Facebook has officially filed for IPO, with a potential raise of $10 billion. The filing also unveiled a very healthy, existing balance sheet that includes 2011 profits of $1 billion on $3.7 billion in revenues. The company also has $4 billion in cash, and nearly 850 million users. This could easily end up being the largest IPO of all time, and value Facebook as high as $100 billion.
Soul Train host Don Cornelius was found dead on Wednesday at his home in Sherman Oaks, apparently from a suicide. He was 75.
Google has filed a request to enter an amicus brief in the copyright battle between ReDigi and Capitol Records. In the filing, Google urged the court to consider the complex, cloud-related issues and deny a Capitol motion to toss the case. “The Court can and should deny the motion for preliminary injunction without reaching the complex and profound legal issues outlined,” Google’s filing urged.
Vevo pulled $150 million in revenue in 2011, according to details shared by CEO Rio Caraeff at the Wall Street Journal’s D: Dive Into Media conference. Earlier, Caraeff pointed to artist payouts of $100 million over the past two years.
Looks like Van Halen‘s latest album actually contains some old material ― from the mid-70s. “It’s material that Eddie and I generated, literally, in 1975, 1976 and 1977,” David Lee Roth told the LA Times. “Usually fellas in our weight division will kind of gamely — or ironically, wink, wink — try to hail back to it [but] keep a safe, mature distance from it.”
Edgar Bronfman, Jr. is officially out as chairman of Warner Music Group, but he offered some strong parting shots to the Wall Street Journal. In quick summary: Google Music is an ‘oxymoron,’ Warner will fight the UMG+EMI merger ‘tooth and nail,’ and Steve Jobs helped music overall but unfairly commoditized songs with equal pricing. Any questions?
And, it’s official-official. Kazuo Hirai has been named president and chief executive officer of Sony Corp., succeeding Sir Howard Stringer. The shift is effective April 1st.