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Amazon Buys Egghead.com
Amazon.com is looking to become a bigger player in the online electronics market.
The e-tailer has spent $6.1 million to buy the assets of Egghead.com, the online electronics marketplace that—like many of its brethren—shut down and filed for bankruptcy protection earlier this year.
Last week, people who went to the Egghead.com site were redirected to Amazon.com, where they were greeted with a message that promised a relaunch of the Egghead site in the near future.
Founded in 1984, Egghead grew to more than 80 stores before deciding to sell strictly on the Internet three years ago.
Media Giant Gets New CEO
One of the two men who steered the merger between AOL and Time Warner earlier this year is stepping down.
Gerald Levin, CEO of AOL Time Warner, will retire following the companys annual meeting in May.
Richard Parsons, the co-chief operating officer, will assume Levins position, and Robert Pittman, who has shared the COO spot, will hold that post exclusively.
Levin and then-AOL CEO Steve Case shepherded the controversial merger through a brutal yearlong regulatory process that eventually gave birth to the media and Internet empire.
AOL Time Warner controls not only the largest Internet provider in AOL but also such media giants as CNN, Time magazine, Warner Bros. and Time Warner Cable.
Levin, Case and the others will work through the succession process over the next six months.
Agere Cuts 950 More Jobs
Agere Systems, which makes components for communications applications, said last week it will cut 950 jobs, adding to the roughly 6,000 jobs it slashed earlier this year.
The cuts come as demand for semiconductors continues to fall.
The company said the job cuts will come out of management positions covering product groups, worldwide sales and corporate support areas, mostly in New Jersey and Pennsylvania.
The job losses will come over the next few months.