LEADING THE DAY: Yahoo announced Tuesday night that its Board of Directors had removed Carol Bartz as the company’s chief executive, appointing CFO Tim Morse as the interim CEO effective immediately. Morse will continue to act as CFO as well while Yahoo’s board conducts a search for a replacement.
Kara Swisher at All Things Digital was the first to break the story, publishing an e-mail Bartz sent to her staff. “I am very sad to tell you that I’ve just been fired over the phone by Yahoo’s Chairman of the Board,” the e-mail read.
Yahoo shares rose on the news, up more than 7 percent in pre-market trading Wednesday morning.
AT&T hearing set for Sept. 21: The Justice Department’s bid to block AT&T’s acquisition of T-Mobile is moving forward. According to a source familiar with the case, U.S. Judge Ellen Huvelle has ordered AT&T and the Justice Department to appear in court Sept. 21 to schedule proceedings, and discuss the possibility of a settlement.
Sprint files suit to block merger: Following Justice’s example, Sprint has also sued to block the AT&T/T-Mobile merger, filing a complaint in the U.S. District Court of the District of Columbia Tuesday, The Washington Post reported. In the suit, the company said that the proposed merger would violate antitrust laws, and allow Sprint — an outspoken critic of the acquisition— another avenue to fight the deal.
“This simply demonstrates what we’ve said all along – Sprint is more interested in protecting itself than it is in promoting competition that benefits consumers,”AT&T said in a statement. “We of course will vigorously contest this matter in court.”
Groupon cancels IPO roadshow: Groupon has canceled plans to go on the road to court investors in advance of its IPO, the Wall Street Journal reported, because of worries over market volatility. The report, which cited a “person familiar with the matter,” said that the company had unofficially aimed to go public following the Labor Day weekend and the roadshow had been planned for next week.
Google S. Korea offices raided: Google’s offices in Seoul, South Korea were reportedly raided by government antitrust officials, Reuters reported Wednesday. Citing an unnamed source “familiar with the matter,” the report said that the raid was related to a Korean Fair Trade Commission investigation of a complaint that Google is unfairly holding back competitors in its search business.Google is also facing antitrust scrutiny in the U.S. and Europe.
Reports surfaced yesterday that Google had made a huge bid for the online-streaming site Hulu. Hulu is looking for potential buyers for its streaming content and online licenses, and owners Disney, News Corp. and NBC Universal have reportedly sketched out terms they would find acceptable. The Google bid offers different terms, according to All Things Digital. Amazon, Yahoo and Dish Network are also said to have made their own bids for the site, reportedly totaling between $1.5 and $2 billion.