Specific Media buys Myspace for $35 million, cutting staff by 50%

By on June 29, 2011 at 2:43 PM.

Specific Media buys Myspace for $35 million, cutting staff by 50%

According to AllThingsD Specific Media has acquired Myspace from News Corp. for $35 million. Reportedly, Myspace’s CEO, Mike Jones, will remain for “an interim period,” and the social network will lay off half of its staff, or about 200 people. Myspace, which has seen a sharp decline in traffic over the years since it was acquired by News Corp in 2005 for $580 million, announced in January that it was laying off 47% of its employees. News Corp. will maintain less than a 5% stake in the company. More →

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Russia’s VimpelCom to acquire WIND Telecom for $6 billion

By on March 17, 2011 at 2:51 PM.

Russia’s VimpelCom to acquire WIND Telecom for $6 billion

WIND Telecom SpA announced on Thursday that the shareholders of Russian mobile operator VimpelCom have voted to approve the acquisition of WIND Telecom for $6 billion. VimpelCom said regulators approved the acquisition as well. The deal covers all of WIND Telecom’s assets, which includes Orascom Telecom, a major WIND Mobile shareholder, and VimpelCom will add nine new markets including Pakistan, Bangladesh, Burundi, Italy and Canada to the eleven it already covers. When finalized, the purchase will make VimpelCom the world’s fifth largest mobile Teleco with more than 173 million subscribers. “This is great news for us. Our partner, Orascom, will be even larger and stronger as a financial partner. This gives us more leverage and increased scale with telecom network equipment manufacturers and more importantly, for devices including handsets and tablets,” said Anthony Lacavera, WIND Mobile’s chairman, adding that the purchase will give WIND more access to long distance roaming services. Lacavera said he would provide more information as new details on the acquisition emerge.

Thanks, Kelvin

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Apple angling for unlimited downloads of purchased music?

By on March 4, 2011 at 8:01 AM.

Apple angling for unlimited downloads of purchased music?

According to a report filed by Bloomberg, Apple is working with record labels to make music tracks purchased via its iTunes Music Store more accessible. The report, which cites multiple anonymous sources, claims that the digital store creator wants to provide music purchasers with the ability to re-download tracks they’ve bought an unlimited number of times. The functionality would provide users with a permanent backup of purchased audio tracks and make getting that content onto multiple devices even easier. Purportedly, Apple is in talks with Universal Music Group, Sony Music Entertainment, Warner Music Group, and EMI Group. The report did not, unfortunately, specify a timeline as to when the deal could be completed.  More →

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