Thursday, October 17, 2013

Timeline: Congress' path to federal shutdown

Highlights of Congress' battle over the partial government shutdown and expiring federal borrowing authority:


Sept. 20: Republican-run House ignores White House veto threat, votes to keep government open through Dec. 15 but only if President Barack Obama agrees to halt money for his 2010 health care law.


Sept. 24-25: Tea party Sen. Ted Cruz, R-Texas, and other conservatives speak on Senate floor for more than 21 consecutive hours about using shutdown bill to weaken health care law.


Sept. 27: Democratic-led Senate removes House-approved provision defunding health care law, sends bill keeping agencies open through Nov. 15 back to House.


Sept. 29: House shifts demands on health care law, votes to delay implementation for a year and repeal tax on medical devices. Separately, House votes to pay troops in case of shutdown. Senate approves bill next day, Obama signs it into law.


Sept. 30: Senate rejects latest House provisions curbing health care law. House reworks shutdown bill again, delaying for a year health care law requirement that individuals buy health insurance and requiring members of Congress and staff to pay full expense of health insurance, without government paying part of costs. Senate kills latest House health care provisions.


Oct. 1: Government's new fiscal year begins, partial federal shutdown starts, around 800,000 workers furloughed.


Oct. 2: House approves first of more than a dozen bills restarting popular programs, reopening national parks and National Institutes of Health medical research. Over the next two weeks, Democrats mostly vote "no," saying entire government must reopen, and Senate ignores the measures. Obama meets with congressional leaders at White House, no progress reported.


Oct. 4: Republicans increasingly tie shutdown fight to need for Congress to renew federal borrowing authority by Oct. 17 or risk economy-rattling government default. Their demands also evolve to deficit reduction.


Oct. 5: Defense Secretary Chuck Hagel says he is bringing most of his department's 350,000 furloughed workers back to work immediately.


Oct. 10: Boehner proposes six-week debt limit extension, conditioned on Obama bargaining over spending cuts and reopening government. House GOP leaders discuss standoff with Obama at White House without agreement. Congress gives final approval to bill providing death benefits for slain troops and Obama signs it.


Oct. 11: A bipartisan Senate group works on a measure that would reopen the government and prevent the U.S. from defaulting on its bills.


Oct. 12: Boehner tells House Republicans that negotiations with White House have stalled. Senate Majority Leader Harry Reid, D-Nev., and Senate Minority Leader Mitch McConnell, R-Ky., begin talks.


Oct. 14: Reid and McConnell say they've made progress toward a deal extending debt limit and reopening government.


Oct. 15: House GOP effort to craft its own plan collapses after Boehner fails to gain enough Republican support for two alternatives that are more conservative than evolving Senate plan.


Oct. 16: Reid, McConnell announce deal on reopening government through Jan. 15, extending debt limit to Feb. 7. Senate approves bill 81-18, House passes it 285-144.


Source: http://news.yahoo.com/timeline-congress-path-federal-shutdown-193956026.html
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Wednesday, October 16, 2013

SXSW Festival releases initial music lineup

(AP) — The South by Southwest Music Festival released its first list of artists for 2014 on Wednesday, featuring acts ranging from New Orleans rapper Vockah Redu to Texas country singer Rodney Crowell and Swedish rock band INVSN.

The first batch of 183 acts from 27 countries will only be the first of many, said Elizabeth Derczo, publicist for the six-day festival and music conference. South by Southwest was created to showcase up-and-coming acts, build industry contacts and include a handful of established talent.

In 2013, more than 25,000 people saw 2,278 acts during the festival that takes over downtown Austin every spring.

INVSN is one of the important European acts, featuring Dennis Lyxzen, lead singer of punk bands Refused and International Noise Conspiracy. INVSN is currently on a U.S. tour promoting their new self-titled album.

Other international acts include Germany's Hyenaz, Belgium's Sold Out and England's Glass Animals.

Dum Dum Girls drummer Sandra Vu brings her new genre-stretching band SISU to the festival. Other American bands include Brooklyn's Deidre and the Dark, Avi Buffalo from Los Angeles and Ohio's Jessica Lea Mayfield.

The festival also features fringe and experimental acts unlikely to ever make the charts or appear on TV. Austin's punk-rock drag queen Christeene is among the artists performing in 2014, mixing a homeless woman's appearance with explicit lyrics.

The music portion of South by Southwest lasts from March 11-16. South by Southwest also includes a film festival from March 7-15 and an interactive festival from March 7-11.

___

Online:

http://sxsw.com

Associated PressSource: http://hosted2.ap.org/APDEFAULT/4e67281c3f754d0696fbfdee0f3f1469/Article_2013-10-16-SXSW%20Festival-Music/id-93e623ed9b1949918e9770e2c92b8a00
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Obama backs Senate debt deal, urges Congress to approve it swiftly: White House


WASHINGTON (Reuters) - President Barack Obama quickly endorsed a Senate deal aimed at averting a U.S. debt default and ending a government shutdown on Wednesday and wants Congress to approve it swiftly, the White House said.


Spokesman Jay Carney, briefing reporters on Obama's reaction to the bipartisan Senate deal that emerged on Capitol Hill, said the agreement will reopen the government and remove the threat of a debt default.


He said the United States is close to the point where the Treasury Department cannot borrow money to meet its debt obligations, which is why Congress needs to move fast.


While a wave of relief swept the White House at the prospect of an end to a 16-day government shutdown and the avoidance of a debt default, there was still a degree of uncertainty as to what would happen to the Senate legislation in the Republican-controlled House of Representatives, where a faction of conservatives has been in no mood to compromise.


"We are not putting odds on anything," Carney said when asked about prospects for House passage.


Carney was also reluctant to be seen declaring victory on behalf of Obama.


"There are no winners here," he said. "There is already a price that has been paid."


Looking ahead to the budget negotiations that the Senate deal requires, more partisan battles appear to be in the offing.


Carney said Obama would insist that "everything has to be on the table" as part of these negotiations, meaning the president would want new revenue generated from a budget deal, which Republicans have opposed.


Once the deal is approved, Obama wants to focus on gaining passage of a stalled overhaul of U.S. immigration laws. The Senate in June approved an immigration agreement but it has not advanced in the House.


(Reporting by Roberta Rampton, Mark Felsenthal and Steve Holland; Editing by Eric Beech)



Source: http://news.yahoo.com/obama-backs-senate-debt-deal-urges-congress-approve-171537121--business.html
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Afghanistan Vet Who Criticized Superiors Awarded Medal Of Honor


President Obama presented the Medal of Honor Tuesday to Army Capt. William Swenson. Swenson is being cited for his actions during a 2009 battle in Afghanistan, when he risked his life to try to save others. It's taken years for him to be recognized, however. He criticized higher-ups after the battle, which cost the lives of five Americans. Swenson's nomination for the Medal was said to be lost at one point. He is the sixth living recipient of the Medal of Honor, the highest honor a member of the military can receive.



Copyright © 2013 NPR. For personal, noncommercial use only. See Terms of Use. For other uses, prior permission required.


NINA TOTENBERG, BYLINE: President Obama awarded the Medal of Honor today, the nation's highest decoration for combat bravery. It went to an Army officer who risked his life to save his fellow soldiers and to recover the bodies of his fallen comrades. The battle happened back in 2009, a horrific six-hour firefight in Afghanistan. The president called former Army Captain William Swenson a leader who was there for his brothers.


NPR's Tom Bowman reports.


TOM BOWMAN, BYLINE: Captain Swenson was an advisor to the Afghan Border Police on the morning of September 8th, 2009. He and a team were heading to a meeting with village elders in a remote part of Eastern Afghanistan. Suddenly, they were met by 60 well-armed Taliban fighters. President Obama picked up the story.


PRESIDENT BARACK OBAMA: Rocket-propelled grenades, mortar, machine fire, all of this is pouring in from three sides.


BOWMAN: Captain Swenson immediately returned fire and called in for air support. But he was told by superiors that he was too close to a village and that air strikes might kill innocent civilians. Swenson ran under fire and gave aid to Sergeant First Class Kenneth Westbrook, who was shot in the neck.


OBAMA: By this time, the enemy has gotten even closer, just 20 or 30 meters away. And over the radio, they're demanding the Americans to surrender. So, Will stops treating Kenneth long enough to respond by lobbing a grenade.


BOWMAN: The Taliban continued to swarm and there were still Americans trapped by the fighting.


OBAMA: So, Will does something incredible. He jumps behind the wheel of an unarmored Ford Ranger pick-up truck. A Marine gets in the passenger seat and they drive that truck - it's a vehicle designed for the highway - straight into the battle.


BOWMAN: Swenson hopped out and was able to recover the dead, all the while under fire.


SERGEANT DAKOTA MEYER: You know, we all were just trying to do whatever it took to get in and get those guys out.


BOWMAN: Marine Sergeant Dakota Meyer, who was in the vehicle that day, recalls what it was like. Meyer himself was awarded a Medal of Honor two years ago, an award that eluded Captain Swenson until today.


What was left unsaid at the ceremony is that the Army originally lost the paperwork for Swenson's Medal of Honor. Army officials called it a bureaucratic bungle. A second packet was submitted in 2011 by Marine General John Allen, then the top commander in Afghanistan. The general also wrote a letter of apology to Swenson for the delay.


Swenson's supporters say the delay was because Swenson criticized Army officers the day of the fight. He pleaded over the radio for help to save his team. Later, Swenson complained to investigators that he was being second-guessed by officers in air-conditioned headquarters. Two Army officers at that headquarters later received letters of reprimand for negligence that directly led to loss of life.


Dakota Meyer wrote a book last year about the 2009 ambush, questioning why Swenson was not awarded a medal. Meyer also wrote a letter to a senior national security official at the White House, calling Swenson a centerpiece of the fight.


MEYER: He's a true definition of a hero.


BOWMAN: Again, Dakota Meyer.


MEYER: I don't know why it took so long but, you know, I'm glad he's finally getting what he deserves.


BOWMAN: Swenson downplayed his own actions standing in the White House driveway after the ceremony.


CAPTAIN WILLIAM SWENSON: But this award was earned with a team, a team of our finest: Marines, Army, Air Force, Navy and our Afghan partners standing side-by-side.


BOWMAN: Swenson now lives in Seattle, and often hikes into the nearby mountains. He's been unemployed since he left the Army two years ago.


Tom Bowman, NPR News, Washington.


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NPR transcripts are created on a rush deadline by a contractor for NPR, and accuracy and availability may vary. This text may not be in its final form and may be updated or revised in the future. Please be aware that the authoritative record of NPR's programming is the audio.


Source: http://feedproxy.google.com/~r/NprProgramsATC/~3/zTU98T6D-OA/story.php
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Booker's campaign path bumpier than anticipated

In this Oct. 9, 2013, photo. Senate candidate Democrat Cory Booker answers a question after debating Republican Steve Lonegan at Rowan University in Glassboro, N.J. Booker's path to the Oct. 16 Senate election has been bumpier than anticipated. Even Republicans had expected Booker to cruise to victory by a wide margin over Lonegan in the special election to replace former Sen. Frank Lautenberg, who died in June. While Booker holds a double-digit lead in most polls, the Newark mayor has faced sustained Republican criticism that has exposed vulnerabilities that could hamper him should he seek even higher office someday. (AP Photo/Mel Evans)







In this Oct. 9, 2013, photo. Senate candidate Democrat Cory Booker answers a question after debating Republican Steve Lonegan at Rowan University in Glassboro, N.J. Booker's path to the Oct. 16 Senate election has been bumpier than anticipated. Even Republicans had expected Booker to cruise to victory by a wide margin over Lonegan in the special election to replace former Sen. Frank Lautenberg, who died in June. While Booker holds a double-digit lead in most polls, the Newark mayor has faced sustained Republican criticism that has exposed vulnerabilities that could hamper him should he seek even higher office someday. (AP Photo/Mel Evans)







Republican candidate for Senate Steve Lonegan, center right, striped tie, greets people in Flemington, N.J., Tuesday, Oct. 15, 2013, as he campaigns for Senate at a trade show. Lonegan is running against Democratic Newark Mayor Cory Booker in Wednesday's election. Cory Booker's path to Wednesday's U.S. Senate election has been bumpier than anticipated. Even Republicans had expected Booker, a Democrat in a Democratic-leaning state, to cruise to victory over little-known Steve Lonegan. But the charismatic Newark mayor has faced sustained Republican criticism that has exposed vulnerabilities that could hamper him should he seek higher office someday. (AP Photo/Mel Evans)







Newark Mayor Cory Booker, right, talks to reporters near his tour bus while visiting supporters at a senior center, Tuesday, Oct. 15, 2013, in Newark, N.J. Booker will be going up against his Republican opponent Steve Lonegan Wednesday, Oct. 16, during a special election to fill New Jersey's vacant seat in the U.S. Senate. (AP Photo/Julio Cortez)







Newark Mayor Cory Booker, center, laughs while talking to supporters at a senior center, Tuesday, Oct. 15, 2013, in Newark, N.J. Booker will be going up against his Republican opponent Steve Lonegan Wednesday, Oct. 16, during a special election to fill New Jersey's vacant seat in the U.S. Senate. (AP Photo/Julio Cortez)







(AP) — Cory Booker's path to Wednesday's U.S. Senate election has been bumpier than anticipated.

Even Republicans had expected Booker, a Democrat in a Democratic-leaning state, to cruise to victory by a wide margin over little-known Republican Steve Lonegan in the special election to replace former Sen. Frank Lautenberg, who died in June.

While Booker holds a double-digit lead in most polls, the charismatic Newark mayor has faced sustained Republican criticism that has exposed vulnerabilities that could hamper him should he seek even higher office someday.

Lonegan has hammered Booker on Newark's economic troubles, tax increases, and violent crime. The GOP also has assailed him over a 2008 statement that a drug dealer he called a friend was actually an "archetype"; his G-rated Twitter exchanges with a Portland, Ore., stripper; his out-of-state fundraising trips; and a Washington Post interview where Booker, who talks about past girlfriends but prefers to keep his personal life private, said he "loves" when people on Twitter say that he is gay and asked, "so what does it matter if I am?"

After weeks of mostly ignoring Lonegan, the sustained assault has gotten Booker's attention.

He has aggressively hit back in the past several weeks, castigating Lonegan seemingly at every turn, using the brass-knuckled political skills he learned in the rough-and-tumble world of Newark politics.

"Sending him to Washington would be like pouring gasoline on a fire," Booker said, calling Lonegan a member of the "tea party fringe" that "hijacked" the government and caused a shutdown.

In a debate last week, Booker said the former mayor of Bogota, a small borough in Bergen County, "ran his city into a ditch" and asked for a state bailout. He painted Lonegan as an extremist, and said sending another Republican who supports the government shutdown to Washington would hurt the country.

Before deciding to return heavy fire, Booker had focused more on policy differences with Lonegan on issues like child poverty and criminal justice reforms, painting himself as a political uniter, while promoting Newark's growth. He told Lonegan to "bring on your wrecking ball" after the primary, but almost immediately shifted toward highlighting policy differences, fundraising and disregarding attacks. Booker largely avoided local media interviews, but held regular "run with Cory" events, where a group of supporters jogged a mile with the mayor.

For most of the campaign, Lonegan has gotten little help from Republicans outside the state, save for endorsements from Kentucky Sen. Rand Paul and Texas Gov. Rick Perry, both tea party favorites. The Senate Republican campaign arm hasn't sent any staffers into New Jersey — a standard practice in competitive races — and hasn't spent money on radio or television ads.

Booker had raised $11.2 million for his campaign through early October, compared to Lonegan's $1.4 million, according to campaign finance reports reviewed by the Newark Star-Ledger.

In an 11th hour push for Lonegan, tea party leaders have begun coordinating phone banks and a get-out-the-vote effort. The nation's largest tea party political action committee — the Tea Party Express — brought former Alaska Gov. Sarah Palin in to campaign for the GOP nominee last weekend.

Tea party supporters dream of another surprise upset like Republican Scott Brown's unexpected victory in Democratic-leaning Massachusetts in a 2010 special election to replace the late Sen. Ted Kennedy.

Democrats in Washington mostly stayed out of the race until the final week. President Barack Obama released a video Monday urging voters to cast ballots for Booker and Democratic National Committee Chairwoman Debbie Wasserman Schultz stumped with Booker on Sunday. New York Mayor Michael Bloomberg, a longtime Booker supporter, spent $1 million on a television ad for Booker.

Booker campaign officials say they expected all along that the race would tighten, because no New Jersey Democrat running statewide has won with more than 60 percent of the vote in a generation. But they say they're confident that the double digit lead in the polls will be borne out on Election Day.

"We knew there would be a narrowing," Booker said in an interview with The Associated Press, "and so far the election has gone for us exactly according to plan."

Still, Republicans in Washington say they're pleased that Booker has had to work harder than anyone imagined. They're privately cheering the tea party's involvement.

And they suggest that Booker is making mistakes that could come back to haunt him as he eyes his political future. Some Democrats have mused about the possibility that Booker — a gifted public speaker who is young at age 44 — could make an attractive vice presidential candidate in 2016.

There's little doubt that Booker has national aspirations. He's spent a chunk of his mayoral tenure traveling the country, meeting with big Democratic donors and raising money in places like Hollywood and Silicon Valley. Hollywood star Matt Damon helped organize one Booker fundraiser in California.

Booker advisers suggest that the aggressive fundraising schedule has dual benefits, generating resources quickly for the special election, while giving Booker a head start for his next election. If he wins on Wednesday, he'll have to defend his seat next November.

Lonegan, however, says his campaign is "cresting."

"It's not a longshot," he told the AP. "We're going to win on Wednesday."

Associated PressSource: http://hosted2.ap.org/APDEFAULT/89ae8247abe8493fae24405546e9a1aa/Article_2013-10-15-NJ%20Senate/id-4d43a89f9862475abcda0c99157a00dc
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Iran says powers receptive to ideas for ending nuclear stand-off


GENEVA (Reuters) - Iranian Deputy Foreign Minister Abbas Araqchi said on Tuesday world powers were receptive to Tehran's proposals for easing the stand-off over its nuclear program and details would be discussed in the afternoon.


The minister, speaking to reporters after Iran made a PowerPoint presentation at the start of a two-day meeting with the six powers in Geneva, said the atmosphere in the discussions had been "positive". He gave no details of the proposals, describing them as "confidential".


In subsequent comments made only to Iranian media, Araqchi said any final agreement should eliminate all sanctions on Iran and enable it to continue to enrich uranium, according to the ISNA news agency.


But he did not go into detail on what Iran might be willing to offer in return, apart from transparency and monitoring by the U.N. nuclear watchdog. He also said a religious decree by Supreme Leader Ayatollah Ali Khamenei banning nuclear weapons should be "used as the most important confidence-building step".


Michael Mann, spokesman for European Union foreign policy chief Catherine Ashton, who leads the negotiations on behalf of world powers, said the Iranian presentation had been "very useful". Mann did not elaborate.


Western diplomats were not immediately available for comment. They had earlier called on Iran to put forward concrete proposals to allay their concerns about the Islamic state's nuclear energy program, which the West fears may aimed at developing a nuclear weapons capability. Iran denies this.


The six powers - the United States, France, Britain, Russia, China and Germany - want Iran to curb sensitive nuclear uranium enrichment. Iran wants them to ease tough energy and banking sanctions that have severely restricted its vital oil exports.


"There is a positive atmosphere. Our plan was given and it's planned that in the afternoon we will discuss more details, but the first reactions were good," Araqchi told reporters after the morning session broke for lunch.


"It's a completely realistic, balanced and logical plan." Talks were due to resume around 3 p.m. (1300 GMT).


The Geneva talks, the first since relative moderate Hassan Rouhani was elected Iran's president in June on a platform to ease its international isolation, is seen as the best chance for years to defuse a festering stand-off over Iran's nuclear ambitions that has heightened the risk of a new Middle East war.


(Reporting by Yeganeh Torbati; writing by Fredrik Dahl; editing by Mark Heinrich)



Source: http://news.yahoo.com/iran-says-powers-receptive-ideas-ending-nuclear-stand-124322329.html
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Supercell Dominates The Realm: Game Maker Sells A 51%, $1.53B ...


Another big move for Softbank into the gaming world, and a massive investment for Finnish gaming juggernaut Supercell: the company is selling a 51% stake for $1.53 billion to Japan’s SoftBank and games developer GungHo OnLine Entertainment. This strategic investment, which makes Supercell a subsidiary of Softbank, will be used to fuel Supercell’s global expansion. It effectively represents a quadrupled valuation for 100-employee Supercell to over $3 billion in the last seven months — bigger than that of publicly-traded social gaming giant Zynga at $2.86 billion.


GungHo (which also counts SoftBank as an investor) and Supercell have a pre-existing relationship announced earlier this year for in-game collaboration. Softbank, meanwhile, has been a major investor not just in mobile carrier networks, but also as a investor in services to run across those networks. It’s a major player both in Japan as well as in the U.S. with Sprint and has long held big ambitions to grow its business in mobile overall. In this deal, GungHo is investing 20% of the amount, and SoftBank the remaining 80%.


Under the terms of the deal, SoftBank notes that it and GungHo will jointly establish a special purpose company in Finland “by indirectly investing US$1,224 million (investment ratio: 80%) and $306 million (investment ratio: 20%), respectively.” That SPC will hold 51% of shares in Supercell’s voting stock on a fully-diluted basis for a total $1.53 billion.” Supercell will become a subsidiary of SoftBank, but it will continue to operate independently and maintain its headquarters in Helsinki, Finland, with co-founder Ilkka Paananen remaining CEO.


We heard about the deal earlier this morning. Then a tweet of the 51% stake and its value was the first mentioned publicly by a reporter at WSJ before we were able to get it confirmed by Supercell. (Now Index Ventures and Atomico, two of Supercell’s investors along with Accel and Institutional Venture Partners, are each also noting the deal.)


clash of clansSince opening for business in 2010 the maker of Clash of Clans has been on a growth tear. On a relatively small portfolio — essentially just Clash of Clans and Hay Day — the company has managed to hold on to the number-one games publisher position between February 2013 and August 2013 in indexes from analysts like App Annie. The two games, meanwhile, have been the top grossing games respectively in 137 and 96 Apple App Store countries. The business model is basic — free with in-app purchases — but combined with compelling content, it’s proven a to be a hit. For example in CoC, you buy assortments of gems to help you fight other clans and “dominate the realm.”


One of its lead investors once told me that he’d never seen growth like it, among all of the companies it has ever done business with, ever. (As a point of comparison on how well Supercell is doing at the moment: right now Zynga, with its bigger portfolio of games, is valued at $2.86 billion.) That trajectory resulted in the company raising a $130 million round at a $770 million valuation in April of this year. At the time, we were able to get some figures on Supercell’s performance: in the first quarter of this year, it made $179 million and netted $104 million of that after expenses and Apple’s 30% cut. In 2012, Supercell grossed $100 million. In April 2013, Supercell was making $2.4 million a day on 8.5 million daily active users. Considering that Supercell has now nearly quadrupled its valuation in the last seven months, those other metrics are likely to have kept growing.


Update: Below is the blog post from Supercell on the deal that we earlier managed to get before it was posted on the site. The photo above of Ilkka Paananen, CEO of Supercell, and Masayoshi Son, CEO of Softbank, is from that post.


The investment comes at a key moment in the question of how popular social and mobile gaming companies can best position themselves for sustained growth. King.com is reportedly gearing up for an IPO, and all eyes are on troubled Zynga and its upcoming quarterly earnings as an indication of whether the public markets are really the best home for fast-growing gaming companies.


In that context, Supercell so far has chosen to take a different route, backing away from turning to the public markets, with all their scrutiny, and instead giving employees and shareholders liquidity through secondary sales and going to VCs for further investments. That seems to be the motivation with taking this investment, too:


“This new partnership will accelerate Supercell towards our goal of being the first truly global games company, and gives us enough time to get there,” Paananen writes in the post below. (Emphasis mine.)


In this case, with SoftBank’s and GungHo’s investments come more secondary share sales. “As many of you know, a big part of Supercell’s culture is the idea of ‘we are all in this together.’” Paananen writes. “In line with this thinking, everyone at the company will participate in the upside and receive a portion of the proceeds from the investment. None of us work here just for of money, but when the company succeeds, everyone should get their fair share of it and this transaction is no exception.”


Masa, who Paananen describes the most long-term thinkers he has ever met, explains the rationale for SoftBank in Supercell’s blog post:


“In [SoftBank's] quest to become the #1 mobile Internet company, we scour the globe in search of interesting opportunities and right now some of the most exciting companies and innovations are coming out of Finland. Supercell is one of those rare and special companies. While your success is impressive, it is your amazing culture and deep passion that truly inspired me. After getting to know Ilkka and some of the team, it became clear to me that you, like us at Softbank, are on a similar long and aspirational journey to shape the future of entertainment for the next hundred years. And, I’m excited to see an independent Supercell continue to rise with great people and great games, delivering happiness to so many people around the world.”


This is also a significant growth story for Finnish Supercell. Although the company’s management now splits time between San Francisco and Helsinki, all development and operations are still in its home country and intends to remain that way. “I think more and more people in this country are realizing that there is life after Nokia!” Paananen writes.


Developing. Refresh for updated version of above story.


Hi Everyone,


I have some very exciting news to share with you today. We have received a strategic investment of $1.5 billion from SoftBank and GungHo. This new partnership will accelerate Supercell towards our goal of being the first truly global games company, and gives us enough time to get there.


Let me try to explain why.


The combination of tablets, mobile and the free-to-play business model has created a new market for games, one that will be accessible to billions of consumers, more people than ever before in the history of games. This truly is a new era of gaming and has opened up exciting opportunities for new kinds of companies.


At Supercell, one of our greatest aspirations is to become the first truly global games company, one that has a strong foothold in both the West and the East, including Japan, Korea and China. We want to build a company that people all over the globe will look back in 30 years and talk about all the great games that we developed and the impact they had on people’s lives. The same way I personally feel about Nintendo, for example.


This is a lofty goal and getting there takes persistence, passion, and luck – but just as importantly, it takes time, and requires a lot of patience. Even if we have had a pretty good start on our journey, it is still very early days. Creating history takes time.


The strategic investment from SoftBank helps us to accelerate towards our goal in two different ways:


1) SoftBank provides us with a massive selection of strategic resources that will help us deliver our games to hundreds of millions of new consumers all over the globe.


2) SoftBank is all about the long term. In fact, I have never met anyone who thinks as long term as its founder, Masayoshi Son, does. When we first met, he told me he has a 300-year vision, and I thought he was joking until the following day when he ran me through what it actually looks like and it is indeed very real and extremely inspirational. When you meet someone like Masa you realize what it takes to build a global business that will last forever. It further strengthened my belief that, we are just getting started. As a company, we are 3 years old so we’re only 1% done if we plan for the next 300 years.


In his own words, here’s what Masa wanted to tell our players, employees and friends about Supercell and our new partnership:


“In our quest to become the #1 mobile Internet company, we scour the globe in search of interesting opportunities and right now some of the most exciting companies and innovations are coming out of Finland. Supercell is one of those rare and special companies. While your success is impressive, it is your amazing culture and deep passion that truly inspired me. After getting to know Ilkka and some of the team, it became clear to me that you, like us at Softbank, are on a similar long and aspirational journey to shape the future of entertainment for the next hundred years. And, I’m excited to see an independent Supercell continue to rise with great people and great games, delivering happiness to so many people around the world.”


This new partnership also takes our collaboration with our good friends at GungHo to the next level. We are super excited to have them participate in this investment by putting in 20% of the total amount. We’ve had a great collaboration between Puzzle & Dragons and Clash of Clans. They’re an amazing bunch of people, and they have a terrific culture. Through them we’ve come to learn that the Japanese and Finnish cultures are pretty similar on many levels. Not only when it comes to taking your shoes off before you enter someone’s home, but also and more importantly, when it comes to partying, if you know what I mean.


It may sound like a detail, but I should also mention that the company that will end up owning 51% of Supercell is incorporated in Finland. This is both exciting and important for me personally. Although our aspirations are global, our roots and future are very much in Finland. Our operations remain in Finland, our management team remains in Finland and in San Francisco, and we continue to pay taxes in Finland. I think more and more people in this country are realizing that there is life after Nokia!


Naturally, this transaction is great for us from an economic perspective. As many of you know, a big part of Supercell’s culture is the idea of “we are all in this together”. In line with this thinking, everyone at the company will participate in the upside and receive a portion of the proceeds from the investment. None of us work here just for of money, but when the company succeeds, everyone should get their fair share of it and this transaction is no exception.


Although we now have a major new investor in Softbank, it is extremely important to understand that we are still in full control of our future and will continue to operate independently. In fact, and this may sound surprising to some, I feel that with this deal, we’re now more independent and in control of our future than we ever have been.


Lastly, I want to thank our players, all the Supercellians, and everyone else whose support has been so valuable in getting us this far. We’ve had an amazing journey together, and it will only get more exciting in the years to come.


Thank you for reading this far. I know this was a lengthy post, but since this is such an important milestone for the company, I wanted to take the time to fully explain our thinking behind it and exactly what it means to all of you.


Now, let’s go make history together! Kippis! Kampai!





Source: http://techcrunch.com/2013/10/15/softbank-teams-up-with-gungho-online-to-buy-51-of-gaming-giant-supercell-for-1-5b/
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