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Subject: SEC Exposes Big Blue's Pink Slips
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M E D I A U N S P U N
What the Press is Reporting and Why (www.mediaunspun.com)
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August 14, 2002
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IN THIS ISSUE
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* SEC EXPOSES BIG BLUE'S PINK SLIPS
* SYNERGY AND BETRAYAL AT VIVENDI
* OTHER STORIES
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SEC EXPOSES BIG BLUE'S PINK SLIPS
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Does the Securities and Exchange Commission have a press pass
yet? It seems to be bringing us all our news lately. On the day
of the deadline for companies to certify their financial
statements with the SEC, the business press squirmed and waited
for the next Enron or WorldCom. (We might eat these words
tomorrow, but we doubt it.) In an unrelated confession, IBM gave
the commission its latest layoff numbers.
IBM talked about pink slips during its second-quarter earnings
report, but with a vagueness worthy of your daily horoscope.
("Capricorn: Career changes may be on their way...") Only after
"months of surreptitious layoff notices" did the company admit
that it's cutting more than 15,600 jobs, said the AP. That's
about 5% of its workforce, and a lot more than pundits expected.
An IBM spokesperson told the Wall Street Journal the higher
number was due to "rebalancing" and more employees than expected
taking voluntary layoffs.
Sorry, we're still back on "rebalancing." Did IBM "rightsize"
last quarter, too?
IBM's news was still trickling out Wednesday morning, but some
details were available. About 1,400 workers got cut from IBM's
microelectronics unit, and most of the rest were from IT
services and consulting. (That ought to make IBM's new employees
from PricewaterhouseCoopers feel all warm and fuzzy inside.)
Look for news updates from cities that will see the cuts, such
as Austin and Raleigh.
OK, none of this is good. Two years into the tech slump, we're
still tired of seeing people get sacked. But was it really so
bad that IBM only revealed it because of new accounting
regulations? Nah, Big Blue was always known for "stealth
layoffs," as CNN put it, but current corporate scrutiny forced
it to 'fess up for once. Until now, IBM would acknowledge the
latest layoffs if reporters called and asked, but wouldn't give
specifics. Yeesh. - Jen Muehlbauer
IBM Cut 5% of Staff in Period, Double the Expected Number
http://online.wsj.com/article/0,,SB1029282408667791835,00.html
(Paid subscription required.)
IBM to Cut Over 15,000 Employees (AP)
http://tinyurl.com/10kz
IBM confirms 15,600 job cuts (Reuters)
http://www.msnbc.com/news/793777.asp
IBM cutting 15,000 jobs
http://news.com.com/2100-1001-949677.html
IBM job cuts exceed 15,600
http://money.cnn.com/2002/08/13/technology/ibm/index.htm
IBM puts job cuts at 15,600, with fewer than 50 in this state
http://seattlepi.nwsource.com/business/82508_ibm14.shtml
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SYNERGY AND BETRAYAL AT VIVENDI
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Synergy always was a fuzzy concept. Now Vivendi Universal's top
man has slammed the lid on it. The French company announced
today that it's ready to peddle $9.8 billion in assets to rustle
up some cash. First up on the block? Synergy-less U.S. book
publisher Houghton Mifflin.
It's unclear whether new chairman Jean-Rene Fourtou has genuine
turnaround muscle, or whether he and Vivendi's board are simply
following the winds of post-merger fashion. But when you owe
$18.7 billion, you get real practical, real fast. The Guardian
reported that Vivendi's share price sank 5% on Tuesday when
investors got the willies about the company's impending
announcement on its financial health. But the company had
positive news to report: It's making money. Revenue in the first
half was up 13%, higher than analysts' estimates of a 7.7%
boost.
Details are scant on the breadth of Fourtou's restructuring
efforts, with more information expected at the next board
meeting on September 25, according to reporters. Houghton
Mifflin, acquired a year ago for $1.7 billion, and a vague
explanation that included the "Curious George" character, were
the only properties named for sale so far. The Guardian
speculated that Vivendi will also sell its U.S. video games
business and possibly its stake in the French mobile phone
company SFR, a debatable sale because of the cash it generates,
according to the newspaper.
Meanwhile, Fourtou's predecessor, Jean-Marie Messier, continues
to advocate empire-building. The New York Post said its sources
say Messier hopes his former employer will feel generous enough
to let him continue to reside in his $17 million Manhattan
abode. And Bloomberg reported earlier this week that an
unrepentant Messier is penning a memoir as he vacations in the
Mediterranean. The working title? "How I Was Betrayed." -
Deborah Asbrand
Vivendi to Sell Publisher Houghton Mifflin (Reuters)
http://www.washingtonpost.com/wp-dyn/articles/A15954-2002Aug14.html
Vivendi investors expect the worst
http://www.guardian.co.uk/business/story/0,3604,774190,00.html
Vivendi to Sell $9.8 Billion In Assets, Including Houghton
http://online.wsj.com/article/0,,SB102931297119161715,00.html
(Paid subscription required.)
Ousted Messier Aims To Score $17m Vivendi Pad
http://www.nypost.com/business/54701.htm
Ex-Chief of Vivendi Plans Tell-All Book (Bloomberg)
http://www.nytimes.com/2002/08/12/business/media/12VIVE.html
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OTHER STORIES
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A Top AOL Manager Has Left Company
http://www.nytimes.com/2002/08/14/technology/14AOL.html
Fed Holds Steady on Interest Rates
http://www.washingtonpost.com/wp-dyn/articles/A14636-2002Aug13.html
Amtrak halts all high-speed service after finding cracks
http://www.sunspot.net/bal-te.train14aug14.story
AOL lets resigning exec keep stock options
http://www.usatoday.com/money/industries/technology/2002-08-13-aol-pittman_x.htm
Lucent licensing deal with Winstar focus of probe (AP)
http://www.bayarea.com/mld/mercurynews/business/3861117.htm
Study Says Net Could Benefit Music Firms
http://www.latimes.com/business/la-fi-music14aug14.story
Eisner Crimping His Own Style
http://www.latimes.com/business/la-fi-disney14aug14.story
Severance claims by Enron former execs anger ex-workers
http://www.chron.com/cs/CDA/story.hts/business/1533657
Princeton removes dean after Yale Web site flap (AP)
http://www.siliconvalley.com/mld/siliconvalley/3857890.htm
Frisbee golf creator dies, may land on someone's roof (SF
Chronicle)
http://seattlepi.nwsource.com/national/82560_frisbee14.shtml
Will Kinsley's Slate Get Wiped?
http://www.ojr.org/ojr/kramer/1029281360.php
Hollywood, Russian Bicker Over Bass
http://www.cnn.com/2002/SHOWBIZ/News/08/13/bassspace.hollywood.ap/
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STAFF
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Written by Deborah Asbrand (dasbrand@world.std.com), Keith
Dawson (dawson@world.std.com), Jen Muehlbauer
(jen@englishmajor.com), and Lori Patel (loripatel@hotmail.com).
Copyedited by Jim Duffy (jimduffy86@yahoo.com).
Marketing: Cowpoke Productions (cowpokeproductions.com).
Advertising: Erik Vanderkolk (erikvanderkolk@yahoo.com).
Editor and publisher: Jimmy Guterman (guterman@vineyard.com).
Media Unspun is produced by The Vineyard Group Inc.
Copyright 2002 Media Unspun, Inc., and The Vineyard Group, Inc.
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Wednesday, August 14, 2002
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SEC Exposes Big Blue's Pink Slips
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<P>Ken Fisher offers his Quarterly Report for high net worth investors FREE of cost & without obligation. Access the same investment research he uses to guide his clients at:<br>
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SEC Exposes Big Blue's Pink Slips
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<P>Does the Securities and Exchange Commission have a press pass yet? It seems to be bringing us all our news lately. On the day of the deadline for companies to certify their financial statements with the SEC, the business press squirmed and waited for the next Enron or WorldCom. (We might eat these words tomorrow, but we doubt it.) In an unrelated confession, IBM gave the commission its latest layoff numbers.</P><P>
IBM talked about pink slips during its second-quarter earnings report, but with a vagueness worthy of your daily horoscope. ("Capricorn: Career changes may be on their way...") Only after "months of surreptitious layoff notices" did the company admit that it's cutting more than 15,600 jobs, said the AP. That's about 5% of its workforce, and a lot more than pundits expected. An IBM spokesperson told the Wall Street Journal the higher number was due to "rebalancing" and more employees than
expected taking voluntary layoffs. </P><P>
Sorry, we're still back on "rebalancing." Did IBM "rightsize" last quarter, too?</P><P>
IBM's news was still trickling out Wednesday morning, but some details were available. About 1,400 workers got cut from IBM's microelectronics unit, and most of the rest were from IT services and consulting. (That ought to make IBM's new employees from PricewaterhouseCoopers feel all warm and fuzzy inside.) Look for news updates from cities that will see the cuts, such as Austin and Raleigh. </P><P>
OK, none of this is good. Two years into the tech slump, we're still tired of seeing people get sacked. But was it really so bad that IBM only revealed it because of new accounting regulations? Nah, Big Blue was always known for "stealth layoffs," as CNN put it, but current corporate scrutiny forced it to 'fess up for once. Until now, IBM would acknowledge the latest layoffs if reporters called and asked, but wouldn't give specifics. Yeesh. - Jen Muehlbauer</P><P>
IBM Cut 5% of Staff in Period, Double the Expected Number<br>
<A HREF="http://online.wsj.com/article/0,,SB1029282408667791835,00.html">http://online.wsj.com/article/0,,SB1029282408667791835,00.html</A> <br>
(Paid subscription required.) </P><P>
IBM to Cut Over 15,000 Employees (AP)<br>
<A HREF="http://tinyurl.com/10kz">http://tinyurl.com/10kz</A> </P><P>
IBM confirms 15,600 job cuts (Reuters)<br>
<A HREF="http://www.msnbc.com/news/793777.asp">http://www.msnbc.com/news/793777.asp</A> </P><P>
IBM cutting 15,000 jobs <br>
<A HREF="http://news.com.com/2100-1001-949677.html">http://news.com.com/2100-1001-949677.html</A> </P><P>
IBM job cuts exceed 15,600<br>
<A HREF="http://money.cnn.com/2002/08/13/technology/ibm/index.htm">http://money.cnn.com/2002/08/13/technology/ibm/index.htm</A> </P><P>
IBM puts job cuts at 15,600, with fewer than 50 in this state<br>
<A HREF="http://seattlepi.nwsource.com/business/82508_ibm14.shtml">http://seattlepi.nwsource.com/business/82508_ibm14.shtml</A> </P>
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You've heard about identity management, but do you know about the opportunities and business models that will emerge as a result? <a href="http://release1.edventure.com/executivesummary.cfm?MCode=Unspun">Download</a> a free executive summary of Esther Dyson's coverage of identity management in Release 1.0. Learn more about the expanding market for these services and applications.
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Synergy and Betrayal at Vivendi
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<P>Synergy always was a fuzzy concept. Now Vivendi Universal's top man has slammed the lid on it. The French company announced today that it's ready to peddle $9.8 billion in assets to rustle up some cash. First up on the block? Synergy-less U.S. book publisher Houghton Mifflin. </P><P>
It's unclear whether new chairman Jean-Rene Fourtou has genuine turnaround muscle, or whether he and Vivendi's board are simply following the winds of post-merger fashion. But when you owe $18.7 billion, you get real practical, real fast. The Guardian reported that Vivendi's share price sank 5% on Tuesday when investors got the willies about the company's impending announcement on its financial health. But the company had positive news to report: It's making money. Revenue in the first half was
up 13%, higher than analysts' estimates of a 7.7% boost. </P><P>
Details are scant on the breadth of Fourtou's restructuring efforts, with more information expected at the next board meeting on September 25, according to reporters. Houghton Mifflin, acquired a year ago for $1.7 billion, and a vague explanation that included the "Curious George" character, were the only properties named for sale so far. The Guardian speculated that Vivendi will also sell its U.S. video games business and possibly its stake in the French mobile phone company SFR, a debatable
sale because of the cash it generates, according to the newspaper. </P><P>
Meanwhile, Fourtou's predecessor, Jean-Marie Messier, continues to advocate empire-building. The New York Post said its sources say Messier hopes his former employer will feel generous enough to let him continue to reside in his $17 million Manhattan abode. And Bloomberg reported earlier this week that an unrepentant Messier is penning a memoir as he vacations in the Mediterranean. The working title? "How I Was Betrayed." - Deborah Asbrand </P><P>
Vivendi to Sell Publisher Houghton Mifflin (Reuters)<br>
<A HREF="http://www.washingtonpost.com/wp-dyn/articles/A15954-2002Aug14.html">http://www.washingtonpost.com/wp-dyn/articles/A15954-2002Aug14.html</A> </P><P>
Vivendi investors expect the worst<br>
<A HREF="http://www.guardian.co.uk/business/story/0,3604,774190,00.html">http://www.guardian.co.uk/business/story/0,3604,774190,00.html</A> </P><P>
Vivendi to Sell $9.8 Billion In Assets, Including Houghton<br>
<A HREF="http://online.wsj.com/article/0,,SB102931297119161715,00.html">http://online.wsj.com/article/0,,SB102931297119161715,00.html</A> <br>
(Paid subscription required.) </P><P>
Ousted Messier Aims To Score $17m Vivendi Pad<br>
<A HREF="http://www.nypost.com/business/54701.htm">http://www.nypost.com/business/54701.htm</A> </P><P>
Ex-Chief of Vivendi Plans Tell-All Book (Bloomberg)<br>
<A HREF="http://www.nytimes.com/2002/08/12/business/media/12VIVE.html">http://www.nytimes.com/2002/08/12/business/media/12VIVE.html</A> </P>
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Other Stories
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<P>A Top AOL Manager Has Left Company<br>
<A HREF="http://www.nytimes.com/2002/08/14/technology/14AOL.html">http://www.nytimes.com/2002/08/14/technology/14AOL.html</A> </P><P>
Fed Holds Steady on Interest Rates <br>
<A HREF="http://www.washingtonpost.com/wp-dyn/articles/A14636-2002Aug13.html">http://www.washingtonpost.com/wp-dyn/articles/A14636-2002Aug13.html</A> </P><P>
Amtrak halts all high-speed service after finding cracks<br>
<A HREF="http://www.sunspot.net/bal-te.train14aug14.story">http://www.sunspot.net/bal-te.train14aug14.story</A> </P><P>
AOL lets resigning exec keep stock options <br>
<A HREF="http://www.usatoday.com/money/industries/technology/2002-08-13-aol-pittman_x.htm">http://www.usatoday.com/money/industries/technology/2002-08-13-aol-pittman_x.htm</A> </P><P>
Lucent licensing deal with Winstar focus of probe (AP)<br>
<A HREF="http://www.bayarea.com/mld/mercurynews/business/3861117.htm">http://www.bayarea.com/mld/mercurynews/business/3861117.htm</A> </P><P>
Study Says Net Could Benefit Music Firms<br>
<A HREF="http://www.latimes.com/business/la-fi-music14aug14.story">http://www.latimes.com/business/la-fi-music14aug14.story</A> </P><P>
Eisner Crimping His Own Style<br>
<A HREF="http://www.latimes.com/business/la-fi-disney14aug14.story">http://www.latimes.com/business/la-fi-disney14aug14.story</A> </P><P></P><P>
Severance claims by Enron former execs anger ex-workers<br>
<A HREF="http://www.chron.com/cs/CDA/story.hts/business/1533657">http://www.chron.com/cs/CDA/story.hts/business/1533657</A> </P><P>
Princeton removes dean after Yale Web site flap (AP)<br>
<A HREF="http://www.siliconvalley.com/mld/siliconvalley/3857890.htm">http://www.siliconvalley.com/mld/siliconvalley/3857890.htm</A> </P><P>
Frisbee golf creator dies, may land on someone's roof (SF Chronicle)<br>
<A HREF="http://seattlepi.nwsource.com/national/82560_frisbee14.shtml">http://seattlepi.nwsource.com/national/82560_frisbee14.shtml</A> </P><P>
Will Kinsley's Slate Get Wiped?<br>
<A HREF="http://www.ojr.org/ojr/kramer/1029281360.php">http://www.ojr.org/ojr/kramer/1029281360.php</A> </P><P>
Hollywood, Russian Bicker Over Bass<br>
<A HREF="http://www.cnn.com/2002/SHOWBIZ/News/08/13/bassspace.hollywood.ap/">http://www.cnn.com/2002/SHOWBIZ/News/08/13/bassspace.hollywood.ap/</A> </P>
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Written by Deborah Asbrand (<a href="mailto:dasbrand@world.std.com">dasbrand@world.std.com</a>), Keith Dawson (<a href="mailto:dawson@world.std.com">dawson@world.std.com</a>), Jen Muehlbauer (<a href="mailto:jen@englishmajor.com">jen@englishmajor.com</a>), and Lori Patel (<a href="mailto:loripatel@hotmail.com">loripatel@hotmail.com</a>).
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Media Unspun is produced by <a href="http://guterman.com">The Vineyard Group Inc.</a>
<BR>Copyright 2002 Media Unspun, Inc., and The Vineyard Group, Inc.
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