Democrats in the Senate blocked a Republican-backed resolution to disapprove of the FCC’s rules on net neutrality. The vote was 52-46 against the resolution. Adopted by a divided FCC last December, the rules forbid broadband providers from blocking legal content while leaving flexibility for providers to manage their networks. The rules still face a court challenge. Lawsuits by Verizon and others have been consolidated. Backers of net neutrality say big providers could otherwise use their gatekeeper role to discriminate against competitors. But Republicans said the rules were an unprecedented power grab by the FCC.
Sony CEO Howard Stringer vowed to stay on as head of the Japanese electronics conglomerate, dismissing reports the longtime helmsman will step down next year and adding that he remained keen on leading the once-dominant corporate powerhouse in its battle to reverse losses and fight rivals. Last week, Sony shocked investors by warning that the company would report a fourth consecutive year of losses and offered few details of its plan to halve losses in its television division, which itself is headed for its eighth consecutive annual loss.
Senate votes in favor of net neutrality rules
Shares of daily deals site Groupon rose more than 50 percent in their stock market debut, but at least some of the early trading exuberance may have come from limiting the fraction of the company that was sold. The shares rose as high as $31.14, or 55.7 percent above the IPO price, in early trading on the Nasdaq, at one point pushing the market value of the company up to $19.9 billion. The shares later eased back, closing at $26.11. Despite the early success, there are still lingering questions about Groupon’s business model and about competition from better-funded rivals such as Amazon.com and Google.
Yahoo has signed confidentiality agreements with several parties interested in buying all or part of the company, according to people familiar with the matter. The Internet pioneer said potential buyers had to sign an agreement by Friday to be allowed a close look at Yahoo’s finances. But the Friday deadline could be extended into next week to provide more time for other firms to sign on, the sources said. Some private equity firms have balked at signing Yahoo’s nondisclosure agreement because of restrictions that would prevent them from forming consortiums, sources told Reuters last week.