LEADING THE DAY: In its filing for an initial public offering.Facebook on Wednesday warned of the potential for additional regulatory investigations that would adversely affect its growth, The Washington Post reported.
“We have been subject to regulatory investigations and settlements and we expect to continue to be subject to such proceedings in the future, which could cause us to incur substantial costs or require us to change our business practices in a manner materially adverse to our business,” the company said in the filing.
Other risk factors listed in the company’s filing included its reliance on Zynga for 12 percent of Facebook’s revenue and the risk of losing either co-founder and chief executive Mark Zuckerberg or chief operations officer Sheryl Sandberg.
Verizon antitrust: Sen. Herb Kohl (D-Wis.) said Wednesday that he intends to hold a hearing examining the antitrust implications of a deal between Verizon and cable firms including Comcast and Time Warner Cable.
The panel has yet to decide on witnesses, The Washington Post reported, and will likely take place after Feb. 23, the end of the President’s Day recess.
Hearing on cybersecurity: The House subcommittee on communications and technology will hold a hearing on Wednesday, Feb. 8 to discuss cybersecurity and the threats posed to communications networks.
“This hearing will focus on these and other threats to America’s communications network, and the response of the private sector to combat those threats,” the committee said in a news release. The panel has yet to release a witness list or memo.
Sony announces new CEO: Sony announced on Wednesday that Kazuo Hirai would replace Howard Stringer as the company’s chief executive, a move likely intended to move the electronics maker out from the shadows of competitors such as Apple and Samsung, The Washington Post reported.
Hirai, who was made the face of the company as the electronics giant struggled to recover from a massive data breach last fall, is tasked with mending Sony’s image and pulling the company out of a sea of red ink. The company reported its fourth consecutive year of losses Wednesday after failing to pull ahead in television sales.