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In Facebook Deal, Board Was All But Out of Picture (The Wall Street Journal)
On the morning of Sunday, April 8, Facebook Inc.’s youthful chief executive, Mark Zuckerberg, alerted his board of directors that he intended to buy Instagram, the hot photo-sharing service. It was the first the board heard of what, later that day, would become Facebook’s largest acquisition ever, according to several people familiar with the matter. AllFacebook Zuckerberg negotiated with his Instagram counterpart down from an original $2 billion offer, asking Systrom whether he thought Facebook could one day be worth more than $200 billion, roughly the size of Google. Systrom agreed to the one percent or roughly $1 billion in stock. SocialTimes Normally a deal like this takes several days, if not weeks, to complete, and usually involves more lawyers and bankers than were present during the negotiations. Gizmodo It was a bold strategy, and one that smacks of the kind of approach a small start-up might take. It’s not, however, the way most people might expect a multi-million dollar public organization to conduct business. TechCrunch This just in: According to multiple sources close to the company, Facebook is eying an IPO on May 17th — depending on whether the SEC agrees that all the reams of paperwork (including those concerning its recent acquisition of Instagram) are in order. PRNewser The Ad Age Digital Conference continued Wednesday with a presentation from David Fischer, Facebook’s VP of business and marketing partnerships, whose presentation could be boiled down to this: “Your brand needs an always-on strategy.” Read more
