While others are slashing forecasts, IBM announced that it plans to go on the offensive. International Business Machines CEO Sam Palmisano said that the computer giant "will take a long-term view, and go on offense", and that IBM is "positioned to lead in the era that lies on the other side of the present crisis." IBM has made key investments in cloud computing and "smart meter" technology, both of which are at the center of the company's growth strategy.
Texas Instruments slashed its forecast yesterday, noting that it would also reduce its inventory. The chip manufacturer now expects to lose $0.08 a share for the first quarter of 2009. TI, which announced that it would cut its workforce by 12%, is expected to take in roughly $1.868 billion dollars in revenue.
The New York Times has sold its headquarters for $225 million. The NY Times, which owned 58% of the nearly two year old building will not have to vacate the building, as it has signed a 15 year lease to stay in the 52 story building. With several hundred million dollars in debt coming due over the next few years, the NYT may also be forced to sell interests in the Boston Red Sox and other once lucrative investments.
Former Spin City star Michael J. Fox is set to return to television. Fox signed a deal with ABC to bring "Michael J. Fox: Adventure of an Incurable Optimist" to primetime. The show, which will follow Fox around as he tries to spread positivity during tough financial times, will air at 10pm on Thursdays.
In an attempt to raise cash before the release of its highly anticipated Pre, Palm Inc will resell almost half of an investment by its largest shareholder. The company plans to sell 18.5 million shares, part of a $100 million investment the Elevation Partners equity firm made in January. The decision was made after Palm noted that its quarterly revenue was expected to fall 70%, while the company needs cash to help promote the innovative Pre in a lackluster smart phone environment.
Shelly Palmer is a consultant and the host of MediaBytes a daily show featuring news you can use about technology, media & entertainment. He is Managing Director of Advanced Media Ventures Group LLC and the author of Television Disrupted: The Transition from Network to Networked TV (2008, York House Press). Shelly is also President of the National Academy of Television Arts & Sciences, NY (the organization that bestows the coveted Emmy® Awards). You can join the MediaBytes mailing list here. Shelly can be reached at firstname.lastname@example.org.