Zynga, the fast-growing social-gaming site, said it had hired Allen & Co. investment banker David Wehner as its new CFO.
He replaces Mark Vranesh, who becomes Chief Accounting Officer, reporting to Wehner.
The move is yet another indication that the San Francisco-based start-up is prepping for an initial public offering, rounding out its executive team, which is headed by founder and CEO Mark Pincus.
Pincus and Zynga have been quite busy of late, landing hundreds of millions of dollars in venture funding and striking deals with Yahoo, Google, and international partners such as SoftBank, as the company seeks to expand … Read more
A federal judge has rejected a request by the music industry to freeze assets belonging to Lime Wire and founder Mark Gorton.
In March, U.S. District Court Judge Kimba Wood ruled that Lime Wire, parent company Lime Group, and founder Mark Gorton are liable for copyright infringement by enabling and "inducing" users of the file-sharing software LimeWire to pirate music.
The Recording Industry Association of America, which filed a copyright complaint against Gorton and Lime Wire in 2007, wanted to make sure that Gorton or his companies don't do anything with their money before the court … Read more
Yeah, not too happy about it. And it's going to do all that it can to thwart the deal. "We plan to present evidence to the Japanese FTC explaining why we believe that this deal is substantially more harmful to competition than Google's deal with Yahoo in 2008 that the DOJ found to be illegal," the company said in a statement issued Friday afternoon.
Not all that surprising given the situation and Microsoft General Counsel Brad … Read more
Redbox, which has rented more than 880 million DVDs since its inception, is now starting to offer Blu-ray rentals at some of its 23,000 kiosks, the company announced Friday.
The company didn't provide too many details on its Blu-ray rentals. A new Blu-ray page is displayed on the company's site, saying simply that the company now rents the format. It also has a search box where users can input their ZIP codes to see if Blu-ray films are available in their area.
Football fans who want instant replays while attending games at the New Meadowlands Stadium will get their wish.
According to a New York Times report, New York Giants and New York Jets fans attending a home game will be able to download a free smartphone app that will allow them to watch instant replays, see statistics, and even view live feeds of other games. Fans will also get real-time updates on which concession lines are the shortest and receive traffic updates.
As nice as that sounds, there is one catch: the app will only work inside the New Meadowlands Stadium. … Read more
In a terse statement, the film industry's trade group said the two sides "have agreed to end negotiations regarding the position of chief executive officer of the MPAA. The search process for a new CEO will continue.
The Hollywood Reporter said last week that the deal was all but done. The only thing left to be done was to settle on a start date.
Kerrey, a popular lawmaker and former Vietnam war hero, would have been … Read more
Following a loss a year ago, Sony turned a profit in its first quarter thanks to strong sales of computers and TVs.
For the quarter ended June 30, the company took home a net profit of 25.7 billion yen ($294 million), compared with a loss of 37.1 billion yen in the prior year's quarter. Sales climbed 3.8 percent to 1.6 trillion yen.
The electronics giant attributed its rebound to profitability on strong sales across several of its business segments.
The Consumer, Professional, & Devices business showed a 7 percent gain in revenue to 889.5 … Read more
LOS ANGELES--Netflix probably won't get a star on Hollywood's Walk of Fame anytime soon, but the Web's top video rental service has recently become a blockbuster hit with film industry chieftains.
Just nine months ago, sources in the film industry told CNET that Netflix's long string of Wall Street-wowing earnings reports hadn't gone unnoticed at the studios. With all that money rolling in, many studio decision makers weren't happy with their cut--especially when it came to the company's blossoming streaming-movie service.
Netflix CEO Reed Hastings has apparently solved the problem--at least for now--by … Read more
Time Inc. likes to show off its iPad apps as a symbol of the company's future. But inside the publisher, the digital editions have become a source of hair-pulling frustration.
That's because the magazine giant has been unable to get Apple to let it sell and manage subscriptions for its iPad apps--much to Time Inc.'s surprise.
Last month, the publisher was set to launch a subscription version of its Sports Illustrated iPad app, where consumers would download the magazines via Apple's iTunes but would pay Time Inc. directly. But Apple rejected the app at the last minute, forcing the Time Warner unit to sell single copies, using iTunes as a middleman, multiple sources tell me.
Since then, Time Inc. executives "have been going nuts," trying to figure out how to get Apple to approve a subscription plan. One of the more desperate suggestions, which apparently didn't get traction: pulling the publisher's apps out of the iTunes store altogether.
Subscriptions, whether they're for ink-and-paper magazines or their digital editions, are a big deal for Time Inc. and every other magazine publisher. They value them in part because they provide recurring revenue, but primarily because they provide a treasure trove of data.
The ability to control digital subscriptions also gives publishers the ability to make their existing print subscriptions more valuable, by bundling the two together. Imagine a scenario where existing Time or Sports Illustrated subs get the digital version free, or at a very steep discount.
No other magazine publisher has approval to sell their own iTunes app subscriptions, either. But Apple and Steve Jobs had made a point of reaching out to Time Inc. executives and editors before the iPad's launch, and encouraged them to build digital editions for the platform. … Read more
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