in terms of progression and success…this would clearly be defined as a fail
still I would not mind being able to have a company write-off $6billion. soon come eh :-)?
The Almighty’s Blessings
There are write downs — and then there are write downs. Microsoft(s msft) is wiping the books clean of almost all of the $6.3 billion it paid for interactive ad company aQuantive in 2007. The company is taking a $6.2 billion non-cash, non-tax deductible charge against the goodwill in its Online Services group for the fourth quarter of the fiscal year that just ended. The announcement came after the market closed Monday.
The splashy acquisition, which included Avenue A/Razorfish, was meant to counter Google’s DoubleClick buy and to give far-behind Microsoft a much-needed boost in online advertising. Microsoft CEO Steve Ballmer called it the next step in the evolution of Microsoft’s ad network. Rather than risk having the then-hot property fall into the hands of frenemy WPP or others, Ballmer offered an 85 percent premium. The deal cost Microsoft $6.3 billion in cash when it closed that August.
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