Disney’s popular CEO Robert Iger will remain in his job through March 2015 and then serve as executive chairman for another 15 months to help break in a new chief executive. The Walt Disney Co. made the announcement Friday. Iger, who is 60, took the reins of the company in September 2005 and has orchestrated some of the company’s biggest acquisitions. That includes the $7.4 billion purchase of animated movie studio Pixar in 2006 and the $4.2 billion acquisition of comic book giant Marvel in 2009.
EU OKs Microsoft’s purchase of Skype
The European Commission has approved Microsoft Corporation’s proposed $8.5 billion acquisition of the Internet voice and video communication provider Skype, saying the deal would not significantly impede competition in Europe. The approval, announced Friday, appears to be the final step in the technology giant’s effort to acquire Skype. Brad Smith, general counsel and executive vice president of Microsoft, said in an emailed statement that the company is pleased with the decision.
Sprint to stop using Clearwire network
Sprint Nextel Corp. said Friday that it will stop selling phones and other devices compatible with Clearwire Corp.’s current network at the end of next year, after it switches on its own higher-speed, fourth-generation data network. Sprint is Clearwire’s largest customer and majority owner, but doesn’t control it. Phones labeled “Sprint 4G” use Clearwire’s network today. Clearwire’s stock fell 54 cents, or 26 percent, to $1.51 in midday trading Friday. The shares hit a 52-week low of $1.32 in August.
Music service Rdio continues free trial
Music startup Rdio, www.rdio.com, has joined several competitors in a crowded field of all-you-can-listening services by taking the time limit off its free trial. The trial had been limited to seven days, and those wanting to continue had to pay for a subscription. The new plan will give people using computers several months’ worth of free listening to any track they want out of a library of 12 million songs. Mobile device users will also get an indefinite amount of free listening, but will be prompted to pay after a shorter amount of use. Rdio, whose backers include Skype co-founder Janus Friis, is offering the trial without ads.
Consumers reduce borrowing in August
Consumers slashed their borrowing in August by the most in 16 months. The drop suggests many remain worried about taking on new debt while the economy slumped and the stock market fluctuated wildly. Fewer people used their credit cards. And a measure of demand for auto and student loans fell. Total borrowing dropped $9.5 billion in August, the Federal Reserve said Friday. In July, borrowing increased $11.9 billion.
From Herald news services
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