Ouya, maker of a bite-sized game console that runs Google's Android operating system, wants to take a bite out the video game triumvirate of Microsoft, Sony and Nintendo. The console, which went on sale Tuesday for $100, lets players try games for free before buying them, a selling point Ouya CEO Julie Uhrman often makes to underscore that gamers who use consoles made by “the big three” can't test games before they spend as much as $60 to purchase them. “We are definitely disrupting the console market,” Uhrman said. “I mean, there's been no startup that has had a meaningful impact on the market in decades, and we're the first. We offer something different.”
Mars aims to pay off Berkshire bonds
Mars Inc. is seeking financing to pay off the balance of $4.4 billion of bonds provided by Warren Buffett's Berkshire Hathaway Inc. in 2008 to acquire Wm. Wrigley Jr. Co., two people with knowledge of the matter said. The maker of M&M's candies plans to save money by refinancing the 11.45 percent senior subordinated notes at a lower rate before they're due in 2018, said one of the people. Berkshire backed Mars's $23 billion purchase in October 2008 with the debt financing and an agreement to take a $2.1 billion stake in the Wrigley division once the deal closed. Berkshire would still be left with its equity stake in Wrigley, and the preferred shares can't be sold for another year, one of the people said.
CEO's pension said to be largest by far
McKesson's Chairman and CEO John Hammergren has set a new record in corporate America: Largest pension. The drug distribution company has disclosed in a regulatory filing that Hammergren was entitled to a $159 million lump-sum payment for his pension, had he voluntarily left the company on March 31. Several compensation consultants said it is by far the largest pension for a current executive of a public company. GMI Ratings, which tracks executive pay, said the 54-year-old's pension is more than double that of the next largest, $74 million for Rupert Murdoch, chairman and CEO of News Corp.
Monsanto profit down 3 percent
Monsanto's fiscal third-quarter net income slipped 3 percent, as hits to the agricultural product company's cotton and soybean seed segments weighed on revenue growth.