Gawker
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exits
AOL Boots Loser CEO for Google's Tim Armstrong
At last, AOL has done something right: The Time Warner Internet unit has hired Google's Tim Armstrong as its new CEO, booting the laughably incompetent duo of CEO Randy Falco and COO Ron Grant. More »
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By Owen ThomasComment by Nick Denton: Why are you so sure he's the best man for the job? He's no product guy -- and arguably that's... 4 Responses | Other threads
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acquisitions
Yahoo's sad, sad state
Another day, another hare-brained scheme to buy Yahoo. This time, the player isn't Microsoft CEO Steve Ballmer, but former AOL CEO Jon Miller, who now runs a venture-capital fund. But the prospect of a deal seems as far off and fanciful as Microsoft, which spent most of the spring and summer trying to buy Yahoo, coming back to the negotiating table. Miller wants to buy Yahoo, but is having trouble coming up with the money, the Wall Street Journal reports. Is there no one serious who wants to buy this company?
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By Owen ThomasComment by giddieup: what puzzles me is the price he says he can get for yahoo. 20-22. that is almost a 100% premium over... 2 Responses | Other threads
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randy falco
AOL's know-nothing CEO
The heady rush of access can cloud a reporter's brain. Nicholas Carlson, late of Valleywag, now at Silicon Alley Insider, had stalked his prey inside New York's Natural History Museum: Randy Falco, the CEO of AOL. After Falco made a presentation to media buyers, Carlson buttonholed him and got his scoop: Falco is of the opinion that, with Jerry Yang out as CEO, President Sue Decker will swiftly follow. But he missed the real story. More »
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By Owen ThomasComment by Nicholas Carlson: Nah Falco was just hedging 1 Responses | Other threads
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earnings
When will Time Warner give up on AOL?
Time Warner has reported its third-quarter results, including AOL's numbers, and they are dismal. Internet-access revenues were down 26 percent, a loss everyone more or less expected, since the dial-up business is moribund. But advertising sales were down 6 percent. AOL management can't blame the market meltdown for this one, since that had barely started by the time the quarter ended. October through December, one assumes, will be much, much worse. More »
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By Owen ThomasComment by teleprax: It's getting harder to justify having your search marketing team put any time or effort in to running on engines... more » | Other threads
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mergers
Liberty Media ready to pay $1.42 billion for AOL dialup business
Liberty Media CEO John Malone told the Financial Times his company is ready to swap its $1.42 billion stake in Time Warner in order to acquire AOL's dialup business. There's just one holdup. "Time Warner still needs to divide the business," Malone complained to the FT. Though it's been more than two years since Time Warner decided to turn AOL into an online advertising concern and abandon the Internet service provider business, AOL won't be completely split until early 2009. Malone isn't the only exec impatient for Time Warner's book keepers to hurry it up. AOL CEO Randy Falco was overheard last week griping: "When is New York going to sell us?"
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Comment by macbeach: Is it possible that AOL is finding the dia-up business more valuable than they first thought? There are many people in... more » | Other threads
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deathwatch
How long will Randy Falco stay at AOL?
Let us say it, since every other writer seems too kind: As CEO of AOL, Randy Falco is an utter embarrassment. Silicon Alley Insider recounts his perplexing performance in front of a crowd of media executives gathered for Advertising Week in New York. "Radio was supposed to die 50 years ago," Falco said. "The reason radio is still around is because of mobile. The reason broadcast will still be around 50 years from now is because of mobile. All of our businesses up here will continue to grow because of video applications on mobile." What? More »
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By Owen ThomasComment by Rachel Marsden: ROCK ME AMADOUCHEBAG!!! Falco's dead. more » | Other threads
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rumormonger
Layoffs coming in AOL's datacenters?
On August 20, big layoffs are expected in AOL's technology operations. AOL CEO Randy Falco's vision for the Time Warner-owned Internet company: Get rid of all that messy Internet stuff. Madison Avenue, let's do lunch! Stripping AOL down to an ad-sales operation (and a collection of Web properties on which to place ads) requires shedding some of the things AOL was best known for — like hosting large-scale websites. After AOL bought Weblogs Inc., gadget blog Engadget handled Macworld-keynote traffic like a champ. Alas, the server farms are soon to be put out to pasture, if a tipster is correct. Commenter aoltech1 writes: More »
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By Owen ThomasComment by KatrinaDeeson: Anyone there planning on posting an update, or a retraction to this story? The 20th came and went with no one... more » | Other threads
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steve ballmer
Jon Miller drops out, so who's getting the top online gig at Microsoft?
Former AOL CEO Jon Miller, reportedly Microsoft CEO Steve Ballmer's favorite to lead the company's new online division, withdrew his name from consideration yesterday because he'll soon be joining Yahoo's board. So if not Miller, who's going to take on the task of saving Microsoft by building its presence on the Web? The top names under consideration: More » -
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mysteries
Did AOL buy Bebo to tempt Yahoo into a merger?
No one can make sense of AOL's $850 million Bebo buy, not even Time Warner CEO Jeff Bewkes, who is dropping hints that his company overpaid for the social network. AOL CEO Randy Falco and COO Ron Grant, shown here in a deliciously awkward moment with Bebo president Joanna Shields, negotiated the deal in secret, to the disbelief of their underlings. But there's one strategic way in which the Bebo buy makes sense. More »
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By Owen ThomasComment by Niemal: Since mergers and acquisitions have seemingly devolved into a revenue tug-of-war over the same stupid ads, at least there's hope... more » | Other threads
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michael birch
Even Bebo's cofounder thinks AOL's $850 million is a joke
Poor AOL CEO Randy Falco. He believes that acquiring the social network Bebo for $850 million put AOL in a "leading position" in social networking. Everyone else thinks the buy was a joke — including Bebo cofounder Michael Birch. Asked at an event yesterday about the purchase price, Birch said, "850 million is an interesting number. It's a lot bigger than some numbers and a lot smaller than some numbers. It's not a prime number." Asked how AOL bid itself up to $850 million, Birch said $800 million of it was due Bebo's popularity in Fiji. "Fiji is an up-and-coming market," the Birch told the crowd. Don't wonder why he's so giddy. Birch and his cofounder, his wife Xochi, earned $595 million on the deal. -
aol
Falco's takeaway from the Yahoo mess: what people actually want is AOL
While Microsoft's Steve Ballmer and Yahoo's Jerry Yang exchange angry letters over the fate of their companies, AOL CEO Randy Falco has this for his legions:It's clear that the industry is in a state of extreme flux. Each day brings new rumored combinations of companies. But what's not surprising is AOL's appeal in this rapidly changing environment. The market is recognizing the value of what we've built together over the past year and a half.
Yes, Randy, it's all about you. Falco's whole memo, below. More » -
acquisitions
Now Ballmer and Murdoch versus Yang, Schmidt and Falco?
News Corp. is now discussing a possible joint takeover bid for Yahoo with Microsoft, according to unnamed sources cited by the Wall Street Journal. Meanwhile, Yahoo is now discussing combining Internet operations with Time Warner-owned America Online as part of a three-fold move to stave off the takeover bid that includes teaming up with AOL, buying back much of the company's stock and running search ads from Google. Analysts quoted in the Journal still suggest the sale to Microsoft is a fait accompli, and that Yahoo is just trying to get CEO Steve Ballmer and company to cough up a higher bid for shares.
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By Jackson WestComment by thejamrules: Y!-AOL combo just would make MSFT want Y! more. With one check they's get 40% of the search market. more » | Other threads
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bebo
Bebo buy was AOL CEO's super-duper secret
AOL CEO Randy Falco and President Ron Grant — check out the photo and you'll see why the rank and file call them "Smithers and Burns" — kept plans to buy fourth-place social network Bebo secret from AOL's other top execs. Acquisitions talks are often kept quiet, but BoomTown sources say Falco and Grant were more secretive than usual. Can't say we blame them. The exchange — "We're targeting Bebo." "Who?" — has to get old.
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Comment by Davion: Holy shit they really do look like Smithers and Burns. How does anyone take them seriously? more » | Other threads
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quotable
"Compared to the $6.1 billion Microsoft paid for aQuantive and the $3 billion Google paid for DoubleClick I feel we have done a pretty good job here." — AOL CEO Randy Falco, explaining that the fact that his predecessor, Jonathan Miller, spent $435 million to buy Advertising.com somehow makes up for the $850 million Falco just spent on Bebo. [Guardian]
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Comment by Carlos: uhhhhh, how about the fact that those other companies had revenue bigger than a lemonade stand? more » | Other threads
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acquisitions
In Bebo, AOL landed what News Corp., Google, Yahoo and CBS didn't want
Before agreeing to sell to AOL for $850 million, Bebo president Joanna Shields tried to sell the company to News Corp., Google, Yahoo and CBS. Didn't happen. Bebo gets too little traffic in the U.S., sources from those companies told BoomTown. Microscopic revenues probably didn't help Bebo reach its hoped-for $1 billion pricetag, either. In 2006, Bebo revenues were $7 million, with just $3 million in EBITDA — Wall Street's favored measure of operating profit. Last year, total revenues climbed to $20 million, $5 million in EBITDA. So that's a price-to-earnings ratio of 160. Oh, maybe AOL CEO Randy Falco's valuing it on growth, you say? Let's run those numbers. More »
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Comment by JDone: Maybe they can do an ad deal with GlaxoSmithKline.... anti-depressants are big business. more » | Other threads
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the chart
Does Bebo brag prove AOL CEO's a liar, or just unable to read?
AOL CEO Randy Falco said the $850 million Bebo acquisition put his company in "a leading position" in social networks. Too bad his claim doesn't jibe with ComScore's chart comparing Bebo's traffic to social networks MySpace and Facebook, above. Where was "human computer" Ron Grant when Falco needed him to do some math? Below, more damning stats from Hitwise. More »
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Comment by Tiltawhorl: @bileblaster: 1. AIM and ICQ are instant messenging tools. Not Facebook or Myspace-type products. And they don't make money. 2. AIM... more » | Other threads
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great moments in indoor gardening
AOL CEO Randy Falco hates plants
You might hate your job, but you've got it better than the office plants at AOL's former headquarters in Dulles. A tipster writes:I work for AOL in Dulles. AOL celebrated the start of the new year by cutting the budget for watering all the indoor office plants all over Dulles. We came in to find "adopt a plant" posters hung up in the common areas with a corny rhyme about not letting the plants die. Now they're starting to wilt and go black, leaning helplessly against nearby walls or concrete pillars. It's pathetic. Some people inquired about taking them home (there are nice established ficus trees and palms etc.) and were told to either water them, or let them die, at which point they would be removed. I hate symbolism at work.
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Comment by Niemal: Now we know where this idea came from over at Switched: "Those of us with not blessed with a green... more » | Other threads
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aol
Falco glad to see Microsoft, Yahoo, Google "beat each other's brains out"
What does AOL topper Randy Falco think of Microsoft's hostile Yahoo takeover? He hopes it bloodies both parties and Google, too. "I hope they beat each other's brains out over search and leave the display market to us," Falco said at the IAB conference. He cited the wisdom of a role model: "I think it's a mistake. But I think Napoleon said never interrupt your enemy when they're in the middle of making a mistake." Falco hasn't been this nasty since he mocked laid-off AOL employees last Christmas. What gives? More »
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Comment by WillVille: Looks like Randy's back on the Bong. Perhaps he could drop by Iraq on his way home and clear that little... more » | Other threads
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100-word version
Randy Falco's AOL holiday missive
AOL CEO Randy Falco is a lot like Santa Claus, really. Why, he's downright jolly when laying people off, and he has an uncanny ability to fly whenever and whereever he wants. So who better to pen a year-end missive to rally the elves? Here's that letter, conveniently downsized to just 100 words. More »
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Comment by stupindus: Needs some translation: "Over the past couple months, I've had the opportunity to talk with many of you in small groups." translation:... more » | Other threads
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schwag
More AOL layoff T-shirts, just in time for the holidays!
Looking for that perfect holiday gift for the suddenly ex-AOLer in your life? Look no further than Valleywag tipster "Bob Zmuda," whose latest additions to the T-shirt line are now on Flickr. Our favorite? Zmuda's commemoration of AOL's 2007 Christmas party. That's the one soon-to-be-laid-off employees weren't invited to, thus discovering their fate. More » -
randy falco
AOL CEO mocks laid-off employees
It may not be Christmas yet, but AOL CEO Randy Falco is feeling downright jolly despite the company's recent layoffs of thousands of employees. At a roast held in his honor by the Center for Communication, Falco traded quips with execs from NBC Universal, where he worked before joining AOL. After his former colleagues made fun of laid-off AOLers, Falco proceeded to play an audio recording of a call where he supposedly pitched incoming Time Warner CEO Jeff Bewkes on switching AOL from a subscription business to advertising. One small problem: Former AOL CEO Jonathan Miller, the man whom Falco replaced, actually came up with that idea. So, to review: More »
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By Owen ThomasComment by schvitzatura: @ Blackjack: Let them eat blue severance package folders! Douché! more » | Other threads
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rumormonger
AOL, meet the new boss
Come January, Jeff Bewkes will be Time Warner's new CEO, displacing Dick Parsons. The change was widely expected since Bewkes's appointment as chief operating officer in 2005. That's also when AOL, for the first time, fell under Bewkes's command. AOL CEO Randy Falco was widely seen as a Bewkes hire, and Bewkes's hand was also seen in the purchase of Tacoda, an ad-targeting firm headed by Curt Viebranz, who formerly worked for Bewkes at HBO. The most intriguing rumor I've heard: When things settle down at AOL, Falco could be headed upstairs to fill Bewkes's recently vacated COO spot — and Viebranz would then become AOL's next CEO. More » -
aol
Your 2007 commemorative layoff souvenirs
Welcome to D-Day, AOL employees! Today is the reported day when 2,000 AOL employees will be released into the wild. Your consolation prize? Four to 12 months' severance and, we hear, lump-sum payments of up to $50,000 to make up for missed bonuses. Not satisfied with that? Valleywag reader bobzmudaguy has created a line of commemorative T-shirts to recognize this momentous occasion. Our favorite? This one, celebrating the Smithers and Burns relationship between AOL head Randy Falco and his lackey, COO Ron Grant. We hope, for the pint-sized Grant's sake, that the shirts come in extra-extra-small, to go along with the size of his layoff-loving heart. (Photo by bobzmudaguy) More »
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Comment by Bitter Man: I'm glad they laid me off today. That whole company is full of self-serving idiots. I just wish my severance... more » | Other threads
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aol
AOL layoffs confirmed, 2,000 to go
VIENNA, VA. — AOL CEO Randy Falco has, at long last, confirmed the obvious in an email to all AOL employees. His company is laying off 2,000 employees — less than our earlier tipster had suggested, but more than some had expected. A few notes: Falco says AOL has 10,000 employees, which is 2,000 lower than some estimates, suggesting that he may have, as rumored, already eliminated a substantial number of employees through rolling layoffs. Kara Swisher at AllThingsD has the full letter to employees, reproduced here after the jump. More »
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By Owen ThomasComment by PAYTHEPIPER: AOL WILL FAIL. I Mean seriously, wtf is WOW.COM and why would they roll out a search engine that is... more » | Other threads
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rumormonger
AOL layoff details revealed
VIENNA, VA. — A source close to AOL's upcoming layoffs has shared numbers exclusively with Valleywag. The expected body count? 4,000 — a third of the estimated 12,000-person staff of the pain-wracked Internet giant. (Update: In a companywide email, CEO Randy Falco now says 2,000 employees out of a shrunken staff of 10,000 will be laid off.) The Dulles, Va. headquarters alone will see 400 jobs eliminated. Member Services, the organization responsible for AOL's rapidly defecting dialup customers, may get cut by as much as 90 percent. A data center in Reston, Va. is closing, with the facility up for sale, and another one in nearby Manassas could be on the block in the future. As deep as those cuts go, however, they may not be all. Remember the old adage "Measure twice, cut once?" Don't worry — neither do AOL CEO Randy Falco and COO Ron Grant. More »
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By Owen ThomasComment by Iknowyouknow: I've heard that Ron has personally made many of the decisions about where to cut. The problem is, that... more » | Other threads
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layoffs
AOL HR chief leaves, taking one for his team
VIENNA, VA. — How do you now you're fired at an Internet company? When your biography's removed from the website. AOL's Lance Miyamoto, head of HR, has left the building. As a Valleywag tipster first told us and Silicon Alley Insider confirms, Miyamoto is the executive who's quitting in protest of new week's layoffs. (We had guessed, incorrectly, that it might be Kevin Conroy or BIll Wilson.) The question, though: Were AOL CEO Randy Falco and COO Ron Grant so furious over leaks that they fired him? Or was he allowed, nevertheless, to resign? More »
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By Owen ThomasComment by ifwallscouldtalk: @kilcarfarmva: If you thought who was running it now is bad, RUMOR has it that the queen (aka the "stump")... more » | Other threads
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aol
I'm in your backyard, talking to your employees
VIENNA, VA. — I grew up in this northern Virginia town 20 minutes outside Washington, D.C. As did the company formerly known as America Online, before it moved to the more-distant suburb of Sterling — sorry, "Dulles." That's where it will continue to be headquartered for a few more months, before its top executives decamp to New York. Somehow I doubt that AOL CEO Randy Falco knows, or cares, about that piece of AOL's history, as he and COO Ron Grant prepare to dismember the struggling Time Warner Internet business. I'm the first to admit that I'm a geek nostalgia junkie. And really, do AOL's roots have much to do with any of the problems it's facing today? More » -
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By Owen ThomasComment by aoltech1: New AOL layoff coming in the next few weeks. AOL selling MTC & DTC and will be contracting all services... more » | Other threads
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online advertising
AOL's internal email on the New York shuffle
There's a truism that every corporate relocation, whatever the ostensible business reason, ends up shortening the CEO's commute. And AOL's Randy Falco has accomplished that much. By moving AOL's headquarters from Dulles, Va. to New York City, he's able to stop diverting the company jet to White Plains and go back to getting driven into Manhattan. Oh, sure, New York is a better location for an advertising-driven business. With the collapse of AOL's dial-up Internet business, Dulles's network operations are less and less important. Falco has much else to say in an internal company memo obtained by Valleywag. The full memo is printed after the jump, and I'll be back with more analysis of AOL's big changes. More »
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By Owen ThomasComment by Celeste: I just wish they'd announced the move before Falco spent 75K on an 'executive dining room' at Dulles. Great... more » | Other threads
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lazy valleywag
Nasty nicknames for AOL's bosses
We're told that AOL CEO Randy Falco and chief sidekick officer Ron Grant are so annoyingly inseparable that they've been dubbed "Rondy." But we also hear that the rank and file, ticked off by moves like Rondy's rerouting of the corporate jet, have much meaner monikers for their new overlords. Heard any good ones? -
aol
Randy Falco needs a new plane
AOL overlord Randy Falco has enforced all kinds of cost-cutting measures since he took over, such as gently pushing or violently shoving other execs out of the company. And while he can't quite bring himself to outright purchase a jet for his own use, he's not too proud to beg:Since he started at AOL he has been diverting the AOL shuttle, which runs between Teeterboro and Dulles, to White Plains whenever it suits him. I guess that got to be too inconvenient for him, so they've set up jars in the cafeteria so employees can contribute a little extra to the "Get Poor Randy a Jet" campaign. It's actually kind of touching. A lot of people I know are more than willing to give up their jobs for this noble cause — as long as we get decent severance packages.
What a sweet show of esprit de corps. Please, if you can snap a pic of the alleged tip jar, by all means send it in. -
aol
Grant to Staffers: Merry Fucking Christmas
SCOTT KIDDER — Randy Falco's right-hand man and human "computer" — newly-appointed President and COO Ron Grant — referred to by new AOL chief Randy Falco as "my computer" — has a holiday message for AOL's tens of thousands of employees: Have a good holiday weekend, and stay the fuck away from your email! More »
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