Shanda (NSDQ: SNDA) Games, the online gaming spinoff from the big Chinese portal company, is teaching something to the U.S. companies: it is slated to debut its IPO tomorrow morning on Nasdaq, and expected to raise just over $1 billion in it. This will make it the biggest U.S. IPO so far this year, and the biggest Chinese IPO in U.S. as well. It has priced the shares at $12.50 a share, above the expected price range of $10.50 to $12.50, reports Marketwatch. The shares will be traded under the symbol GAME. The deal is being underwritten by Goldman Sachs, J.P. Morgan, Nomura, Oppenheimer and Susquehanna Financial.
Shanda is known for popular Chinese games such as The World of Legend, and in April it launched MMO game AION in China after licensing it from South Korea’s NCSoft. The gaming unit had revenues of $321.9 million for first six months of this year, with net income of $99.6 million. This comes five months after Sohu (NSDQ: SOHU) spun off its gaming unit Changyou in a $138 million IPO on Nasdaq earlier this summer, and its shares are up about 140 percent above their IPO price.
FT: Shanda Interactive, which sits on more than US$1bn in cash including the proceeds of the IPO, plans to acquire other Chinese internet companies to build itself into a full portal.
Timothy Joseph Russert, the father of the late Tim Russert affectionately known as "Big Russ," has died at the age of 85, his family announced Thursday evening.
Russert Sr. was the subject of his son's 2004 book, "Big Russ & Me: Father and Son--Lessons of Life."
The Russert family released the following statement about Big Russ' death:
It is with great sadness that we announce the death of Timothy Joseph Russert. While he was affectionately known to the world as "Big Russ," he carried no more important nor meaningful titles than those of father, grandfather, great-grandfather, patriot and friend. He passed peacefully with his family at his side from natural causes at the age of 85.
We warmly thank all those who were inspired by his life and his lessons.
In lieu of flowers please send donations to the Alzheimer's Association so that the world may move closer to finding a cure for this sad affliction.
We ask for privacy as funeral arrangements are pending.
Dr. Jeremy Levitt, a law professor at Florida A&M University, confronted Bill O'Reilly tonight over Fox News' role in fomenting racial tensions regarding President Obama. Specifically Dr. Levitt cited Glenn Beck and the network's role in encouraging the 9/12 protests, which featured an assortment of racist signs.
O'Reilly dismissed the racist right-wing attacks on Obama as part of a fringe group, insisting that an equivalent group exists on the left. He also stated that 10 percent of the nation is racist. Dr. Levitt would not let up, however, telling O'Reilly that "Fox News and the far right have a race deck, and they play the ace of spades every day."