Feeds

Gates buys stake in aircraft carrier builder

MS Flight Sim claims another victim...

  • alert
  • submit to reddit

The essential guide to IT transformation

Bill Gates is investing personally in Newport News Shipbuilding, the US maker of nuclear aircraft carriers, through his Cascade Investment company, according to a Schedule 13G just filed with the SEC. His 2.6 million shares are worth around $69 million, making him one of the top two shareholders. Newport has been buying its own shares because it believes they are undervalued, having dropped 17 percent since August. Evidently Gates, or his investment manager Michael Larsen, has had the same thought. That's not his only punt this month: Gates' privately-owned Corbis, which he formed in 1989 (and in which Microsoft took a large minority stake in 1993), has become the lead investor in FootageNow. The company had its start last August when iXL Enterprises put in $200,000, followed by $25 million from investors. Gates has invested $8 million through Corbis, and provided a plug for the company in its press release: "Broadband media commerce using Internet technology will alter the way media is disseminated to customers worldwide". The investment is to enable the four-person FootageNow to speed-up the buying of stock film and video concerned with training, and its subsequent dissemination, reducing the turnaround from up to five days to one day, by working online. The company also intends to use the cash to acquire NY-based Second Line Search, which provides a similar kind of service for film studios and advertising agencies. Related Story Gates lacks golden touch with $5bn investment portfolio

5 things you didn’t know about cloud backup

More from The Register

next story
6 Obvious Reasons Why Facebook Will Ban This Article (Thank God)
Clampdown on clickbait ... and El Reg is OK with this
Mozilla's 'Tiles' ads debut in new Firefox nightlies
You can try turning them off and on again
No, thank you. I will not code for the Caliphate
Some assignments, even the Bongster decline must
Barnes & Noble: Swallow a Samsung Nook tablet, please ... pretty please
Novelslab finally on sale with ($199 - $20) price tag
Banking apps: Handy, can grab all your money... and RIDDLED with coding flaws
Yep, that one place you'd hoped you wouldn't find 'em
Video of US journalist 'beheading' pulled from social media
Yanked footage featured British-accented attacker and US journo James Foley
TROLL SLAYER Google grabs $1.3 MEEELLION in patent counter-suit
Chocolate Factory hits back at firm for suing customers
Primetime precrime? Minority Report TV series 'being developed'
I have to know. I have to find out what happened to my life
prev story

Whitepapers

Top 10 endpoint backup mistakes
Avoid the ten endpoint backup mistakes to ensure that your critical corporate data is protected and end user productivity is improved.
Implementing global e-invoicing with guaranteed legal certainty
Explaining the role local tax compliance plays in successful supply chain management and e-business and how leading global brands are addressing this.
Backing up distributed data
Eliminating the redundant use of bandwidth and storage capacity and application consolidation in the modern data center.
The essential guide to IT transformation
ServiceNow discusses three IT transformations that can help CIOs automate IT services to transform IT and the enterprise
Next gen security for virtualised datacentres
Legacy security solutions are inefficient due to the architectural differences between physical and virtual environments.