Tech Business Review: Verizon and AT&T Want More Spectrum, Electronic Arts Loses CFO
Yahoo (NASDAQ:YHOO) may be forking over the 40% stake it owns in Alibaba. Six banks are reportedly in the process of getting internal credit approval to underwrite a $3 billion loan to Alibaba in order for the company to buy back its shares previously sold to YHOO. Shares of Alibaba’s Hong-Kong listed unit were halted today.
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Dish Network (NASDAQ:DISH) loses an appeal. Jurors in the trial will now hear about the erased e-mails in a development. Sanctions were levied against it for destroying e-mail evidence in an ongoing contract case against Cablevision (NYSE:CVC). Sanford Bernstein analyst Craig Moffet says this will be “clearly negative” for Dish.
Electronic Arts (NASDAQ:EA) lost its Chief Financial Officer to Polycom. Shares are trading lower as a result. How well titles Star Wars: The Old Republic and Battlefield 3 resonate with gamers, will be a more telltale sign for the company than the loss of the CFO.
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Facebook (FB) has been shut out of China for the last three years, during which time Renren (NYSE:RENN) and Sina’s (NASDAQ:SINA) Weibo have flourished. Facebook is looking to re-enter, but the company will have to placate government censors to get the go-ahead. Even then, deep-rooted local competition could make things very difficult. Twitter and YouTube also remain blocked in China.
Verizon (NYSE:VZ) and AT&T (NYSE:T) want more spectrum after the Federal Communications Commission helped block the T-Mobile deal. These behemoths are in support of a clause requiring the Federal Communications Commission to ignore factors such as market dominance when determining a company’s eligibility for a spectrum auction. On the other hand, Sprint (NYSE:S), T-Mobile, Leap Wireless (NASDAQ:LEAP) and others oppose it. The clause is buried in a giant Congressional bill.
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