.3 million shares of its stock worth more than $2 billion. The company said that the move will partially meet the anticipated needs of index funds to purchase its stock when Google is added to the S&P 500 Index at the close of trading on Friday. Google is replacing oil and gas producer Burlington Resources in the index.
tags: Google | Sell | Stock |

Loudeye to Raise $8.25 Million in Stock Offering

Authored by Mark Hefflinger on February 24, 2006 - 11:08am.
Seattle - Loudeye Technologies, a provider of branded digital music stores and other digital media services, announced this week that it plans to raise $8.25 million through a secondary stock offering. The company will use the proceeds for working capital and general corporate purposes. Seattle-based Loudeye laid off an undisclosed number of staff earlier this month, as part of a plan to cut costs by $2.5 million per quarter. The company also said its shares are in danger of being delisted by the Nasdaq, for failing to maintain the $1 minimum listing requirement for 30 consecutive days.
tags: Loudeye | Raise | Offer | Stock | $8.25 Million |

Analyst Raises Google's 2006 Price Target to $600; Stock Surges

Authored by Mark Hefflinger on January 4, 2006 - 7:41am.
Mountain View, Calif. - Shares of search engine giant Google rose nearly 5% on Tuesday after Piper Jaffray analyst Safa Rashtchy lifted the firm's target price in 2006 from $445 to $600. "Although such a high multiple may seem aggressive, we believe that given Google's dominant position in an already large yet still rapidly growing market, its phenomenal brand power and its status as a technology leader justifies such a valuation," Rashtchy wrote. In 2005, the analyst raised Google's yearly price target four times, as the company time and again beat forecasts. Google's shares closed at $435.23, up $20.37.
tags: VC | Google | Stock | Analyst | Surges |

iPod Chipmaker PortalPlayer Withdraws Plans for Stock Offering

Authored by Mark Hefflinger on November 10, 2005 - 8:06am.
San Jose, Calif. - PortalPlayer, a maker of system-on-chips, firmware and software for manufacturers of hard disk drive and flash memory-based personal media players, on Thursday withdrew plans for a follow-on public offering. The company said that its current stock price "does not reflect the company's market opportunity and future growth prospects for the business." In late October, PortalPlayer said that it would offer 4.5 million shares. The company provides the hard drives found in Apple's iPod digital music players.
tags: iPod | PortalPlayer | Stock |

Akamai Raises $208 Million in Public Offering of Common Stock

Authored by Mark Hefflinger on November 1, 2005 - 4:41am.
Cambridge, Mass. - Akamai Technologies, a provider of Internet content delivery services, has raised $208 million in a secondary public offering of stock. The company sold 12 million shares at a price of $17.34 a share. Shares in Akamai were down $0.70 at $16.64 in the final hour of trading on Tuesday, a loss of about 4%.
tags: VC | Akamai | Stock | Public |

Icahn Recommends that Time Warner Sell c Buy Back Stock

Authored by Mark Hefflinger on August 15, 2005 - 9:50am.
Dulles, Va. -- Billionaire financier Carl Icahn is recommending that media giant Time Warner divest of its cable television business, but -- at least publicly -- isn't putting pressure on the company to sell America Online. In a statement released on Monday, Icahn and several hedge funds, who collectively own 120 million shares of Time Warner, said that Time Warner has "not moved quickly enough" on measures to increase shareholder value. Icahn, who said that he plans to meet with Time Warner CEO Dick Parsons, is recommending that the company separate its cable business from its content businesses, and immediately repurchase $20 billion in stock. Reports have circulated in recent days that Icahn would recommend that Time Warner sell its cable, publishing and AOL units.
tags: Deals | Stock | Time Warner | Icahn |

SmartVideo Raises $5 Million in Private Placement of Stock

Authored by Mark Hefflinger on March 31, 2005 - 7:12am.
Atlanta -- SmartVideo Technologies, a provider of live, on-demand and downloadable content for consumers, has raised $5 million in a private placement of stock with a group of institutional and individual investors. The company sold 2.4 million shares at a price of $2.25 a share. SmartVideo said that it plans to use the investment proceeds to support the roll-out of its mobile TV service platform for cellular telephones, Wi-Fi PDAs and other related devices, marketing the company's products and services and for general working capital.
tags: Deals | VC | SmartVideo | Stock |

Video Game Publisher Activision Announces 4-for-3 Stock Split

Authored by Mark Hefflinger on February 24, 2005 - 4:18am.
Santa Monica, Calif. -- Video game publisher Activision has announced that its board approved a four-for-three stock split, which will be paid in the form of a dividend to shareholders on March 22. Stockholders will receive one additional share of common stock for every three shares held on the record date. Following the transaction, Activision will have 200 million shares of outstanding stock. The Santa Monica, Calif.-based company also said it has called a shareholder meeting on April 4 to discuss approval of increasing the number of its shares from 225 million to 450 million. "By increasing the total number of authorized shares available for issuance, we will improve our long-term financial flexibility," said Activision chairman and CEO Robert Kotick.
tags: Activision | Stock | Video Games | 4-for-3 |

Sirius Radio to Raise $290 Million in Stock and Notes Offering

Authored by Mark Hefflinger on October 8, 2004 - 2:40am.
New York -- Days after announcing the signing of radio giant Howard Stern to its satellite-delivered digital radio service, Sirius Satellite Radio announced on Friday an offering of stock and bonds that aims to raise $290 million in new funds. The company said it intends to offer 25 million shares at a price of $3.87 per share, as well as $200 million of convertible notes. New York-based Sirius said the proceeds will be used for general corporate purposes, including investments in programming, infrastructure, and retail and automotive distribution arrangements. On Wednesday, Sirius signed "shock jock" Howard Stern to a five-year, $500 million contract that will take his show off the traditional airwaves and move it onto Sirius' $12.95 per month service beginning in January 2006.
tags: VC | Stock | Sirius Radio | Notes Offering |

Google to Issue $300 Million in Stock to Settle Yahoo Patent Dispute

Authored by Mark Hefflinger on August 9, 2004 - 3:24am.
Mountain View, Calif. -- Removing a possible legal hurdle to its upcoming initial public offering (IPO), search engine giant Google said on Monday that it will pay Yahoo about $300 million in stock to settle patent disputes between the rival search companies. In a filing with the Securities and Exchange Commission, Google said that it will issue Yahoo 2.7 million shares of its stock, which will be worth anywhere from $291 million to $364 million, depending on Google's IPO pricing. In return, Google will receive a license for a patent held by Yahoo subsidiary Overture. In a related move, Google has raised the number of shares in its IPO from 24.6 million to 25.7 million because Yahoo now plans to sell more than 1 million more than previously thought. Yahoo already owned about 5.5 million shares of Google through a prior investment.
tags: Google | Stock | Settle | Yahoo Patent |

Game Console Maker Infinium Labs Effects 4-for-1 Forward Stock Split

Authored by Mark Hefflinger on March 16, 2004 - 5:19am.
Sarasota, Fla. -- Infinium Labs, developer of a PC-based video game console, announced on Tuesday that it will effect a four-for-one forward stock split, in order to increase the total number of shares available and better position the company for potential investors. In order to have enough shares available to implement the stock split, Florida-based Infinium will simultaneously increase the number of authorized shares of its stock from 50,000,000 to 200,000,000 shares. The transaction is expected to become effective after April 15. Infinium Labs plans to show working models of its Phantom game console for the first time at the Electronic Entertainment Expo in May.
tags: Games | Infinium Labs | Stock | Split |

Sprint to Abandon Tracking Stock for Wireless Division

Authored by Mark Hefflinger on March 2, 2004 - 7:09am.
Overland Park, Kan. -- Telecommunications firm Sprint announced that it will eliminate the separate tracking stock it launched in 1998 for its wireless division (PCS), opting to fold the shares into its main offering as the company begins offering combined fixed-line and wireless telephone services. Under the terms of the transaction, Sprint PCS shareholders will receive one share of Sprint stock for every two shares of Sprint PCS they hold. The PCS tracking stock was initially spun-off so that investors could buy into the wireless division of Sprint without connections to the parent company's other activities. "The industry has changed pretty radically since we created [the tracking stocks] in 1998… [they] "served their purpose at the time, and now that time has gone," Sprint spokesman Bill White told The Washington Post.
tags: Sprint | Stock | Abandon | Wireless Division |

With Revenue Up, Netflix Plans 2-for-1 Stock Split, Move Into U.K., Canada

Authored by Mark Hefflinger on January 22, 2004 - 2:53am.
Los Gatos, Calif. -- Online DVD rental service Netflix on Thursday reported 2003 revenue of $272.2 million, up 78% compared to $152.8 million for fiscal 2002, and said it will effect a 2-for-1 stock split. Following the upbeat results, the company predicted it will reach $1 billion in revenue in 2006 or 2007. Netflix also announced the departure of chief financial officer Barry McCarthy, who will leave at the end of the year to pursue other opportunities. Separately, Los Gatos, Calif.-based Netflix said that it plans to expand its service into the U.K. and Canada by 2005, and that it is currently working on a system to allow users to download movies over the Internet, also slated to launch next year.
tags: Netflix | Canada | Stock | U.K. | Split | 2-for-1 |

Sirius Satellite Radio to Raise $150 Million in Stock Offering

Authored by Mark Hefflinger on November 19, 2003 - 7:22am.
New York -- Sirius Satellite Radio, a provider of satellite-delivered digital radio programming, announced on Wednesday that it will sell 73.2 million additional shares of stock in the company, in a transaction that will raise around $150 million in new funds. The offering, which is being underwritten by UBS Securities, is expected to close on Monday. New York-based Sirius said it will use the net proceeds for general corporate purposes, including investments in programming and retail and automotive distribution.
tags: VC | Satellite Radio | Sirius | Stock |

Video Game Retail Chain GameStop Announces $50 Million Stock Buyback

Authored by Mark Hefflinger on March 14, 2003 - 5:10am.
Grapevine, Texas -- GameStop, the nation's largest video game and entertainment software specialty retailer, announced on Friday that its board has authorized a stock repurchase program of up to $50 million. "We are very pleased that the board has authorized this share repurchase program because, at current market prices, we believe our shares represent an extremely attractive investment opportunity," said GameStop chairman and CEO R. Richard Fontaine. Texas-based GameStop operates 1,231 retail stores under the GameStop, Babbage's, Software Etc. and FuncoLand brands.
tags: Stock | Video Game | GameStop | Chain |

DVD Creation Software Firm Sonic Solutions to Sell $20 Million in Stock

Authored by Mark Hefflinger on March 6, 2003 - 1:44am.
Novato, Calif. -- Sonic Solutions, a provider of DVD creation software licensed by companies including Microsoft and Sony and bundled with PCs from Dell and HP, announced on Thursday in a filing with the Securities and Exchange Commission (SEC) that it intends to raise up to $20 million through periodic sales of its common stock. The company plans to use the proceeds for research and development, to expand manufacturing and customer service, for working capital and for general corporate purposes.
tags: DVD | Software | Stock | Sonic |