Yale University: Billions Raised in Record Campaign
Yale University raised $3.88 billion in a five-year fundraising campaign that concluded on June 30. Ten donors gave at least $50 million to the campaign, its largest ever. Among them, private equity investor Stephen Adams and his wife, Denise, donated $100 million to make the university’s graduate music school tuition-free, and former publishing executive Edward Evans donated $50 million to Yale’s School of Management, which broke ground on a new campus in May. Nearly 2,000 donors gave at least $100,000. As of June 30, 2010, Yale’s endowment was $16.7 billion, second only to Harvard’s $27.4 billion. Harvard’s last campaign, concluded in 1999, raised $2.6 billion.
BASF: Mulling a Lab Move Out of Germany
The world’s biggest chemical maker, BASF, may pull its research into genetically modified crops out of Germany after facing growing political opposition, three people familiar with the discussions say. The company currently employs 700 people investigating plant biotechnology at its research facility in southwestern Germany, and it may relocate the research to the U.S., one of the people says. BASF says it’s too early to comment on future research locations, though the company says it will consider regional politics in such decisions.
Goldman Sachs: New Details on Fed’s Crisis Lending
Newly disclosed details of an $80 billion Federal Reserve crisis lending program show that the single largest loan went to Goldman Sachs (GS), which received $15 billion on Dec. 9, 2008. The Fed made 28-day loans to banks as part of its $3.5 trillion efforts to aid credit markets from 2007 to 2009. Goldman Sachs’s peak loan balance of $34.5 billion was second to Credit Suisse’s $45 billion. All of the loans were repaid. The Fed released the data in response to a Freedom of Information Act request by Bloomberg News.
Facebook: Rates Hold Despite More Ad Space
Ad rates on Facebook haven’t dropped since a redesign this spring added more promotions to the site, easing concerns that the extra ad inventory would drive down prices. The site will bring in $4.05 billion in ad revenue this year, with about 60 percent of the sales coming from self-serve ads, where companies bid for spots on user pages, according to research firm EMarketer. In March, Facebook increased the number of ad spots on pages and added promotions under photos to help advertisers reach the site’s 714 million users.
ESPN: A 12-year Deal with Wimbledon
Walt Disney’s (DIS) ESPN bought the exclusive U.S. rights to broadcast the Wimbledon tennis tournament for 12 years, starting in 2012. The July 5 agreement with the All England Lawn Tennis & Croquet Club ends NBC’s 43-year run of airing the tennis series. Wimbledon is the latest major sports event to move to cable from network television, joining ESPN’s coverage of football’s Bowl Championship Series and Turner Broadcasting’s (TWX) broadcast of some Final Four basketball games starting in 2016. Terms of the Wimbeldon deal weren’t disclosed.