TG it’s F: Wham-O cofounder Arthur “Spud” Melin was awarded a patent for the Hula-Hoop on this day in 1963, long after the craze had peaked, leaving Wham-O with millions of unsold plastic hoops and a $10,000 loss. The firm did better with the Frisbee, Super Ball and Silly String. Melin and partner Richard Knerr sold out for $12 million in 1982.
Attention Al Gore: Vinton Cerf, who actually did invent the Internet, is 74 today.
It’s National Take Your Dog to Work Day. (Unless you work at a pound.)
But first, this: Shares of CA enjoyed a brief 16 percent jump this week following news that the software giant is considering a deal to go private and merge with Houston’s BMC Software.
Bloomberg sniffed out the merger as the two firms inquired about bank financing to fund the deal, which would top $15 billion, making it the biggest LBO since the $25 billion Dell deal. Once-public BMC was taken private in 2013 by Bain and Golden Gate Capital for around $7 billion.
No comments all around.
Buy-out firms are sitting on $600 billion in deployable capital, more than during the LBO boom that preceded the Great Recession. In the tech arena, firms with recurring legacy revenue – like CA’s mainframe business – are considered choice targets.
Parting: Evan Cornog, dean of Hofstra’s Herbert school of communications, has announced that next year will be his last.
‘Grats: East/West Industries cut the ribbon on its new digs in Ronkonkoma on Thursday. (Woman-owned, hires tons of vets, Innovator of the Year winner, cool company.)
Expanding the pipeline: ULC Robotics is beefing up business development here and in the UK.
There goes another LI corporate headquarters: Manhasset-based Casamigos Spirits, the high-end tequila company founded by George Clooney and friends, is being acquired by Diageo, the London-based liquor conglomerate.
Empire investment: Stony Brook’s engineering school has been awarded $4.5 million to beef up cybersecurity and artificial intelligence programs. Bucks from SUNY’s Empire Innovation Program.
Surge protection: NYSERDA will fund $6.3 million in emerging energy storage technology.
Rent rant: Kominicki opines about modular housing on the LI Index blog.
Likable boss: Northwell’s Michael Dowling was voted 67th best chief executive in America by the folks at Glassdoor. Benno Dorer, CEO of Clorox, was No. 1. Apple’s Tim Cook not so much.
Speaking of Northwell: The health system said longtime benefactress Sandy Bass has gifted another $40 million.
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And the Oscar goes to: Videos produced for the Suffolk IDA have won top honors in the Economic Development Council’s annual awards.
Liking green: LIPA’s shift to renewables is a hit with ratepayers. (Requires Optimum or Newsday sub.)
Price is right: Joe Lhota is back as chair of the MTA, this time for a buck a year. He will continue his (presumably) better-paying veep job at NYU Langone Medical Center.
Unemployed guy gets a book deal: Former U.S. Attorney Preet Bharara, fired by President Trump, will be published by Alfred A. Knopf in early 2019.
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WHAT WE’RE READING
Entrepreneurs grounded? President Trump’s efforts to wipe out the Obama legacy may extend to the startup visa.
Doh: Tesla short-sellers have lost $1 billion in June. So far.
Do the math: Former Uber CEO Travis Kalanick left with a 12 percent stake of $70 billion.
BELOW THE FOLD
Beach reads for geeks: The 35 best science and health thrillers.
There are circuses left? The NYC city council voted this week to ban the use of wild and exotic animals in circuses and other public events.
The big number: Craft breweries filled 55.6 million square feet of space over the past 10 years.
Socket to me: Rob Spence accidentally shot himself in the eye. So he replaced it with a video camera.
Deep Thought of the week: “Hustling is the art of practicing capitalism without any capital.” – Regie Gibson
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Compiled by John Kominicki. Thanks for reading.