| EBay results bolstered by newer businesses
NEW YORK: EBay posted better-than-expected profit in the first quarter as several of its newer businesses compensated for disappointing results in its mainstay auction service. The faster-growing units include shopping.com, a price comparison site; some classified listing sites; a service to let online merchants accept credit cards; and Skype, the online voice chat service. "We are on track with our well-crafted portfolio," Meg Whitman, eBay's chief executive, said in an interview after the earnings report Wednesday. The results sent eBay's stock up about 3 percent in after-hours trading. Overall, the company earned $377 million in the first quarter, up 52 percent from a year earlier. Excluding charges related to stock-based compensation and some other items, the company earned 33 cents a share, above the 29 cents that analysts had predicted.
Valuable airwaves head for auction
WASHINGTON -- There's about to be a land rush in telecommunications as the U.S. government auctions the only remaining airwaves suitable for nationwide, high-speed wireless Web access. Big telephone and cable companies are jostling alongside Internet and technology entrepreneurs to control the spectrum, estimated to be worth as much as $30 billion. "It's the biggest chunk of spectrum to come back into the public administration in a generation and it's by far the most valuable piece," said Ben Scott, policy director at Free Press, a Washington-based nonprofit focused on communications policy. And it's a hot topic in Washington: House Energy and Commerce Committee Chairman John Dingell, a Michigan Democrat, will explore the issues in a hearing Thursday, and the Federal Communications Commission, hoping to schedule the auction this fall, may vote on rules as early as Wednesday, April 25.
Go Shopping Via Reverse Auctions
I've found myself in an interesting and illuminating loop lately. In February, I wrote an article offering some money-saving shopping tips. Good enough, right? Well, I quickly heard from some folks who offered me additional advice, especially about where to find great discounts and coupons online. So I then wrote about how to be a smart online shopper. And then -- you guessed it -- I heard from more folks. So here's my next installment, this time focused on ... (drumroll) reverse auctions. With traditional auctions, such as you'll find at eBay (Nasdaq: EBAY), buyers bid on items, driving up the price until no one wants to bid anymore or the time runs out. With reverse auctions, an item's price starts out high, and then drops -- until someone buys it, ideally. This is similar to the "Dutch auction" concept, which Google (Nasdaq: GOOG) used for its IPO.
UK: Terra Firma Starts Bidding War For Alliance Boots
A 10bn-plus bidding war for Alliance Boots has broken out after financier Guy Hands' Terra Firma consortium trumped the earlier agreed offer by private equity firm KKR and Stefano Pessina.
Hands's private equity firm Terra Firma Investments Ltd., together with medical research charity The Wellcome Trust and HBOS PLChave tabled an indicative proposal at 1,126 pence per share in cash with the Alliance Boots board. However, due to an agreed break fee with KKR and Pessina's investment vehicle AB Acquisitions Ltd., Alliance Boots shareholders will receive 1,115 pence in cash (10.8bn) under this latest offer.
This morning Alliance Boots board of directors recommended an improved 1,090 pence offer from its deputy chairman, Stefano Pessina, and KKR, valuing the group at 10.6bn.
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