Digest: Go for Google; Charter moves
EmptyGo for Google
Google on Tuesday closed its $3.1 billion takeover of online advertising broker DoubleClick after the European Commission earlier in the day gave the green light for it without conditions. The clearance marks a setback to rivals Yahoo and Microsoft, who both argued that the deal would reinforce Google's dominant position on the Internet. It also was fiercely opposed by privacy advocates who said the merger would create an intrusive data collection colossus. DoubleClick is the world's largest broker of online banner advertising. After a six-month antitrust investigation, the commission concluded the deal would not harm competition or consumers.
Charter Communications said Tuesday that CFO Jeffrey Fisher has resigned, effective April 4. The cable operator controlled by Paul Allen has named Eloise Schmitz interim CFO. The company also said it plans to borrow $275 million in term loans and issue $500 million in notes to boost its liquidity amid renewed recent talk that it could face a credit crunch next year. Citi Investment Research analyst Jason Bazinet said the new financing arrangements will give Charter "another year of breathing room."
GridNetworks, which allows companies to stream TV and film content with high-definition clarity to a PC or TV via the Internet, has closed a $9.5 million funding round with Cisco Systems serving as a strategic investor. The company said it plans to use the capital injection to further develop its technology.