Digest: Dow discusses alternative offer
EmptyDow Jones & Co., in talks for a takeover by News Corp., has met with supermarket magnate Ron Burkle and Internet entrepreneur Brad Greenspan in a last effort to find a possible alternative offer, a source familiar with the situation said. Details of what occurred during the meeting were not available, and Dow Jones declined comment. News Corp. has offered $5 billion, or $60 a share, for the publisher of the Wall Street Journal. Greenspan is founder of Intermix, the former parent of MySpace, now a unit of News Corp.
TiVo Inc. has retained Cal Hoagland as interim CFO, according to a regulatory filing Wednesday. Hoagland replaces Steve Sordello, who resigned in late June to join business networking Web site LinkedIn Corp. His departure marked TiVo's third CFO change since early 2006. TiVo has retained a search firm to identify a permanent CFO. Hoagland is a principal of Financial Leadership Group, a CFO services and board advisory consultancy. TiVo agreed to compensate Hoagland and Financial Leadership at a base rate of $2,500 per day, and TiVo also will issue Hoagland $1,000 per day in fully vested shares of the company's common stock.
Averting a court battle about how it has handled the exodus from its Internet dialup service, AOL has agreed to make it easier for its remaining customers to leave as part of a $3 million settlement with 48 states and the District of Columbia. The resolution announced Wednesday was driven by a deluge of complaints from AOL customers who said they tried to close their accounts, only to be thwarted in their attempts or discover they still were being billed for services they thought had been canceled. AOL, the Internet division of Time Warner Inc., didn't acknowledge any wrongdoing in the settlement.