Daily Archives: November 4, 2010

John Gapper

Facebook keeps powering its way toward an initial public offering as the  winner of the battle for dominance among social networks. I wonder how worried Mark Zuckerberg, its founder, is when he considers the ranks of his fallen rivals.

The most recent is MySpace, the music-dominated social network that was also growing rapidly when it was bought by News Corp for $580m in 2005. Things have changed – News Corp is now warning that MySpace faces a harsh fate if it does not do better soon. Read more

John Gapper

I dropped into the best free entertainment in New York on Wednesday afternoon – the last day of the trial to decide whether a Citigroup banker deceived Guy Hands, head of the Terra Firm private equity group, into making his disastrous bid for EMI in 2007.

The trial in the Southern District Court in Lower Manhattan had a surreal air, since it involved UK executives and bankers debating what occurred in London to a British company in front of US lawyers and a jury of New Yorkers.

This involves some incongruous moments, such as the explanation by Ted Wells, Citigroup’s lead attorney, to the jury that Gatwick “is a very large airport, it’s like La Guardia” (in reference to another deal in which Terra Firma was involved). Read more