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Reports: Yahoo-Google deal on the rocks
An attempted Google-Yahoo collaboration deal is falling apart under regulatory scrutiny, according to published reports. The two Web search giants are unwilling to make concessions to allay regulatory concerns, according to several news sources. The companies have been meeting with officials with the U.S. Department of Justice.
Under the proposed arrangement, revealed last June, Yahoo would display search ads sold by Google and get a cut in that advertising revenue. Microsoft and other rivals have said the pact would give Google far too much power in online advertising. Microsoft attempted to buy Yahoo earlier in the year but eventually withdrew its offer.
Symantec, CommVault report strong earnings
Despite the economic downturn, two storage vendors reported strong financial results this week. Symantec reported $1.52 billion in revenue and $311 million in profit -- increases of 6% and 18% from a year ago, respectively. The company's storage and server management group brought in $573 million, or 38% of the company's revenue -- a 12% increase. Meanwhile, CommVault exceeded analysts' expectations with $63.3 million in revenue, according to SearchStorage.com.
Brocade, Foundry agree on lower price
Brocade Communications Systems will spend $4 million less than the $3 billion originally proposed in the acquisition of Foundry Networks, Reuters reported this week. Under the revised terms, Foundry shareholders will now get $16.50 per share in cash, which amounts to a $2.6 billion price tag, the companies said in a statement. Shares of both companies have dropped in value since news of the acquisition broke in July. Foundry called a special shareholders meeting Nov. 7, so the companies have more time to finalize the merger.
New Avaya CEO named
Former JDS Uniphase (JDSU) CEO Kevin Kennedy will take on the role of chief executive at Avaya in January, the company announced yesterday. He is filling the role of former Avaya CEO Louis D'Ambrosio, who left in June for health reasons. Meanwhile, Cisco veteran Charles Giancarlo, who has been Avaya's acting chief, will become chairman of the company's board.
Before joining JDSU, Kennedy was chief operating officer at Openwave Systems. He also spent eight years at Avaya rival Cisco. But Kennedy got his communications chops at AT&T Bell Laboratories, where he worked for nearly two decades. In 1987, he was a congressional fellow to the U.S. House of Representatives Committee on Science, Space and Technology.
"Kevin Kennedy brings to Avaya a deep understanding of the enterprise communications industry and extensive senior management experience," Giancarlo said in a prepared statement.
Check out yesterday's IT channel news briefs.