Term Sheet
Parsing Jason Kilar's Yahoo pass
July 6, 2012: 3:11 PM ET
What does "graciously declined" really mean?
FORTUNE -- Earlier this morning, there appeared to be two finalists for the Yahoo (YHOO) CEO job: Interim CEO Ross Levinsohn and Hulu boss Jason Kilar.
But now there is only one, as Hulu just issued the following statement:
"As has been reported, Jason Kilar has been a focus of the Yahoo CEO search committee. He has graciously declined to be considered."
First, let's leave aside the obvious silliness of someone declining to be considered. Pretty sure that's not really something you can decline. For example, I'm considering Albert Pujols for my company softball team. Come on Albert, try to stop me.
So what exactly does Hulu mean? Here are a few options:
1. Kilar just doesn't want the job. He's happy at Hulu. You know, the company that reportedly spurned Yahoo's $2 billion acquisition offer last year. At least he knows the business issues he faces, rather than diving into what many believe is a bottomless pool of despair.
2. Kilar wants the job but saw the writing on the wall. This is the face-saving option. Popular sentiment is that Levinsohn has done a good job since taking over for Scott Thompson, including today's news that Yahoo has settled its patent dispute with Facebook (FB). Moreover, he is the company's third CEO in the past 12 months. Can the rank-and-file really handle a fourth change in leadership? Maybe Kilar came to these realizations late, and is trying to make someone else's decision look like his own.
3. Kilar is still in the running. This is the double-secret recruitment theory. Kilar is still CEO of Hulu, and few companies do well upon hearing that their fearless leader is looking to switch teams. So he officially pulls out, but keeps back channels open. If he gets an offer from Yahoo, then he sheepishly tells the Hulu troops that he tried telling Yahoo no, but then received an offer that he couldn't refuse.
You got an alternate theory?
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Moving in, on and up
Some personnel scoop.
FORTUNE -- Handful of otherwise unreported personnel moves this week from the venture capital and private equity worlds.
Eric Cooperstrom has stepped down as a London-based vice president with Capital Dynamics. No word yet on his future plans.
Dan Primack - Jul 6, 2012 2:19 PM ET
Richard Kerby has agreed to join Venrock as a senior associate. He had been with Institutional Venture Partners as an associate since September 2010.
Geoff Lewis has left Sverica International, where he was MORE -
The future of Focus Ventures
Focus Ventures is still not dead.
FORTUNE -- Focus Ventures is continuing to invest, despite persistent rumors that it plans to wind down operations.
The Palo Alto, Calif.-based firm last raised a fund in early 2006, when it secured $250 million for Focus Ventures III. Venture capital funds typically only make new investments for five years, but this vehicle was structured with a 20% recycling provision which means that it still has MORE
Dan Primack - Jul 6, 2012 2:09 PM ETPosted in: Focus Ventures -
Temp hiring: A (small) glimmer of hope
More temp jobs is good news, but the growing percentage of workers stuck in those jobs might be a growing cause of concern.
Fortune -- Things may not be as bad as they appear, at least temporarily.
There was a silver lining in June's overall weak unemployment report. Temp hiring was up. Companies added 25,200 non-permanent workers to their payrolls. That was up from 18,600 the month before.
This may be a good MORE
Stephen Gandel, senior editor - Jul 6, 2012 12:44 PM ET -
Why American workers are worse off today
Despite promising signs earlier this year, America's jobless picture today is actually worse than many us thought. By Nin-Hai Tseng
Nin-Hai Tseng, Writer - Jul 6, 2012 12:12 PM ET -
M&A
ABC Mart Inc. (Tokyo: 2670), a Japanese shoe store chain, has agreed to acquire Portland, Ore.-based LaCrosse Footwear Inc. (Nasdaq: BOOT). The deal is valued at around $137 million, or $20 per share (82% premium to yesterday's closing price. www.lacrossefootwearinc.com
Altor Equity Partners is seeking a buyer for Swedish food supply company Euro Cater, according to Reuters. The deal could be valued at more than €500 million, with J.P. Morgan managing MORE
Dan Primack - Jul 6, 2012 9:24 AM ETPosted in: M&A -
Private equity deals
The Carlyle Group is in pole position to buy TCW Group, the Los Angeles-based asset management arm of Societe Generale, according to Reuters. The deal could be worth around $700 million. www.carlyle.com
Kohlberg Kravis Roberts & Co. has agreed to acquire WMF AG, a listed German maker of tableware and kitchenware products. The deal includes a €587 million, or €47 per share, purchase of a 52% voting stake from Crystal Capital (managed by MORE
Dan Primack - Jul 6, 2012 9:19 AM ETPosted in: Private Equity -
Pre-Marketing: Banks need bankruptcies
* Icahnica: The strange takeover limbo of CVR
* Allister Heath: Banks need their own bankruptcy code
* Start em young: TechStars expands into middle schools
* Jim Rogers: The big opportunity in smaller oil prices
* Morning Call: U.S. futures point lower ahead of jobs data, European shares fall and the Nikkei retreats.
* Yahoo CEO search: Levinsohn vs. Kilar
* Mick Weinstein: The mainstreaming of electric cars
* Jason Zweig: Should you go to an adviser or an advisor?
* Michael Patterson: BRICs priced MORE
Dan Primack - Jul 6, 2012 7:01 AM ETPosted in: Pre-marketing -
Something's rotten in Paris
Moves by the new socialist government are setting the country up to become the next major victim of the European financial crisis.
By Cyrus Sanati, contributor
FORTUNE -- The French government's new budget and agenda could destabilize the nation's already shaky economy, setting the stage for a vicious chain of events that could end up pummeling its weak banks on Wall Street, while shattering the eurozone for good. While some elements of MORE
Jul 6, 2012 5:00 AM ET -
How a hedge fund bust 'may' relate to Kleiner Perkins suit
Okay. Let's talk about Buddy Fletcher.
FORTUNE -- "Do you know who her husband is?"
I've been asked that question a lot over the past seven weeks, while covering Ellen Pao's gender discrimination lawsuit against venture capital firm Kleiner Perkins Caufield & Byers. It almost always came from those sympathetic to Kleiner Perkins, as a sleazy insinuation that Pao's marriage certificate invalidated her accusations.
My answer was usually the following: Yes, Pao's husband MORE
Dan Primack - Jul 5, 2012 2:38 PM ET
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