off the record
Zuck enters Facebook’s first road show presentation by the side door, Yahoo! CEO says sorry for … the distraction and a financier with fashion sense steps in to save Barney’s from bankruptcy court. Today’s morning roundup:
Road show: Mark Zuckerberg slipped into the midtown Sheraton through a side door to address investors yesterday, and left in the company of “a dozen beefy security guards,” the Journal reports, as Facebook kicked off its IPO road show. The presentation opened with a 30-minute video presentation available here. Following a delay while Facebook’s 27-year-old CEO was apparently having a hard time finding his way back from the bathroom, Zuck, Chief Operating Officer Sheryl Sandberg and Chief Financial Officer David Ebersman fielded questions on the company’s strategies for China, mobile revenues and its recent $1 billion Instagram acquisition. With excitement building, analysts have been quick to offer opinions on Facebook, with Sterne Agee slapping a buy on the company and Wedbush Securities assigning a $44 price target to the stock.
So sorry: Yahoo! CEO Scott Thompson apologized to employees for lying on his … wait, no, for the distraction caused by the “disclosure of my academic credentials.” You can find the whole letter (addressed “Yahoos:”) over at Dealbook. Third Point Capital’s Dan Loeb has been calling for Mr. Thompson to step down since last week, when the hedge fund manager asserted that the executive lied on his resume.
Trader exodus: Nearly two dozen of Wall Street’s most profitable credit traders have defected from banks in the past 13 months, Bloomberg reports, as lenders cut bonuses and regulators seek to limit the types of trading banks can engage in.
Chopping red tape: Bank of America data chief John Bottega has a fourth-degree black belt in Okinawa karate, so watch what you say about consolidating bank data, a cause Bottega championed in a previous position at the New York Fed.
Newly appointed BlackBook editor in chief Joshua David Stein is looking forward to writing for an audience that’s a little bit more like him. For the last year, he’s been senior editor at Departures and Black Ink, the glossy magazines distributed to the wealthiest American Express card holders.
“I’m not a billionaire,” Mr. Stein told Off the Record last week. “This job’s not going to make me a billionaire. Or a millionaire for that matter!”
Mr. Stein’s new boss at the arts and culture starter magazine, on the other hand, is definitely a billionaire. Last month, BlackBook Media Corp. was bought by grocery magnate Ron Burkle and his investment partner, Magic Johnson. Mr. Stein didn’t have much to say about the acquisition, except that it means more money and better resources for the magazine, side-by-side with Mr. Burkle’s current holdings, Vibe, Uptown and the reportedly lucrative Access Network media software company.
Supermarket magnate, billionaire, Bill Clinton pal, Pittsburgh Penguins co-owner, powerhouse Democratic donor, and Page Six extortion victim Ron Burkle is back in the hip Manhattan culture rag business, and his partner-in-crime is Magic. Literally.
Earlier this week, the Village got a new neighbor: Alec Baldwin bought a new downtown home at Devonshire House, taking over the massive duplex penthouse. He appears to be making room in the city’s hipper environs for his new girlfriend, Hilaria Thomas, who will likely prefer the neighborhood to his previous home in the star-studded 300 Central Park West.
It’s a well-worn path. Indeed, Mr. Baldwin is only the latest in a line of older uptown dudes to to head downtown in search of love.
Billionaire California supermarket tycoon Ron Burkle has failed in his bid to move in on Barnes & Noble. The monster bookstore chain announced today that Len Riggio, the majority shareholder, will remain chairman, while David Golden and David Wilson will snag seats on the board, Marketwatch reported. Burkle’s Yucaipa Co. had been engaged Read More
As business capitals go, Los Angeles is an oddity. There are few corporate headquarters here-after Disney, can you name one?-which makes a financier like Ron Burkle a quintessential L.A. power figure: peripatetic, elusive, canny and demonstrably rich.
He’s invariably described as low-key and publicity shy, and articles about Mr. Burkle usually also Read More
Unsurprisingly, Vanity Fair photographer Todd Eberle had a difficult time corralling the 64 power lunchers who assembled at the Four Seasons restaurant for a photoshoot on Monday. Also, it seems that Richard Johnson called half of the crowd old. [P6]
Now Madonna and Alex Rodriguez are just looking to share a neighborhood, Read More
The Associated Press is reporting that the defamation lawsuit brought by former New York Post writer Jared Paul Stern against Ron Burkle, The New York Daily News, and Bill and Hillary Clinton has been dismissed by State Supreme Court Justice Walter Tolub. (This comes via Jim Romenesko.)
In April 2006, The Read More
Leon Neyfakh wonders who’ll replace departing Random House CEO Peter Olson. "Regardless of whom Bertelsmann CEO Hartmut Ostrowski and his 15-person supervisory board appoint to replace Mr. Olson, it is all but certain that Random House will undergo some radical changes." Plus: James Frey.
Doree Shafrir has the tale of the tape on Read More
Last night brought together a spirited mix of New York’s cutting-edge fashion designers and artists—young representatives from two industries that are impossible to keep apart these days.
Designer Philip Lim, model Jessica Stam, stylist Kate Schelter, Vogue’s Stephanie LaCava, socialite Genevieve Jones, men’s wear designer Thom Browne and supermarket mogul Ron Burkle were among Read More