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All the entries posted on August 21, 2007.
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Tuesday, August 21, 2007
Dell gets another reprieve from Nasdaq
Dell has been under threat of being delisted because it is overdue filing its financial reports, all tied to the company’s investigation of its accounting problems.
Nasdaq has given Dell another reprieve, giving the company until Nov. 12 to get current on the reports.
Dell said last week it expects to get caught up on the reports by the first week of November.
The company released a report from a board investigation, which found that unnamed senior executives and other employees had used reserves and other accounts to prop up quarterly results over almost five years.
Nasdaq requires companies to stay current on financial reports or be delisted. Dell has appealed delisting notices several times, most recently to the Nasdaq board.
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MTV, RealNetworks, Verizon plan new music service
In what could be one of the most formidable challenges yet to Apple Inc.’s iTunes, the owner of MTV is teaming up with Verizon Wireless and the RealNetworks Inc. online network to create a new service that lets users seamlessly access digital music using their computers, cell phones or other portable devices.
The service is a successor to RealNetworks’ Rhapsody online music service, through which subscribers can access all the digital music they want using their computers for $12.99 a month and up.
In a conference call with reporters, RealNetworks CEO Rob Glaser said the new service is the next logical step toward creating what he calls a one-of-a-kind “jukebox in the sky.”
But Glaser and other executives were short on specifics Tuesday, declining to say how much Verizon would charge users to access the service, when it would launch or other details. A Securities and Exchange Commission filing connected with the joint venture, however, shows that MTV will contribute $230 million plus other assets in exchange for 49 percent ownership of a new partnership called Rhapsody America. RealNetworks will own the remining 51 pecent.
Though the new joint venture brings together some serious players, few expect it to make a substantial dent in Apple’s iTunes and iPod empire.
“This is going to impact Apple about like a speeding car hitting a gust of headwind,” said industry analyst Phil Leigh.
Microsoft Corp. which has a much smaller share of the digital music business with its Zune music player and service, may be impacted more.
Read the official press release here:http://www.realnetworks.com/company/press/releases/2007/rhap_announcement.html
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