Mattel Inc., parent of Fisher-Price in East Aurora, will sell its Learning Co. software unit to Gores Technology Group, a privately held buyout firm. Mattel also plans to cut 350 jobs and slash its dividend. The sale price is believed to be 10% of the $3.5 billion paid by Mattel just over a year ago, though terms were not disclosed.
Exodus Communications will purchase Global Crossing Ltd. subsidiary GlobalCenter for $6.525 billion in stock, the two companies announced Thursday, giving Global Crossing a 17 percent stake in Exodus.
WebMD Corp. said Thursday it will cut 1,100 jobs by the end of next year and consolidate operations around the country.
A 23-year-old El Segundo, Calif., man was indicted by a federal grand jury Thursday on 11 counts of securities and wire fraud in a scheme to defraud investors in a high-tech company. Mark Jakob is accused of issuing a phony press release last month that sent the stock of Costa Mesa, Calif.-based Emulex plummeting as much as 62 percent in one day.