From Bloomberg:
Nouriel Roubini, the professor who predicted the financial crisis in 2006, said the U.S. will suffer its worst recession in 40 years, driving the stock market lower after it rallied the most in seven decades yesterday.
“There are significant downside risks still to the market and the economy,” Roubini, 50, a New York University professor of economics, said in an interview with Bloomberg Television. “We’re going to be surprised by the severity of the recession and the severity of the financial losses.”
The economist said the recession will last 18 to 24 months, pushing unemployment to 9 percent, and already depressed home prices will fall another 15 percent. The U.S. government will need to double its purchase of bank stakes and force lenders to eliminate dividends to save them from bankruptcy, Roubini added. Treasury Secretary Henry Paulson said today he plans to use $250 billion of taxpayer funds to purchase equity in thousands of financial firms to halt a credit freeze that threatened to drive companies into bankruptcy and eliminate jobs.
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WatchMojo NewsletterSAI is reporting that the Yahoo!/AOl merger is a done deal, and will be announced tomorrow.
The purchase price: $8-10B. This obviously assumes that YHOO is buying all of AOL.com, including the access business.
Yahoo! is trading at $18B in market cap. Given that YHOO has all of $1B of cash on hand, this is obviously a stock deal… meaning that YHOO shareholders will have 55-60% of the merged company. That is not a catastrophe, admittedly, but you have to put this in the context of what has happened in the past 9 months.
Can you imagine the reaction from YHOO shareholders:
- first Jerry Yang turns his back to MSFT’s generous $44.6B offer.
- then YHOO loses more than half of its value less than a quarter after MSFT pulls its offer.
- now this?
Yikes.
A reader asked me why I was blogging less. I told him there were two reasons, one has been that I’ve been very busy with deals. One of which was announced today.
Wizzard Media & WatchMojo Team to Expand Distribution of Extensive Video Catalog
PITTSBURGH & MONTREAL, Oct 14, 2008 (BUSINESS WIRE) — Wizzard Media (AMEX:WZE), the world’s largest podcasting network, and WatchMojo, one of the largest producers, publishers, and syndicators of video on the web, announced today that they will bring WatchMojo.com’s catalog of over 5,000 professionally produced one-to-three minute video clips to the growing Wizzard Media Distribution Network.
Through its recently launched flash video player and premium channels on iTunes, DailyMotion, Joost, YouTube and Adobe Media Player, Wizzard delivers more than 2,000 episodes per minute of every day to more than 15 million unique monthly audience members worldwide. The company is expanding its streaming content network to include top tier social networks, major ISPs, portals, affinity sites, cable operators and telecommunications giants across North America and around the world.
Launched in early 2006, WatchMojo.com will provide Wizzard Media with automotive, travel, video game and lifestyle videos, including exclusive interviews and coverage of such high-profile events as fashion shows, Red Carpet interviews and exotic destinations. The agreement expands the list of professionally produced digital web TV content now available throughout Wizzard’s network of distribution sites.
On making the announcement, Chris Spencer, Wizzard Media CEO said, “We are very excited to partner with WatchMojo.com to add their superlative quality video content to our growing network. In addition, we see tremendous opportunities to serve well-known brand advertisers by helping them reach a discriminating audience of online video consumers through our newly launched flash player.”
Adds WatchMojo.com’s CEO Ashkan Karbasfrooshan: “Our partnership with Wizzard Media is more validation that marketers are looking for premium, professionally-produced content. But securing advertisers is part of the equation: we’re equally impressed with the 1 billion impressions that Wizzard Media served throughout 2007; indicating their ability to monetize video content, too.”
About Wizzard Media
Wizzard Media is the industry’s leading podcast hosting network, with an unprecedented one billion-plus download requests in 2007. Podcasts are a means for independent and professional content creators to publish audio and video shows for the world to enjoy over the Internet or on mp3 players, such as the Apple iPod and the Microsoft Zune. Podcasting is a relatively new phenomenon, but Wizzard Media collectively broadcasts millions of podcast downloads per day through media aggregators like Apple’s iTunes, Microsoft’s Zune Marketplace and other podcast aggregators. For more information, please visit www.wizzard.tv. Wizzard Media is a division of Wizzard Software, a leader in speech technology development.
About WatchMojo.com
WatchMojo.com is one of the largest producers, publishers and syndicators of Web video on the web, and has begun to extend its distribution in the wireless, out-of-home digital network and television markets. It is the Web TV unit of Mojo Supreme, a privately held, self-funded digital media, technology and services company launched in 2006. The company’s other units include the MetaMojo.com search unit (which includes both a vertical search network and video meta search engine), the StreetMojo.com matching community, as well as a number of media properties in the following verticals: Cars, Education, Fashion, Film, Food, Gambling, Health, Music, Politics & Economy, Space, Sports, Technology, Travel and Video Games.
SOURCE: Wizzard Media
Wizzard IR Contact: Arthur Douglas and Associates Art Batson, 407-478-1120 or Wizzard Media Contact: Braff Communications LLC Mark Braff, 201-612-0707 or WatchMojo Media Contact: WatchMojo Ashkan Karbasfrooshan, 514-448-1631 ash@mojosupreme.com
More to come. Oh, what is reason #2 for blogging less… coming up in a separate blog entry this week.
PLAY
