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Zynga used to have a $1 billion unsecured, revolving line of credit, but has had a limit slapped right on top of that to just $200 million. The amount of time to pay it back has been increased, though, from four to five years, but it continues to be unsecured.
Since Zynga went public, they've been faced with nothing but issues, taking away chunks of their value. The once-invincible company is now in troubled times, while they continue to restore their user base and release a new smash hit title which will get them out of the black. The company recently cut 18% of their workforce, and then they took another blow - investors cut their market valuation by a double-digit percentage.
At the prime of Zynga, they acquired the at-the-time gigantic OMGPOP, the company known for Draw Something, for $200 million. Well, that division has been closed, and Zynga have been left crying in the corner looking at that cheque they wrote. Zynga do have $1.3 billion in cash and short term investments, so they're not down and out just yet, folks.
Only hours ago did we report that Samsung could possibly be leaving the desktop PC business, where they would put full force into their portable devices, but the South Korean company have now issued a statement denying such things:
The rumor that Samsung is withdrawing from the PC desktop business is groundless. Samsung will continue to offer diverse PC products according to consumer and market needs.
I'm glad to see Samsung reacting to this so quickly, and so they should. They're one of the stronger companies at the moment and they need to show that the PC market is still something worth doing business in, let's just hope Windows 8.1 can change things around, and quick.
Western Digital, a company known for their magnetic hard drives, has signed a deal to acquire sTec, a company known for their solid state drives. Specifically, Western Digital has announced that HGST, a subsidiary of Western Digital, will make the acquisition for $340 million, allowing Western Digital to enter into the solid state market.
Solid state storage in the enterprise will play an increasingly strategic role in the future of Western Digital. This acquisition is one more building block in our strategy to capitalize on the dramatic changes within the storage industry by investing in SSDs and other high-growth storage products.
The deal is expected to close in the third or fourth quarter of 2013, allowing Western Digital to hopefully enter the solid state market with the new technology sometime in 2014. Western Digital wants to add SSDs to its enterprise line-up at a time when big companies are ready to start implementing the technology.
Samsung is reportedly intensifying its focus on mobile devices by ending desktop PC production. According to the Korea Times, a Samsung executive was quoted as saying that desktops will not be produced any longer so that the company can focus on portable devices, something Samsung has been exceptionally strong at.
"Tablets, all-in-one and hybrid PCs are Samsung's current focus. Samsung is speeding up its restructuring of its PC business via product realignment toward profitable variants," the executive is quoted as saying. This makes good sense as the desktop PC market continues to shrink quarter-over-quarter.
Samsung apparently believes there is still a market for the all-in-one desktop variety machine, though this could also be shrinking in the coming years as devices continue to get smaller, faster, and better. We'll keep our eye on Samsung's PC division and let you know of any changes to this course.
Earlier this morning a report out of the Taiwanese supply chain indicates that Apple may have finally signed a deal with manufacturer TSMC to produce it's A-series chips for the next three years. TSMC is expected to begin building apples A8 processors along with future models during that timeframe.
While rumors still circle between a Samsung and Apple breakup over chip manufacturing industry analysts state that Samsung will continue to manufacture Apple's next-generation A7 and A7X designs that are expected to appear in Apple's upcoming iPhone 5S as well as the fifth-generation iPad.
Other analysts are stating that over the next two years, TSMC will head up all of the A9 and A9x as well as A10 and A10X chip production through 2016. These reports appear to confirm reports that TSMC has been bolstering its foundries manufacturing assets over the last year in preparation for a big new client.
For those not aware of who Machinima are, you might want to take a look - they feature more than two billion (that's with a B) YouTube views per month, and are one of the Internet's biggest entities on YouTube.
This is obviously worth a lot of money, but just how much? Well, the people behind the company are looking for a "mega-round" of financing. In 2012, Machinima executives raised $35 million in a financing round led by Google, and this time, they are looking for more than that, much more in fact. The money they hope to raise will help the company setup more advanced content ambitions.
At the moment, Machinima rely on clips contributed by YouTubers, but they want to spend more money licensing original shows like the big boys do. Also, instead of just running their new shows on YouTube for free, Machinima want to work out a way where they can create a subscription-based model like Netflix, or Hulu.
Apple's $100 million in-app purchase settlement goes live, parents of kids who created huge bills to be compensated
If you are one of the parents of kids who created huge bills from in-app purchases within iTunes apps, you can now seek compensation for your bills.
Apple have sent out the "Apple In-App Purchase Litigation Administrator" through e-mail, which includes information on the settlement and deadlines for submitting payment requests. For those with charges under $30, you'll receive a whopping $5 in an iTunes gift card. Cash refunds will be handed out to those who had bills exceeding $30.
The $700 million "Project Mountain" data center project in Des Moines, Iowa, has an official owner: Microsoft. Late last week, the Iowa Economic Development Authority Board approved $20 million worth of tax credit incentives for the software giant.
Microsoft plan to spend hundreds of millions of dollars on the new gigantic data center. State documents lead most to believe that Microsoft's investment will be $677.6 million, and it will be used to expand their existing data center in the region. According to Christian Belady, Microsoft's GM of Data Center Services: "Supporting the growing demand for Microsoft's cloud services."
Intel have just become the latest member to join the Alliance for Wireless Power (A4WP). A4WP has more than 40 other companies in its embrace, including Samsung, Qualcomm and Broadcom - just to name a few.
Intel's Navin Shenoy has faith in the future of A4WP's standard, where he says: "Intel believes the A4WP specification, particularly the use of near-field magnetic resonance technology, can provide a compelling consumer experience and enable new usage models that make device charging almost automatic. In joining A4WP, we look forward to working alongside other member companies and contributing to standards that help fuel an ecosystem of innovative solutions capable of simultaneously charging a range of devices, from low-power accessories to smartphones, tablets and Ultrabooks."
Intel is looking into the future with this partnership, hoping that Ultrabook owners will use the batteries in their Ultrabook to power other devices like smartphones, tablets and more. Wireless charging could be the future of technology, but right now we require the entire industry to settle on a standard, and Intel stepping into the ranks of the A4WP is one of those big steps.
HTC have been hurting for quite sometime now, with Apple and Samsung sucking up those precious consumers and even more precious profits. It looks like the Taiwanese company is cutting up executive pay, according to the Wall Street Journal.
Compensation reached $22 million last year, with this figure including salaries, retirement pay, bonuses and profit sharing. These numbers are down 51.3% compared to the $45 million paid in the previous year. HTC chief executive Peter Chou and engineering and operations president, Fred Liu, saw their pay packages drop to $3.3 million last year - the first time in two years - with other executives seeing similar reductions.
We could see things turn around with Robert Downey Jr stepping up as the face of HTC, where the company will hand Iron Man himself $12 million to promote HTC around the world. Both HTC and Downey haven't confirmed the deal, but I'm sure we'll hear about it in the days and weeks to come, if it turns out to be true.