Internet Company News
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Updated 1 hour, 1 minute ago
Bets on declines in Sina Corp. shares plunged to a record low this week on prospects the Chinese Internet company’s alliance with Alibaba Group Holding Ltd. will propel advertising sales on its social media platform.
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Mount Kellett Capital Management LP said it forged an alliance with other Clearwire Corp. investors to coax Sprint Nextel Corp. into making a better takeover offer for the struggling wireless Internet company.
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Alisher Usmanov, the Russian billionaire who made a more than 10-fold return from his investment in Facebook Inc., said he recently spent about $100 million buying Apple Inc. shares in anticipation they will rise.
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Russian stocks, down for a third month in New York, will extend declines as the slowest economic growth since 2009 curbs investors’ appetite for the country’s equities, according to Otkritie Financial Corp. and UralSib Financial Corp.
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Alibaba Group Holding Ltd. agreed to buy a stake of about 18 percent in Sina Corp.’s Weibo for $586 million, connecting China’s largest Twitter-like service with the nation’s biggest e-commerce company.
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Clearwire Corp. said it will draw $80 million in financing from Sprint Nextel Corp. for a third straight month, leaning on its majority owner for funding as it awaits a shareholder vote on Sprint’s takeover proposal.
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AccessKenya Group Ltd., the nation’s only publicly traded Internet company, surged to a two- year high on expectations of stronger first-quarter profit with customer growth and investments in its network.
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Baidu Inc. is trading more than 50 percent below its average valuation over the past five years as the Chinese Internet company struggles to diversify while maintaining profit growth amid a slowdown in advertising.
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Baidu Inc. sank in New York, paring the biggest weekly advance since January in the benchmark gauge of Chinese U.S.-listed stocks, after the Internet company’s earnings fell short of analysts’ estimates.
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New York Times Co. Chief Executive Officer Mark Thompson is taking a cue from subscription services like Netflix Inc. in a bid to transform the publisher into an Internet company that relies less on advertising.
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