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GOOGLE AND MOTOROLA: ROAD AHEAD

Google announced in august 2011 that it will acquire Motorola Mobility for $12.5 billion in orderto "supercharge" its Android mobile operating system and build up its patent portfolio. Googlechief Larry Page insisted the acquisition will not change Google's commitment to keeping Android

open. "We will run Motorola as a separate business," he wrote. "Many hardware partners havecontributed to Androids success and we look forward to continuing to work with all of them todeliver outstanding user experiences." Andy Rubin, senior vice president of mobile at Google,echoed those sentiments. "We expect that this combination will enable us to break new ground forthe Android ecosystem. However, our vision for Android is unchanged and Google remains firmlycommitted to Android as an open platform and a vibrant open source community," Rubin said in astatement. "We will continue to work with all of our valued Android partners to develop anddistribute innovative Android-powered devices." During a conference call, Rubin said he spokewith the "top five Android licensees" and "they all showed very enthusiastic support for thedeal.""Android was born as an open platform," Rubin continued. "It doesn't make sense for it to bea single OEM. We want to go as wide as possible and all our partners make it what it is today."

Perhaps more important to Google's bottom line will be the acquisition of Motorola Mobility's

patent portfolio. "Our acquisition of Motorola will increase competition by strengthening Googles

patent portfolio, which will enable us to better protect Android from anti-competitive threats from

Microsoft, Apple and other companies," Page wrote. Google is picking up a venerable hardware

vendor that has had some hits (Motorola Photon 4G) and some misses (Motorola Xoom). The

move could also breathe new life into Google'sstagnant Google TV platformMotorola is one of

the largest manufacturers of set top boxes in the country. But focusing on Motorola's hardware

properties is a mistake; this deal is really about intellectual property. To be sure, there are

advantages to building your own hardware. Apple's ability to design, code, build, and even sell its

products at retail have made it one of the most valuable tech companies in the world. When Google

released products like theNexus S, you can see the company appreciates the potential there. If this

deal goes through, Motorola will become the exclusive builder of pure Android devices. This will

bring Google some economies of scale and no doubt some better margins on the products it sells,

but all this is secondary to acquiring Motorola's patents.

The math is stark. Motorola has 17,000 patents, Google has about 1,000. As Googles CEO Larry

Page said in ablog postannouncing the deal, "our acquisition of Motorola will increase

competition by strengthening Google's patent portfolio, which will enable us to better protect

Android from anti-competitive threats from Microsoft, Apple and other companies."Indeed, just a

few weeks ago, Motorola Mobility Chairman Dr. Sanjay Jha boasted on an earnings call that its

patent holdings separated it from the rest of the Android market."As most of you know, we own

one of the strongest and most respected patent portfolios in the industry," Jha said. "We have over

17,000 patents granted and over 7,000 patents pending with particular strength in 2G and 3G

essential, non-essential patents important to the delivery of competitive products in the

marketplace, video particularly compression, decompression and security technologies and finally,

a leading position in 4G LTE essential. Indeed, a growing number of analysts and investors have

been pushing Motorola to be more aggressive with its patents and to start targeting other Android

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vendors who are using its technology. Part of this is driven by the slow sales of its own products,

but no one disputes that Motorola could do some damage if it went on the attack. Google, no

doubt, will be much more flexible. At least when it comes to Android vendors. Despite Google's

increasing influence on almost every aspect of our digital lives, it is relatively patent poor. A rich

patent portfolio takes time to build and Google is relatively young company at 13. Both Apple and

Microsoft have been exploiting this fact to go after Google and its hardware partners. Apple issuing HTC and Samsung for mimicking the "look and feel" of the iPhone. Both companies are

countersuing Apple for their own claims. Likewise, Microsoft and Motorola Mobility also have

open suits. Everyone, quite literally, is suing everyone. And until now, Google was the guy with a

knife at a gunfight.

Much more than a hardware play, this deal is aboutdefending the Android platformfrom patent

attacks. For most companies, $12.5 billion is a ridiculous price for patent protection, but remember

Google has about $39 billion in cash on hand. With that kind of bank, it could keep shopping.

(Eastman Kodak is reportedly putting 1,000 of its digital imaging patents up for sale.) The

stunning $4.5 billion auction ofNortel patents won by Apple, Microsoft, and Research in Motionadded fuel to this patent hunting craze.

GOOGLE INC.

Google (GOOG) is a global provider of targeted advertising technology and Internet searchservices. Google's technology organizes the internet to provided better information (pictures, text,videos and various media) search results for their users. Google's AdWords and Adsense programsenable advertisers to place advertisements on Google-supported sites.

Google Inc. is an American multinational public corporation invested in Internet search, cloudcomputing, advertising technologies, and search engines. Google hosts and develops a number of

Internet-based services and products,[3] and generates profit primarily from advertising throughits AdWords program. The company was founded by Larry Page and Sergey Brin, often dubbedthe "Google Guys",[6][7][8]while the two were attendingStanford University as PhD candidates. Itwas first incorporated as a privately held company on September 4, 1998, and its initial publicofferingfollowed on August 19, 2004. At that time Larry Page, Sergey Brin, and Eric Schmidtagreed to work together at Google for twenty years, until the year 2024.[9]The company's missionstatement from the outset was "to organize the world's information and make it universallyaccessible and useful",[10] and the company's unofficial slogan coined by Google engineer AmitPatel[11] and supported by Paul Buchheit is "Don't be evil".[12][13]In 2006, the company moved toits current headquarters inMountain View, California.

It has been estimated that Google runs over one million servers in data centers around the world,[14] and processes over one billion search requests[15] and about twenty-fourpetabytes of user-generated data every day.[16][17][18][19]Google's rapid growth since its incorporation has triggered achain of products, acquisitions, and partnerships beyond the company's core web search engine.The company offers online productivity software, such as its Gmailemail service, and socialnetworking tools, including Orkut and, more recently, Google Buzz and Google+. Google'sproducts extend to the desktop as well, with applications such as the web browserGoogle Chrome,the Picasaphoto organization and editing software, and the Google Talkinstant

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messaging application. Notably, Google leads the development of the Android mobileoperatingsystem, used on a number of phones such as theMotorola Droid and the SamsungGalaxy smartphone series', as well as the new Google Chrome OS,[20] best known as the mainoperating system on the Cr-48 and also, since 15 June 2011, on commercial Chromebooks such asthe Samsung Series 5[21] andAcer AC700.[22]Alexa lists the main U.S.-focused google.com site as

the Internet's most visited website, and numerous international Google sites (google.co.in,google.co.uk etc.) are in the top hundred, as are several other Google-owned sites such asYouTube, Blogger, and Orkut.[23] Google also ranks number two in the BrandZ brand equitydatabase.[24] The dominant market position of Google's services has led to criticism of thecompany over issues including privacy, copyright, and censorship.

The first funding for Google was an August 1998 contribution ofUS$100,000 from AndyBechtolsheim, co-founder ofSun Microsystems, given before Google was even incorporated.[48]Early in 1999, while still graduate students, Brin and Page decided that the search engine theyhad developed was taking up too much of their time from academic pursuits. They wentto Excite CEO George Bell and offered to sell it to him for $1 million. He rejected the offer, and

later criticizedVinod Khosla, one of Excite's venture capitalists, after he had negotiated Brin andPage down to $750,000. On June 7, 1999, a $25 million round of funding was announced,[49]withmajor investors including the venture capitalfirms Kleiner Perkins Caufield & Byersand SequoiaCapital.[48]

Google'sinitial public offering(IPO) took place five years later on August 19, 2004. The companyoffered 19,605,052 shares at a price of $85 per share.[50][51]Shares were sold in a unique onlineauction format using a system built by Morgan StanleyandCredit Suisse, underwriters for thedeal.[52][53]The sale of $1.67 billion gave Google a market capitalizationof more than $23 billion.[54]The vast majority of the 271 million shares remained under the control of Google, and manyGoogle employees became instant paper millionaires. Yahoo!, a competitor of Google, alsobenefited because it owned 8.4 million shares of Google before the IPO took place.[55]

Some people speculated that Google's IPO would inevitably lead to changes in company culture.Reasons ranged from shareholder pressure for employee benefit reductions to the fact that manycompany executives would become instant paper millionaires.[56]As a reply to this concern, co-founders Sergey Brin and Larry Page promised in a report to potential investors that the IPO wouldnot change the company's culture.[57]In 2005, however, articles inThe New York Times and othersources began suggesting that Google had lost its anti-corporate, no evil philosophy.[58][59][60]In aneffort to maintain the company's unique culture, Google designated a Chief Culture Officer, whoalso serves as the Director of Human Resources. The purpose of the Chief Culture Officer is todevelop and maintain the culture and work on ways to keep true to the core values that thecompany was founded on: a flat organization with a collaborative environment. [61]Google has alsofaced allegations ofsexism and ageismfrom former employees.[62][63]

The stock's performance after the IPO went well, with shares hitting $700 for the first time onOctober 31, 2007,[64]primarily because of strong sales and earnings in the online advertisingmarket.[65]The surge in stock price was fueled mainly by individual investors, as opposed to largeinstitutional investors and mutual funds.[65]The company is now listed on theNASDAQstockexchange under theticker symbolGOOG and under theFrankfurt Stock Exchangeunder the tickersymbol GGQ1.Growth

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ooglehttp://en.wikipedia.org/wiki/Andy_Bechtolsheimhttp://en.wikipedia.org/wiki/Andy_Bechtolsheimhttp://en.wikipedia.org/wiki/Sun_Microsystemshttp://en.wikipedia.org/wiki/Google#cite_note-Bechtolsheim-47http://en.wikipedia.org/wiki/Excitehttp://en.wikipedia.org/wiki/Vinod_Khoslahttp://en.wikipedia.org/wiki/Google#cite_note-48http://en.wikipedia.org/wiki/Venture_capitalhttp://en.wikipedia.org/wiki/Kleiner_Perkins_Caufield_%26_Byershttp://en.wikipedia.org/wiki/Sequoia_Capitalhttp://en.wikipedia.org/wiki/Sequoia_Capitalhttp://en.wikipedia.org/wiki/Google#cite_note-Bechtolsheim-47http://en.wikipedia.org/wiki/Initial_public_offeringhttp://en.wikipedia.org/wiki/Google#cite_note-IPO-49http://en.wikipedia.org/wiki/Google#cite_note-50http://en.wikipedia.org/wiki/Morgan_Stanleyhttp://en.wikipedia.org/wiki/Credit_Suissehttp://en.wikipedia.org/wiki/Google#cite_note-51http://en.wikipedia.org/wiki/Google#cite_note-52http://en.wikipedia.org/wiki/Market_capitalizationhttp://en.wikipedia.org/wiki/Google#cite_note-washpost-53http://en.wikipedia.org/wiki/Yahoo!http://en.wikipedia.org/wiki/Google#cite_note-yahooshares-54http://en.wikipedia.org/wiki/Google#cite_note-55http://en.wikipedia.org/wiki/Google#cite_note-56http://en.wikipedia.org/wiki/The_New_York_Timeshttp://en.wikipedia.org/wiki/Google#cite_note-57http://en.wikipedia.org/wiki/Google#cite_note-58http://en.wikipedia.org/wiki/Google#cite_note-59http://en.wikipedia.org/wiki/Google#cite_note-CCO-60http://en.wikipedia.org/wiki/Sexismhttp://en.wikipedia.org/wiki/Ageismhttp://en.wikipedia.org/wiki/Google#cite_note-61http://en.wikipedia.org/wiki/Google#cite_note-62http://en.wikipedia.org/wiki/Google#cite_note-63http://en.wikipedia.org/wiki/Google#cite_note-bowlingforgoogle-64http://en.wikipedia.org/wiki/Mutual_fundhttp://en.wikipedia.org/wiki/Google#cite_note-bowlingforgoogle-64http://en.wikipedia.org/wiki/NASDAQhttp://en.wikipedia.org/wiki/Ticker_symbolhttp://en.wikipedia.org/wiki/Frankfurt_Stock_Exchange

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In March 1999, the company moved its offices to Palo Alto, California, home to several othernoted Silicon Valleytechnology startups.[66]The next year, against Page and Brin's initialopposition toward an advertising-funded search engine,[67]Google began selling advertisementsassociated with search keywords.[28]In order to maintain an uncluttered page design and increasespeed, advertisements were solely text-based. Keywords were sold based on a combination of price

bids and click-throughs, with bidding starting at five cents per click.[28]

This model of sellingkeyword advertising was first pioneered by Goto.com, anIdealab spin-off created byBill Gross.[68][69]When the company changed names to Overture Services, it sued Google over allegedinfringements of the company's pay-per-click and bidding patents. Overture Services would laterbe bought by Yahoo! and renamedYahoo! Search Marketing. The case was then settled out ofcourt, with Google agreeing to issue shares of common stock to Yahoo! in exchange for aperpetual license.[70]

During this time, Google was granted a patent describing its PageRank mechanism.[71]The patentwas officially assigned to Stanford University and lists Lawrence Page as the inventor. In 2003,after outgrowing two other locations, the company leased its current office complex from SiliconGraphicsat 1600 Amphitheatre Parkway in Mountain View, California.[72]The complex has since

come to be known as theGoogleplex, a play on the word googolplex, the number one followed bya googol zeroes. Three years later, Google would buy the property from SGI for $319 million.[73]By that time, the name "Google" had found its way into everyday language, causing the verb"google" to be added to the Merriam Webster Collegiate Dictionaryand theOxford EnglishDictionary, denoted as "to use the Google search engine to obtain information on the Internet."[74][75]

Acquisitions and partnerships

Since 2001, Google has acquired many companies, mainly focusing on small venture capitalcompanies. In 2004, Google acquired Keyhole, Inc.[76]The start-up company developed a productcalled Earth Viewer that gave a3-Dview of the Earth. Google renamed the service toGoogleEarthin 2005. Two years later, Google bought the online video site YouTube for $1.65 billion instock.[77]On April 13, 2007, Google reached an agreement to acquire DoubleClickfor $3.1 billion,giving Google valuable relationships that DoubleClick had with Web publishers and advertisingagencies.[78]Later that same year, Google purchased GrandCentralfor $50 million.[79]The sitewould later be changed over to Google Voice. On August 5, 2009, Google bought out its firstpublic company, purchasing video software maker On2 Technologies for $106.5 million.[80]Googlealso acquired Aardvark, a social network search engine, for $50 million, and commented on itsinternal blog, "we're looking forward to collaborating to see where we can take it".[81]In April2010, Google announced it had acquired a hardware startup, Agnilux.[82]

In addition to the many companies Google has purchased, the company has partnered with otherorganizations for everything from research to advertising. In 2005, Google partneredwithNASAAmes Research Centerto build 1,000,000 square feet (93,000 m2) of offices.[83]Theoffices would be used for research projects involving large-scale datamanagement, nanotechnology, distributed computing, and the entrepreneurial space industry.Google entered into a partnership withSun Microsystemsin October 2005 to help share anddistribute each other's technologies.[84]The company also partnered with AOL ofTime Warner,[85]to enhance each other's video search services. Google's 2005 partnerships also includedfinancing the new .mobitop-level domainfor mobile devices, along with other companiesincludingMicrosoft,Nokia, andEricsson.[86]Google would later launch "Adsense for Mobile",

http://en.wikipedia.org/wiki/Palo_Alto,_Californiahttp://en.wikipedia.org/wiki/Silicon_Valleyhttp://en.wikipedia.org/wiki/Google#cite_note-165univave-65http://en.wikipedia.org/wiki/Google#cite_note-66http://en.wikipedia.org/wiki/Google#cite_note-milestones-27http://en.wikipedia.org/wiki/Google#cite_note-milestones-27http://en.wikipedia.org/wiki/Google#cite_note-milestones-27http://en.wikipedia.org/wiki/Idealabhttp://en.wikipedia.org/wiki/Idealabhttp://en.wikipedia.org/wiki/Bill_Grosshttp://en.wikipedia.org/wiki/Bill_Grosshttp://en.wikipedia.org/wiki/Google#cite_note-goto_strong-67http://en.wikipedia.org/wiki/Google#cite_note-goto_strong-67http://en.wikipedia.org/wiki/Google#cite_note-cnet_p4p-68http://en.wikipedia.org/wiki/Yahoo!_Search_Marketinghttp://en.wikipedia.org/wiki/Yahoo!_Search_Marketinghttp://en.wikipedia.org/wiki/Google#cite_note-69http://en.wikipedia.org/wiki/Google#cite_note-patent-70http://en.wikipedia.org/wiki/Google#cite_note-patent-70http://en.wikipedia.org/wiki/Silicon_Graphicshttp://en.wikipedia.org/wiki/Silicon_Graphicshttp://en.wikipedia.org/wiki/Mountain_View,_Californiahttp://en.wikipedia.org/wiki/Google#cite_note-sgibldg-71http://en.wikipedia.org/wiki/Google#cite_note-sgibldg-71http://en.wikipedia.org/wiki/Googleplexhttp://en.wikipedia.org/wiki/Googleplexhttp://en.wikipedia.org/wiki/Googolplexhttp://en.wikipedia.org/wiki/Google#cite_note-googleplexpurchase-72http://en.wikipedia.org/wiki/Google_(verb)http://en.wikipedia.org/wiki/Merriam-Websterhttp://en.wikipedia.org/wiki/Oxford_English_Dictionaryhttp://en.wikipedia.org/wiki/Oxford_English_Dictionaryhttp://en.wikipedia.org/wiki/Oxford_English_Dictionaryhttp://en.wikipedia.org/wiki/Oxford_English_Dictionaryhttp://en.wikipedia.org/wiki/Google#cite_note-73http://en.wikipedia.org/wiki/Google#cite_note-74http://en.wikipedia.org/wiki/Keyhole,_Inchttp://en.wikipedia.org/wiki/Google#cite_note-75http://en.wikipedia.org/wiki/Google#cite_note-75http://en.wikipedia.org/wiki/3D_computer_graphicshttp://en.wikipedia.org/wiki/3D_computer_graphicshttp://en.wikipedia.org/wiki/Google_Earthhttp://en.wikipedia.org/wiki/Google_Earthhttp://en.wikipedia.org/wiki/Google_Earthhttp://en.wikipedia.org/wiki/Google#cite_note-76http://en.wikipedia.org/wiki/DoubleClickhttp://en.wikipedia.org/wiki/Google#cite_note-DoubleClicknyt-77http://en.wikipedia.org/wiki/GrandCentralhttp://en.wikipedia.org/wiki/GrandCentralhttp://en.wikipedia.org/wiki/Google#cite_note-78http://en.wikipedia.org/wiki/Google_Voicehttp://en.wikipedia.org/wiki/Google#cite_note-79http://en.wikipedia.org/wiki/Aardvark_(search_engine)http://en.wikipedia.org/wiki/Google#cite_note-80http://en.wikipedia.org/wiki/Google#cite_note-80http://en.wikipedia.org/wiki/Google#cite_note-81http://en.wikipedia.org/wiki/NASAhttp://en.wikipedia.org/wiki/Ames_Research_Centerhttp://en.wikipedia.org/wiki/Google#cite_note-nasaames-82http://en.wikipedia.org/wiki/Nanotechnologyhttp://en.wikipedia.org/wiki/Distributed_computinghttp://en.wikipedia.org/wiki/Sun_Microsystemshttp://en.wikipedia.org/wiki/Sun_Microsystemshttp://en.wikipedia.org/wiki/Google#cite_note-googlesun-83http://en.wikipedia.org/wiki/AOLhttp://en.wikipedia.org/wiki/Time_Warnerhttp://en.wikipedia.org/wiki/Time_Warnerhttp://en.wikipedia.org/wiki/Google#cite_note-googleaol-84http://en.wikipedia.org/wiki/.mobihttp://en.wikipedia.org/wiki/Top-level_domainhttp://en.wikipedia.org/wiki/Microsofthttp://en.wikipedia.org/wiki/Microsofthttp://en.wikipedia.org/wiki/Nokiahttp://en.wikipedia.org/wiki/Ericssonhttp://en.wikipedia.org/wiki/Ericssonhttp://en.wikipedia.org/wiki/Google#cite_note-85http://en.wikipedia.org/wiki/Google#cite_note-85http://en.wikipedia.org/wiki/Palo_Alto,_Californiahttp://en.wikipedia.org/wiki/Silicon_Valleyhttp://en.wikipedia.org/wiki/Google#cite_note-165univave-65http://en.wikipedia.org/wiki/Google#cite_note-66http://en.wikipedia.org/wiki/Google#cite_note-milestones-27http://en.wikipedia.org/wiki/Google#cite_note-milestones-27http://en.wikipedia.org/wiki/Idealabhttp://en.wikipedia.org/wiki/Bill_Grosshttp://en.wikipedia.org/wiki/Google#cite_note-goto_strong-67http://en.wikipedia.org/wiki/Google#cite_note-cnet_p4p-68http://en.wikipedia.org/wiki/Yahoo!_Search_Marketinghttp://en.wikipedia.org/wiki/Google#cite_note-69http://en.wikipedia.org/wiki/Google#cite_note-patent-70http://en.wikipedia.org/wiki/Silicon_Graphicshttp://en.wikipedia.org/wiki/Silicon_Graphicshttp://en.wikipedia.org/wiki/Mountain_View,_Californiahttp://en.wikipedia.org/wiki/Google#cite_note-sgibldg-71http://en.wikipedia.org/wiki/Googleplexhttp://en.wikipedia.org/wiki/Googolplexhttp://en.wikipedia.org/wiki/Google#cite_note-googleplexpurchase-72http://en.wikipedia.org/wiki/Google_(verb)http://en.wikipedia.org/wiki/Merriam-Websterhttp://en.wikipedia.org/wiki/Oxford_English_Dictionaryhttp://en.wikipedia.org/wiki/Oxford_English_Dictionaryhttp://en.wikipedia.org/wiki/Google#cite_note-73http://en.wikipedia.org/wiki/Google#cite_note-74http://en.wikipedia.org/wiki/Keyhole,_Inchttp://en.wikipedia.org/wiki/Google#cite_note-75http://en.wikipedia.org/wiki/3D_computer_graphicshttp://en.wikipedia.org/wiki/Google_Earthhttp://en.wikipedia.org/wiki/Google_Earthhttp://en.wikipedia.org/wiki/Google#cite_note-76http://en.wikipedia.org/wiki/DoubleClickhttp://en.wikipedia.org/wiki/Google#cite_note-DoubleClicknyt-77http://en.wikipedia.org/wiki/GrandCentralhttp://en.wikipedia.org/wiki/Google#cite_note-78http://en.wikipedia.org/wiki/Google_Voicehttp://en.wikipedia.org/wiki/Google#cite_note-79http://en.wikipedia.org/wiki/Aardvark_(search_engine)http://en.wikipedia.org/wiki/Google#cite_note-80http://en.wikipedia.org/wiki/Google#cite_note-81http://en.wikipedia.org/wiki/NASAhttp://en.wikipedia.org/wiki/Ames_Research_Centerhttp://en.wikipedia.org/wiki/Google#cite_note-nasaames-82http://en.wikipedia.org/wiki/Nanotechnologyhttp://en.wikipedia.org/wiki/Distributed_computinghttp://en.wikipedia.org/wiki/Sun_Microsystemshttp://en.wikipedia.org/wiki/Google#cite_note-googlesun-83http://en.wikipedia.org/wiki/AOLhttp://en.wikipedia.org/wiki/Time_Warnerhttp://en.wikipedia.org/wiki/Google#cite_note-googleaol-84http://en.wikipedia.org/wiki/.mobihttp://en.wikipedia.org/wiki/Top-level_domainhttp://en.wikipedia.org/wiki/Microsofthttp://en.wikipedia.org/wiki/Nokiahttp://en.wikipedia.org/wiki/Ericssonhttp://en.wikipedia.org/wiki/Google#cite_note-85

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taking advantage of the emerging mobile advertising market. [87]Increasing its advertising reacheven further, Google and Fox Interactive Media ofNews Corporationentered into a $900 millionagreement to provide search and advertising on popular social networking site MySpace.[88]

In October 2006, Google announced that it had acquired the video-sharing site YouTube forUS$1.65 billion in Google stock, and the deal was finalized on November 13, 2006.[89]Google

does not provide detailed figures for YouTube's running costs, and YouTube's revenues in 2007were noted as "not material" in a regulatory filing.[90]In June 2008, aForbes magazine articleprojected the 2008 YouTube revenue at US$200 million, noting progress in advertising sales.[91]In2007, Google began sponsoringNORAD Tracks Santa, a service that follows Santa Claus'progress on Christmas Eve,[92]using Google Earth to "track Santa" in 3-D for the first time,[93]anddisplacing former sponsorAOL. Google-owned YouTube gave NORAD Tracks Santa its ownchannel.[94]

In 2008, Google developed a partnership withGeoEyeto launch a satellite providing Google withhigh-resolution (0.41 m monochrome, 1.65 m color) imagery for Google Earth. The satellite waslaunched from Vandenberg Air Force Baseon September 6, 2008.[95]Google also announced in2008 that it was hosting an archive ofLife Magazine's photographs as part of its latest partnership.

Some of the images in the archive were never published in the magazine.

[96]

The photoswere watermarked and originally had copyright notices posted on all photos, regardless ofpublicdomainstatus.[97]

In 2010,Google Energymade its first investment in a renewable-energy project, putting$38.8 million into two wind farms in North Dakota. The company announced the two locationswill generate 169.5 megawatts of power, or enough to supply 55,000 homes. The farms, whichwere developed by NextEra Energy Resources, will reduce fossil fuel use in the region and returnprofits. NextEra Energy Resources sold Google a twenty percent stake in the project to get fundingfor its development.[98]Also in 2010, Google purchased Global IP Solutions, a Norway-basedcompany that provides web-based teleconferencing and other related services. This acquisition willenable Google to add telephone-style services to its list of products. [99]On May 27, 2010, Googleannounced it had also closed the acquisition of the mobile ad network AdMob. This purchaseoccurred days after the Federal Trade Commission closed its investigation into the purchase.[100]Google acquired the company for an undisclosed amount.[101]In July 2010, Google signed anagreement with an Iowa wind farm to buy 114 megawatts of energy for 20 years.[102]

On April 4, 2011, The Globe and Mailreported that Google bid $900 million for sixthousandNortel Networkspatents.[103]

On August 15, 2011, Google announced that it would acquireMotorola Mobilityfor $12.5billion[104][105]subject to approval from regulators in the United States and Europe. In a post onGoogle's blog, Google Chief Executive and co-founder Larry Page revealed that Google'sacquisition of Motorola Mobility is a strategic move to strengthen Google's patent portfolio. Thecompany's Android operating system has come under fire in an industry-wide patent battle, asApple and Microsoft have taken to court Android device makers such as HTC, Samsung andMotorola.[106]This purchase was made in part to help Google gain Motorola's considerable patentportfolio on mobile phones and wireless technologies to help protect it in its ongoing patentdisputes with other companies,[107]mainly Appleand Microsoft[106] and to allow it to continue tofreely offerAndroid

http://en.wikipedia.org/wiki/Google#cite_note-adsense_mobile-86http://en.wikipedia.org/wiki/News_Corp._Digital_Mediahttp://en.wikipedia.org/wiki/News_Corporationhttp://en.wikipedia.org/wiki/News_Corporationhttp://en.wikipedia.org/wiki/News_Corporationhttp://en.wikipedia.org/wiki/Google#cite_note-googlemyspace-87http://en.wikipedia.org/wiki/Google#cite_note-88http://en.wikipedia.org/wiki/Materiality_(auditing)http://en.wikipedia.org/wiki/Google#cite_note-Moneyclip-89http://en.wikipedia.org/wiki/Google#cite_note-Moneyclip-89http://en.wikipedia.org/wiki/Forbeshttp://en.wikipedia.org/wiki/Google#cite_note-Forbes08-90http://en.wikipedia.org/wiki/Google#cite_note-Forbes08-90http://en.wikipedia.org/wiki/NORAD_Tracks_Santahttp://en.wikipedia.org/wiki/Google#cite_note-Tracking_Santa:_NORAD_.26_Google_Team_Up_For_Christmas.2C_Dec_1.2C_2007.2C_Danny_Sullivan-91http://en.wikipedia.org/wiki/Google#cite_note-Behind_the_scenes:_NORAD.27s_Santa_tracker_for_Thur.2C_Dec_21.2C_2009_By_Daniel_Terdiman.2C_CNET-92http://en.wikipedia.org/wiki/AOLhttp://en.wikipedia.org/wiki/AOLhttp://en.wikipedia.org/wiki/Google#cite_note-Instructions_On_Tracking_Santa_With_NORAD_.26_Google:_The_2007_Edition.2C_Dec_24.2C_2007.2C_Danny_Sullivan-93http://en.wikipedia.org/wiki/Google#cite_note-Instructions_On_Tracking_Santa_With_NORAD_.26_Google:_The_2007_Edition.2C_Dec_24.2C_2007.2C_Danny_Sullivan-93http://en.wikipedia.org/wiki/GeoEyehttp://en.wikipedia.org/wiki/GeoEyehttp://en.wikipedia.org/wiki/GeoEyehttp://en.wikipedia.org/wiki/Vandenberg_Air_Force_Basehttp://en.wikipedia.org/wiki/Google#cite_note-94http://en.wikipedia.org/wiki/Life_Magazinehttp://en.wikipedia.org/wiki/Google#cite_note-95http://en.wikipedia.org/wiki/Watermarkhttp://en.wikipedia.org/wiki/Public_domainhttp://en.wikipedia.org/wiki/Public_domainhttp://en.wikipedia.org/wiki/Public_domainhttp://en.wikipedia.org/wiki/Google#cite_note-96http://en.wikipedia.org/wiki/Google_Energyhttp://en.wikipedia.org/wiki/Google_Energyhttp://en.wikipedia.org/wiki/Google_Energyhttp://en.wikipedia.org/wiki/Google#cite_note-97http://en.wikipedia.org/wiki/Google#cite_note-98http://en.wikipedia.org/wiki/Google#cite_note-98http://en.wikipedia.org/wiki/Federal_Trade_Commissionhttp://en.wikipedia.org/wiki/Google#cite_note-99http://en.wikipedia.org/wiki/Google#cite_note-100http://en.wikipedia.org/wiki/Google#cite_note-100http://en.wikipedia.org/wiki/Google#cite_note-100http://en.wikipedia.org/wiki/Google#cite_note-wind_energy-101http://en.wikipedia.org/wiki/The_Globe_and_Mailhttp://en.wikipedia.org/wiki/Nortel_Networkshttp://en.wikipedia.org/wiki/Nortel_Networkshttp://en.wikipedia.org/wiki/Google#cite_note-102http://en.wikipedia.org/wiki/Google#cite_note-102http://en.wikipedia.org/wiki/Motorola_Mobilityhttp://en.wikipedia.org/wiki/Motorola_Mobilityhttp://en.wikipedia.org/wiki/Motorola_Mobilityhttp://en.wikipedia.org/wiki/Google#cite_note-103http://en.wikipedia.org/wiki/Google#cite_note-104http://en.wikipedia.org/wiki/Google#cite_note-104http://en.wikipedia.org/wiki/Google#cite_note-appleinsider1-105http://en.wikipedia.org/wiki/Google#cite_note-supercharging_android-106http://en.wikipedia.org/wiki/Apple_Inc.http://en.wikipedia.org/wiki/Microsofthttp://en.wikipedia.org/wiki/Google#cite_note-appleinsider1-105http://en.wikipedia.org/wiki/Google#cite_note-appleinsider1-105http://en.wikipedia.org/wiki/Android_(operating_system)http://en.wikipedia.org/wiki/Google#cite_note-adsense_mobile-86http://en.wikipedia.org/wiki/News_Corp._Digital_Mediahttp://en.wikipedia.org/wiki/News_Corporationhttp://en.wikipedia.org/wiki/Google#cite_note-googlemyspace-87http://en.wikipedia.org/wiki/Google#cite_note-88http://en.wikipedia.org/wiki/Materiality_(auditing)http://en.wikipedia.org/wiki/Google#cite_note-Moneyclip-89http://en.wikipedia.org/wiki/Forbeshttp://en.wikipedia.org/wiki/Google#cite_note-Forbes08-90http://en.wikipedia.org/wiki/NORAD_Tracks_Santahttp://en.wikipedia.org/wiki/Google#cite_note-Tracking_Santa:_NORAD_.26_Google_Team_Up_For_Christmas.2C_Dec_1.2C_2007.2C_Danny_Sullivan-91http://en.wikipedia.org/wiki/Google#cite_note-Behind_the_scenes:_NORAD.27s_Santa_tracker_for_Thur.2C_Dec_21.2C_2009_By_Daniel_Terdiman.2C_CNET-92http://en.wikipedia.org/wiki/AOLhttp://en.wikipedia.org/wiki/Google#cite_note-Instructions_On_Tracking_Santa_With_NORAD_.26_Google:_The_2007_Edition.2C_Dec_24.2C_2007.2C_Danny_Sullivan-93http://en.wikipedia.org/wiki/GeoEyehttp://en.wikipedia.org/wiki/Vandenberg_Air_Force_Basehttp://en.wikipedia.org/wiki/Google#cite_note-94http://en.wikipedia.org/wiki/Life_Magazinehttp://en.wikipedia.org/wiki/Google#cite_note-95http://en.wikipedia.org/wiki/Watermarkhttp://en.wikipedia.org/wiki/Public_domainhttp://en.wikipedia.org/wiki/Public_domainhttp://en.wikipedia.org/wiki/Google#cite_note-96http://en.wikipedia.org/wiki/Google_Energyhttp://en.wikipedia.org/wiki/Google#cite_note-97http://en.wikipedia.org/wiki/Google#cite_note-98http://en.wikipedia.org/wiki/Federal_Trade_Commissionhttp://en.wikipedia.org/wiki/Google#cite_note-99http://en.wikipedia.org/wiki/Google#cite_note-100http://en.wikipedia.org/wiki/Google#cite_note-wind_energy-101http://en.wikipedia.org/wiki/The_Globe_and_Mailhttp://en.wikipedia.org/wiki/Nortel_Networkshttp://en.wikipedia.org/wiki/Google#cite_note-102http://en.wikipedia.org/wiki/Motorola_Mobilityhttp://en.wikipedia.org/wiki/Google#cite_note-103http://en.wikipedia.org/wiki/Google#cite_note-104http://en.wikipedia.org/wiki/Google#cite_note-appleinsider1-105http://en.wikipedia.org/wiki/Google#cite_note-supercharging_android-106http://en.wikipedia.org/wiki/Apple_Inc.http://en.wikipedia.org/wiki/Microsofthttp://en.wikipedia.org/wiki/Google#cite_note-appleinsider1-105http://en.wikipedia.org/wiki/Android_(operating_system)

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Table 1: GOOGLECalculation to Find the Industry Average Estimates for the WACC Calculation (Millions USD)

WACC InputsRisk Free Rate 4.5

%Cost of Debt 6.7

%Equity Risk Prem 5.0

%Alpha 0.0

%Country Risk Premium 0.0

%

Industry WACC CalculationBeta (unlevered) 1.09Industry D/E 8.3

%

Tax Rate (5 yrs) 26.0%

Beta (relevered) 1.15

Cost of Debt (after-tax) 5.0%

Debt / Capital 7.6%

WAC (debt) 0.4%

Cost of Equity (capm) 10.3

%Equity / Capital 92.4

%WAC (equity) 9.5

%

WACC Conclusion 9.9%

Table 2: GOOGLECalculation to Find the Industry Average Estimates for the WACC Cal

culation (Millions USD)

Beta Debt Debt BetaName Pric

elevered

Debt Shares

Equity Capital

Equity

Capital

Tax %unlever

http://www.wikiwealth.com/dictionary:risk-free-ratehttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:equity-risk-premiumhttp://www.wikiwealth.com/dictionary:alphahttp://www.wikiwealth.com/dictionary:country-risk-premiumhttp://www.wikiwealth.com/dictionary:wacc-discount-ratehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:taxhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:required-return-of-equityhttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:required-return-of-equityhttp://www.wikiwealth.com/dictionary:wacc-discount-ratehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:debt-equity-ratiohttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:stock-pricehttp://www.wikiwealth.com/dictionary:stock-pricehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:debthttp://www.wikiwealth.com/dictionary:shares-outstandinghttp://www.wikiwealth.com/dictionary:shares-outstandinghttp://www.wikiwealth.com/dictionary:equityhttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:debt-equity-ratiohttp://www.wikiwealth.com/dictionary:debt-equity-ratiohttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:taxhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:risk-free-ratehttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:equity-risk-premiumhttp://www.wikiwealth.com/dictionary:alphahttp://www.wikiwealth.com/dictionary:country-risk-premiumhttp://www.wikiwealth.com/dictionary:wacc-discount-ratehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:taxhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:required-return-of-equityhttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:required-return-of-equityhttp://www.wikiwealth.com/dictionary:wacc-discount-ratehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:debt-equity-ratiohttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:stock-pricehttp://www.wikiwealth.com/dictionary:stock-pricehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:debthttp://www.wikiwealth.com/dictionary:shares-outstandinghttp://www.wikiwealth.com/dictionary:shares-outstandinghttp://www.wikiwealth.com/dictionary:equityhttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:debt-equity-ratiohttp://www.wikiwealth.com/dictionary:debt-equity-ratiohttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:taxhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:beta

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Google $520

1.17 3,465 322 167,520

170,985

2.1%

2.0% 26.0%

1.15

Yahoo! $13 0.88 181 1,309

16,852

17,033

1.1%

1.1% 35.0%

0.87

Microsoft $25 1.05 5,939 8,40

2

206,4

47

212,3

86

2.9

%

2.8% 28.8

%

1.03

Time Warner $29 1.12 16,554

1,082

31,609

48,163

52.4%

34.4%

24.7%

0.80

Baidu.com $133

1.72 13 348 46,381

46,394

0.0%

0.0% 15.0%

1.72

SunMicrosystems

$- 1.78 0 0.0%

IBM $166

0.73 28,750

1,220

201,931

230,681

14.2%

12.5%

29.0%

0.66

Apple $374

1.36 0 925 345,599

345,599

0.0%

0.0% 30.3%

1.36

News Corp $17 1.51 13,74

8

2,62

5

43,36

5

57,11

3

31.7

%

24.1

%

38.9

%

1.27

Nokia $6 1.58 10,160

3,799

22,378

32,537

45.4%

31.2%

16.1%

1.14

DeutscheTelekom

$15 0.68 55,558

4,300

63,855

119,413

87.0%

46.5%

14.2%

0.39

Median (middle #)

1.17 5,939 1,264

55,118

88,263

8.6%

7.6% 26.0%

1.09

TABLE 3: GOOGLE- OPERATING PROFIT

http://www.wikiwealth.com/research:googhttp://www.wikiwealth.com/research:yhoohttp://www.wikiwealth.com/research:msfthttp://www.wikiwealth.com/research:twxhttp://www.wikiwealth.com/research:biduhttp://www.wikiwealth.com/research:javahttp://www.wikiwealth.com/research:javahttp://www.wikiwealth.com/research:ibmhttp://www.wikiwealth.com/research:aaplhttp://www.wikiwealth.com/research:nwsahttp://www.wikiwealth.com/research:nokhttp://www.wikiwealth.com/research:dtegyhttp://www.wikiwealth.com/research:dtegyhttp://www.wikiwealth.com/research:googhttp://www.wikiwealth.com/research:yhoohttp://www.wikiwealth.com/research:msfthttp://www.wikiwealth.com/research:twxhttp://www.wikiwealth.com/research:biduhttp://www.wikiwealth.com/research:javahttp://www.wikiwealth.com/research:javahttp://www.wikiwealth.com/research:ibmhttp://www.wikiwealth.com/research:aaplhttp://www.wikiwealth.com/research:nwsahttp://www.wikiwealth.com/research:nokhttp://www.wikiwealth.com/research:dtegyhttp://www.wikiwealth.com/research:dtegy

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TABLE 4:GOOGLE- FREE CASH FLOW ANALYSIS

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TABLE 5: GOOGLE COMPARATIVE valuation

Table 6: GOOGLE - ADDITIONAL FINANCIALS

MOTOROLA MOBILITY MMI

Motorola, Inc. designs, manufactures, and markets wireless and broadband communicationproducts worldwide. Motorala's primary business concerns mobile phones, which incorporatecutting edge technology with a range of features.

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Motorola, Inc. motorola was an Americanmultinational[6] telecommunications company basedinSchaumburg, Illinois, which was eventually divided into two independent publiccompanies, Motorola Mobilityand Motorola Solutions on January 4, 2011, after losing $4.3 billionfrom 2007 to 2009.[7] Motorola Solutions is generally considered to be the direct successor toMotorola, Inc., as the reorganization was structured with Motorola Mobility being spun off. [8]

Motorola designed and sold wireless networkinfrastructure equipment such as cellulartransmission base stations and signal amplifiers. Motorola's home and broadcast network productsincluded set-top boxes,digital video recorders, and network equipment used to enable videobroadcasting, computer telephony, and high-definition television. Its business and governmentcustomers consisted mainly of wireless voice and broadband systems used to build privatenetworks and public safety communications systems like Astro and Dimetra. These businesses(except forset-top boxes and cable modems) are now part of Motorola Solutions.Motorola's wireless telephonehandset division was a pioneer in cellular phones. Known as thePersonal Communication Section (PCS) prior to 2004, it pioneered the flip phone withtheStarTACin the mid-1990s, and it enjoyed a resurgence with theRAZRin the mid-2000s beforelosing significant market share. Lately it has focused on smartphones using Google's open-

source Android mobile operating system. The first phone to use the newest version of Google'sopen source OS, Android 2.0, was released on November 2, 2009 as the Motorola Droid(the GSMversion launched a month later, in Europe, as the Motorola Milestone). The handset division,(along with cableset-top boxes and cable modems) has since then been spun off into theindependentMotorola Mobility.

Motorola started in Chicago, Illinois as Galvin Manufacturing Corporation (at 847 West HarrisonStreet)[9]in 1928, with its first product being abattery eliminator. Paul Galvin purchased thepatents to the automotive radio and acquired the rights to the trade name Motorola ("motor" and"Victrola") from William Lear[citation needed]. The name Motorola was adopted in 1930, and theword has been used as a trademark since the 1930s.[10]Many of Motorola's products have been radio-related, starting with abattery eliminatorfor radios,through the firstwalkie-talkie in the world in 1940,defense electronics,cellularinfrastructureequipment, and mobile phone manufacturing. In the same year, the company built its research anddevelopment program withDan Noble, a pioneer inFM radio and semiconductor technologiesjoined the company as director of research.In 1943, Motorola went public and in 1947, the name changed to its present name. At this time,Motorola's main business was producing and selling televisions and radios. Motorola produced thehand-held AM SCR-536 radio during World War II which was vital to allied communication.In 1946 (October) - first "car phone" - Motorola communications equipment carried the first callson Illinois Bell Telephone Company's new car radiotelephone service in Chicago, Illinois, USA.In 1952, Motorola opened its first international subsidiary in Toronto, Canada to produce radiosand televisions. In 1953, Motorola established the Motorola Foundation to support leadinguniversities in the United States.In 1955, years after Motorola started its research and development laboratory in Phoenix, Arizonato research new solid-state technology, Motorola introduced the world's first commercial high-powergermanium-basedtransistor. The present "batwing" logo was also introduced in 1955(having been created by award-winning Chicago graphic designer Morton Goldsholl in late 1954).

http://en.wikipedia.org/wiki/Multinational_corporationhttp://en.wikipedia.org/wiki/Motorola#cite_note-5http://en.wikipedia.org/wiki/Schaumburg,_Illinoishttp://en.wikipedia.org/wiki/Motorola_Mobilityhttp://en.wikipedia.org/wiki/Motorola_Mobilityhttp://en.wikipedia.org/wiki/Motorola_Solutionshttp://en.wikipedia.org/wiki/Motorola#cite_note-6http://en.wikipedia.org/wiki/Motorola#cite_note-google1-7http://en.wikipedia.org/wiki/Wireless_networkhttp://en.wikipedia.org/wiki/Base_stationhttp://en.wikipedia.org/wiki/Set-top_boxhttp://en.wikipedia.org/wiki/Digital_video_recorderhttp://en.wikipedia.org/wiki/High-definition_televisionhttp://en.wikipedia.org/wiki/Project_25http://en.wikipedia.org/wiki/Dimetrahttp://en.wikipedia.org/wiki/Set-top_boxhttp://en.wikipedia.org/wiki/Cable_modemhttp://en.wikipedia.org/wiki/Wireless_telephonehttp://en.wikipedia.org/wiki/StarTAChttp://en.wikipedia.org/wiki/RAZRhttp://en.wikipedia.org/wiki/RAZRhttp://en.wikipedia.org/wiki/Googlehttp://en.wikipedia.org/wiki/Android_(operating_system)http://en.wikipedia.org/wiki/Motorola_Droidhttp://en.wikipedia.org/wiki/Set-top_boxhttp://en.wikipedia.org/wiki/Cable_modemhttp://en.wikipedia.org/wiki/Motorola_Mobilityhttp://en.wikipedia.org/wiki/Motorola_Mobilityhttp://en.wikipedia.org/wiki/Chicagohttp://en.wikipedia.org/wiki/Chicagohttp://en.wikipedia.org/wiki/Motorola#cite_note-8http://en.wikipedia.org/wiki/Battery_eliminatorhttp://en.wikipedia.org/wiki/Battery_eliminatorhttp://en.wikipedia.org/wiki/Victrolahttp://en.wikipedia.org/wiki/Bill_Learhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Motorola#cite_note-9http://en.wikipedia.org/wiki/Battery_eliminatorhttp://en.wikipedia.org/wiki/Walkie-talkiehttp://en.wikipedia.org/wiki/Walkie-talkiehttp://en.wikipedia.org/wiki/Defense_(military)http://en.wikipedia.org/wiki/Cellular_networkhttp://en.wikipedia.org/wiki/Cellular_networkhttp://en.wikipedia.org/wiki/Daniel_E._Noblehttp://en.wikipedia.org/wiki/Daniel_E._Noblehttp://en.wikipedia.org/wiki/FMhttp://en.wikipedia.org/wiki/FMhttp://en.wikipedia.org/wiki/SCR-536http://en.wikipedia.org/wiki/Torontohttp://en.wikipedia.org/w/index.php?title=Motorola_Foundation&action=edit&redlink=1http://en.wikipedia.org/wiki/Phoenix,_Arizonahttp://en.wikipedia.org/wiki/Germaniumhttp://en.wikipedia.org/wiki/Germaniumhttp://en.wikipedia.org/wiki/Transistorhttp://en.wikipedia.org/wiki/Multinational_corporationhttp://en.wikipedia.org/wiki/Motorola#cite_note-5http://en.wikipedia.org/wiki/Schaumburg,_Illinoishttp://en.wikipedia.org/wiki/Motorola_Mobilityhttp://en.wikipedia.org/wiki/Motorola_Solutionshttp://en.wikipedia.org/wiki/Motorola#cite_note-6http://en.wikipedia.org/wiki/Motorola#cite_note-google1-7http://en.wikipedia.org/wiki/Wireless_networkhttp://en.wikipedia.org/wiki/Base_stationhttp://en.wikipedia.org/wiki/Set-top_boxhttp://en.wikipedia.org/wiki/Digital_video_recorderhttp://en.wikipedia.org/wiki/High-definition_televisionhttp://en.wikipedia.org/wiki/Project_25http://en.wikipedia.org/wiki/Dimetrahttp://en.wikipedia.org/wiki/Set-top_boxhttp://en.wikipedia.org/wiki/Cable_modemhttp://en.wikipedia.org/wiki/Wireless_telephonehttp://en.wikipedia.org/wiki/StarTAChttp://en.wikipedia.org/wiki/RAZRhttp://en.wikipedia.org/wiki/Googlehttp://en.wikipedia.org/wiki/Android_(operating_system)http://en.wikipedia.org/wiki/Motorola_Droidhttp://en.wikipedia.org/wiki/Set-top_boxhttp://en.wikipedia.org/wiki/Cable_modemhttp://en.wikipedia.org/wiki/Motorola_Mobilityhttp://en.wikipedia.org/wiki/Chicagohttp://en.wikipedia.org/wiki/Motorola#cite_note-8http://en.wikipedia.org/wiki/Battery_eliminatorhttp://en.wikipedia.org/wiki/Victrolahttp://en.wikipedia.org/wiki/Bill_Learhttp://en.wikipedia.org/wiki/Wikipedia:Citation_neededhttp://en.wikipedia.org/wiki/Motorola#cite_note-9http://en.wikipedia.org/wiki/Battery_eliminatorhttp://en.wikipedia.org/wiki/Walkie-talkiehttp://en.wikipedia.org/wiki/Defense_(military)http://en.wikipedia.org/wiki/Cellular_networkhttp://en.wikipedia.org/wiki/Daniel_E._Noblehttp://en.wikipedia.org/wiki/FMhttp://en.wikipedia.org/wiki/SCR-536http://en.wikipedia.org/wiki/Torontohttp://en.wikipedia.org/w/index.php?title=Motorola_Foundation&action=edit&redlink=1http://en.wikipedia.org/wiki/Phoenix,_Arizonahttp://en.wikipedia.org/wiki/Germaniumhttp://en.wikipedia.org/wiki/Transistor

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Beginning in 1958 with Explorer 1, Motorola provided radio equipment for mostNASA space-flights for decades including during the 1969 moon landing. A year later, it established asubsidiary to conduct licensing and manufacturing for international markets.In 1960, Motorola introduced the world's first "large-screen" (19-inch), transistorized, cordlessportable television.

In 1963, Motorola, which had very successfully begun making televisions in 1947 introduced theworld's first truly rectangular color TV. The tube, developed in a joint venture with National VideoCorporationpicture tubequickly became the industry standard.In 1969,Neil Armstrongspoke the famous words "one small step for [a] man, one giant leap formankind" from the Moonon a Motorola transceiver.[11]In 1973, Motorola Demonstrates Portable Telephone to be Available for Public Use by 1976.[12]In 1974, Motorola sold its television business to the Japan-based parent company ofPanasonic.In 1976, Motorola moved to its present headquarters in Schaumburg, Illinois.In September 1983, the firm made history when the U.S.Federal CommunicationsCommission (FCC) approved theDynaTAC 8000Xtelephone, the world's first commercial cellulardevice. By 1998, cellphones accounted for two thirds of Motorola's gross revenue.[13]The

company was also strong in semiconductortechnology, including integrated circuitsused incomputers. In particular, it is well known for the6800 familyand68000familyofmicroprocessorsused in Atari ST,Commodore Amiga,Color Computer,and AppleMacintoshpersonal computers. ThePowerPC family was developed withIBM and in apartnership with Apple (known as theAIM alliance). Motorola also has a diverse line ofcommunication products, including satellite systems,digitalcable boxes andmodems.In 1986, Motorola invented theSix Sigmaquality improvement process. This became a globalstandard. In 1990, General Instrument Corporation, which was later acquired by Motorola,proposed the first all-digitalHDTVstandard. In the same year, the company introduced the Bravonumeric pager which became the world's best-selling pager.In 1991, Motorola demonstrated the world's first working-prototype digital cellular system andphones usingGSM standard inHanover, Germany. In 1994, Motorola introduced the world's firstcommercial digital radio system that combined paging, data and cellular communications andvoice dispatch in a single radio network and handset. In 1995 Motorola introduced the world's firsttwo-waypagerwhich allowed users to receive text messages and e-mail and reply with a standardresponse.In 1998, Motorola was overtaken byNokiaas the world's biggest seller of mobile phone handsets.[11]On September 15, 1999, Motorola announced it would buy General Instrument in an $11 billionstock swap. General Instrument had long been the No. 1 cable TV equipment provider, supplyingcable operators with end-to-end hybrid fiber coax cable solutions. This meant that GI offers allcable TV transmission network components from the head-end to the fiber optic transmissionnodes to the cable set-top boxes, now at the availability of Motorola.In June 2000, Motorola andCiscosupplied the world's first commercial GPRScellular networkto BT Cellnetin the United Kingdom. The world's first GPRS cell phone was also developed byMotorola.In 2002, Motorola introduced the world's first wirelesscable modemgatewaywhich combined ahigh-speed cable modemrouterwith anethernet switch and wireless home gateway.In 2003, Motorola introduced the world's first handset to combine aLinuxoperatingsystemandJavatechnology with "fullPDA functionality".

http://en.wikipedia.org/wiki/Explorer_1http://en.wikipedia.org/wiki/NASAhttp://en.wikipedia.org/wiki/Cathode_ray_tubehttp://en.wikipedia.org/wiki/De_facto_standardhttp://en.wikipedia.org/wiki/De_facto_standardhttp://en.wikipedia.org/wiki/Neil_Armstronghttp://en.wikipedia.org/wiki/Neil_Armstronghttp://en.wikipedia.org/wiki/Moonhttp://en.wikipedia.org/wiki/Moonhttp://en.wikipedia.org/wiki/Motorola#cite_note-money.cnn.com-10http://en.wikipedia.org/wiki/Motorola#cite_note-11http://en.wikipedia.org/wiki/Panasonichttp://en.wikipedia.org/wiki/Federal_Communications_Commissionhttp://en.wikipedia.org/wiki/Federal_Communications_Commissionhttp://en.wikipedia.org/wiki/Federal_Communications_Commissionhttp://en.wikipedia.org/wiki/DynaTAC_8000Xhttp://en.wikipedia.org/wiki/DynaTAC_8000Xhttp://en.wikipedia.org/wiki/Motorola#cite_note-12http://en.wikipedia.org/wiki/Semiconductorhttp://en.wikipedia.org/wiki/Integrated_circuitshttp://en.wikipedia.org/wiki/Integrated_circuitshttp://en.wikipedia.org/wiki/Motorola_6800_familyhttp://en.wikipedia.org/wiki/Motorola_6800_familyhttp://en.wikipedia.org/wiki/Motorola_68000_familyhttp://en.wikipedia.org/wiki/Motorola_68000_familyhttp://en.wikipedia.org/wiki/Motorola_68000_familyhttp://en.wikipedia.org/wiki/Microprocessorhttp://en.wikipedia.org/wiki/Microprocessorhttp://en.wikipedia.org/wiki/Atari_SThttp://en.wikipedia.org/wiki/Atari_SThttp://en.wikipedia.org/wiki/Amigahttp://en.wikipedia.org/wiki/TRS-80_Color_Computerhttp://en.wikipedia.org/wiki/TRS-80_Color_Computerhttp://en.wikipedia.org/wiki/Apple_Computerhttp://en.wikipedia.org/wiki/Apple_Macintoshhttp://en.wikipedia.org/wiki/PowerPChttp://en.wikipedia.org/wiki/PowerPChttp://en.wikipedia.org/wiki/International_Business_Machineshttp://en.wikipedia.org/wiki/International_Business_Machineshttp://en.wikipedia.org/wiki/AIM_alliancehttp://en.wikipedia.org/wiki/AIM_alliancehttp://en.wikipedia.org/wiki/Satellitehttp://en.wikipedia.org/wiki/Digitalhttp://en.wikipedia.org/wiki/Digitalhttp://en.wikipedia.org/wiki/Cable_televisionhttp://en.wikipedia.org/wiki/Cable_televisionhttp://en.wikipedia.org/wiki/Modemshttp://en.wikipedia.org/wiki/Modemshttp://en.wikipedia.org/wiki/Six_Sigmahttp://en.wikipedia.org/wiki/Six_Sigmahttp://en.wikipedia.org/wiki/Six_Sigmahttp://en.wikipedia.org/wiki/General_Instrument_Corporationhttp://en.wikipedia.org/wiki/HDTVhttp://en.wikipedia.org/wiki/HDTVhttp://en.wikipedia.org/wiki/GSMhttp://en.wikipedia.org/wiki/Hanoverhttp://en.wikipedia.org/wiki/Hanoverhttp://en.wikipedia.org/wiki/Pagerhttp://en.wikipedia.org/wiki/Pagerhttp://en.wikipedia.org/wiki/Nokiahttp://en.wikipedia.org/wiki/Nokiahttp://en.wikipedia.org/wiki/Nokiahttp://en.wikipedia.org/wiki/Motorola#cite_note-money.cnn.com-10http://en.wikipedia.org/wiki/General_Instrumenthttp://en.wikipedia.org/wiki/Ciscohttp://en.wikipedia.org/wiki/Ciscohttp://en.wikipedia.org/wiki/Ciscohttp://en.wikipedia.org/wiki/GPRShttp://en.wikipedia.org/wiki/GPRShttp://en.wikipedia.org/wiki/BT_Cellnethttp://en.wikipedia.org/wiki/BT_Cellnethttp://en.wikipedia.org/wiki/Cable_modemhttp://en.wikipedia.org/wiki/Cable_modemhttp://en.wikipedia.org/wiki/Gateway_(telecommunications)http://en.wikipedia.org/wiki/Router_(computing)http://en.wikipedia.org/wiki/Router_(computing)http://en.wikipedia.org/wiki/Ethernet_switchhttp://en.wikipedia.org/wiki/Ethernet_switchhttp://en.wikipedia.org/wiki/Linuxhttp://en.wikipedia.org/wiki/Linuxhttp://en.wikipedia.org/wiki/Operating_systemhttp://en.wikipedia.org/wiki/Operating_systemhttp://en.wikipedia.org/wiki/Java_(programming_language)http://en.wikipedia.org/wiki/Java_(programming_language)http://en.wikipedia.org/wiki/PDAhttp://en.wikipedia.org/wiki/PDAhttp://en.wikipedia.org/wiki/Explorer_1http://en.wikipedia.org/wiki/NASAhttp://en.wikipedia.org/wiki/Cathode_ray_tubehttp://en.wikipedia.org/wiki/De_facto_standardhttp://en.wikipedia.org/wiki/Neil_Armstronghttp://en.wikipedia.org/wiki/Moonhttp://en.wikipedia.org/wiki/Motorola#cite_note-money.cnn.com-10http://en.wikipedia.org/wiki/Motorola#cite_note-11http://en.wikipedia.org/wiki/Panasonichttp://en.wikipedia.org/wiki/Federal_Communications_Commissionhttp://en.wikipedia.org/wiki/Federal_Communications_Commissionhttp://en.wikipedia.org/wiki/DynaTAC_8000Xhttp://en.wikipedia.org/wiki/Motorola#cite_note-12http://en.wikipedia.org/wiki/Semiconductorhttp://en.wikipedia.org/wiki/Integrated_circuitshttp://en.wikipedia.org/wiki/Motorola_6800_familyhttp://en.wikipedia.org/wiki/Motorola_68000_familyhttp://en.wikipedia.org/wiki/Motorola_68000_familyhttp://en.wikipedia.org/wiki/Microprocessorhttp://en.wikipedia.org/wiki/Atari_SThttp://en.wikipedia.org/wiki/Amigahttp://en.wikipedia.org/wiki/TRS-80_Color_Computerhttp://en.wikipedia.org/wiki/Apple_Computerhttp://en.wikipedia.org/wiki/Apple_Macintoshhttp://en.wikipedia.org/wiki/PowerPChttp://en.wikipedia.org/wiki/International_Business_Machineshttp://en.wikipedia.org/wiki/AIM_alliancehttp://en.wikipedia.org/wiki/Satellitehttp://en.wikipedia.org/wiki/Digitalhttp://en.wikipedia.org/wiki/Cable_televisionhttp://en.wikipedia.org/wiki/Modemshttp://en.wikipedia.org/wiki/Six_Sigmahttp://en.wikipedia.org/wiki/General_Instrument_Corporationhttp://en.wikipedia.org/wiki/HDTVhttp://en.wikipedia.org/wiki/GSMhttp://en.wikipedia.org/wiki/Hanoverhttp://en.wikipedia.org/wiki/Pagerhttp://en.wikipedia.org/wiki/Nokiahttp://en.wikipedia.org/wiki/Motorola#cite_note-money.cnn.com-10http://en.wikipedia.org/wiki/General_Instrumenthttp://en.wikipedia.org/wiki/Ciscohttp://en.wikipedia.org/wiki/GPRShttp://en.wikipedia.org/wiki/BT_Cellnethttp://en.wikipedia.org/wiki/Cable_modemhttp://en.wikipedia.org/wiki/Gateway_(telecommunications)http://en.wikipedia.org/wiki/Router_(computing)http://en.wikipedia.org/wiki/Ethernet_switchhttp://en.wikipedia.org/wiki/Linuxhttp://en.wikipedia.org/wiki/Operating_systemhttp://en.wikipedia.org/wiki/Operating_systemhttp://en.wikipedia.org/wiki/Java_(programming_language)http://en.wikipedia.org/wiki/PDA

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In June 2006, Motorola acquired the world-class software platform (AJAR) developed by theBritish company TTP Communications plc.[14]In 2006, the firm announced a music subscription service named iRadio. The technology cameafter a break in a partnership with Apple Computer(which in 2005 had producedan iTunes compatible cell phone ROKR E1, and most recently, mid 2007, its owniPhone). iRadio

has many similarities with existing satellite radio services (such as Sirius andXM Radio) byoffering live streams of commercial-free music content. Unlike satellite services, however, iRadiocontent will be downloaded via a broadband internet connection. As of 2008, iRadio has not beencommercially released and no further information is available.[15]In 2007, Motorola acquired Symbol Technologies, Inc. to provide products and systems forenterprise mobility solutions, including rugged mobile computing, advanced data capture and radiofrequency identification (RFID).In August 2011, Google announced that it will purchase Motorola Mobility for about $12.5 billion.[16]Motorola creates numerous products for use by the government, public safety officials, businessinstallments, and the general public. These products include cell phones, laptops, computer

processors, and radio communication devices. The Motorola RAZR line has sold over 120 millionunits bringing the company to the number two mobile phone slot in 2005.Since the 1950s, used Motorola radio equipment has been popular with amateur radio ("ham")operators. Known as "Ma Batwings," Motorola has provided little to no support to hobbyists, whokeep using these radios for years or even decades after they were taken out of production.Divisional Products:[17]

Enterprise Mobility Solutions: Headquarters located in Schaumburg, Illinois; comprisescommunications offered to government and public safety sectors and enterprise mobilitybusiness. Motorola develops analog and digital two-way radio, voice and data communicationsproducts and systems, mobile computing, advanced data capture, wireless infrastructure andRFID solutions to customers worldwide. Home & Networks Mobility: Headquarters located inArlington Heights, Illinois; producesend-to-end systems that facilitate uninterrupted access to digital entertainment, informationand communications services via wired and wireless mediums. Motorola develops digitalvideo system solutions, interactive set-top devices, voice and data modems for digitalsubscriber line and cable networks, broadband access systems for cable and satellite televisionoperators, and also wireline carriers and wireless service providers. Mobile Devices: Headquarters located in Libertyville, Illinois; currently the leastprosperous arm of the firm; designs wireless handsets, but also licenses much of its intellectualproperties. This includes cellular and wireless systems and as well as integrated applicationsand Bluetooth accessories.

Finances

Motorola's handset division recorded a loss of US$1.2 billion in the fourth quarter of 2007, whilethe company as a whole earned $100 million during that quarter.[18]It lost several key executivesto rivals,[19]and the web siteTrustedReviews called the company's products repetitive anduninnovative.[20]Motorola laid off 3,500 workers in January 2008,[21]followed by a further4,000 job cuts in June[22]and another 20% cut of its research division a few days later.[23]In July2008 a large number of executives left Motorola to work onApple Inc.'siPhone.[24]Thecompany's handset division was also put on offer for sale.[25]Also that month, analyst Mark

http://en.wikipedia.org/wiki/AJAR_(applications_software_platform)http://en.wikipedia.org/wiki/Motorola#cite_note-13http://en.wikipedia.org/wiki/Motorola#cite_note-13http://en.wikipedia.org/wiki/Apple_Computerhttp://en.wikipedia.org/wiki/ITuneshttp://en.wikipedia.org/wiki/ROKR_E1http://en.wikipedia.org/wiki/IPhonehttp://en.wikipedia.org/wiki/IPhonehttp://en.wikipedia.org/wiki/Sirius_Satellite_Radiohttp://en.wikipedia.org/wiki/XM_Radiohttp://en.wikipedia.org/wiki/XM_Radiohttp://en.wikipedia.org/wiki/Motorola#cite_note-14http://en.wikipedia.org/wiki/Motorola#cite_note-15http://en.wikipedia.org/wiki/Category:Motorola_mobile_phoneshttp://en.wikipedia.org/wiki/Motorola_RAZR_V3http://en.wikipedia.org/wiki/Amateur_radiohttp://en.wikipedia.org/wiki/Motorola#cite_note-motorola.com-16http://en.wikipedia.org/wiki/Schaumburg,_Illinoishttp://en.wikipedia.org/wiki/Arlington_Heights,_Illinoishttp://en.wikipedia.org/wiki/Arlington_Heights,_Illinoishttp://en.wikipedia.org/wiki/Libertyville,_Illinoishttp://en.wikipedia.org/wiki/Bluetoothhttp://en.wikipedia.org/wiki/Motorola#cite_note-17http://en.wikipedia.org/wiki/Motorola#cite_note-18http://en.wikipedia.org/wiki/Motorola#cite_note-18http://en.wikipedia.org/wiki/Motorola#cite_note-18http://en.wikipedia.org/w/index.php?title=TrustedReviews&action=edit&redlink=1http://en.wikipedia.org/wiki/Motorola#cite_note-19http://en.wikipedia.org/wiki/Motorola#cite_note-20http://en.wikipedia.org/wiki/Motorola#cite_note-21http://en.wikipedia.org/wiki/Motorola#cite_note-22http://en.wikipedia.org/wiki/Apple_Inc.http://en.wikipedia.org/wiki/Apple_Inc.http://en.wikipedia.org/wiki/Apple_Inc.http://en.wikipedia.org/wiki/IPhonehttp://en.wikipedia.org/wiki/IPhonehttp://en.wikipedia.org/wiki/IPhonehttp://en.wikipedia.org/wiki/Motorola#cite_note-23http://en.wikipedia.org/wiki/Motorola#cite_note-24http://en.wikipedia.org/wiki/AJAR_(applications_software_platform)http://en.wikipedia.org/wiki/Motorola#cite_note-13http://en.wikipedia.org/wiki/Apple_Computerhttp://en.wikipedia.org/wiki/ITuneshttp://en.wikipedia.org/wiki/ROKR_E1http://en.wikipedia.org/wiki/IPhonehttp://en.wikipedia.org/wiki/Sirius_Satellite_Radiohttp://en.wikipedia.org/wiki/XM_Radiohttp://en.wikipedia.org/wiki/Motorola#cite_note-14http://en.wikipedia.org/wiki/Motorola#cite_note-15http://en.wikipedia.org/wiki/Category:Motorola_mobile_phoneshttp://en.wikipedia.org/wiki/Motorola_RAZR_V3http://en.wikipedia.org/wiki/Amateur_radiohttp://en.wikipedia.org/wiki/Motorola#cite_note-motorola.com-16http://en.wikipedia.org/wiki/Schaumburg,_Illinoishttp://en.wikipedia.org/wiki/Arlington_Heights,_Illinoishttp://en.wikipedia.org/wiki/Libertyville,_Illinoishttp://en.wikipedia.org/wiki/Bluetoothhttp://en.wikipedia.org/wiki/Motorola#cite_note-17http://en.wikipedia.org/wiki/Motorola#cite_note-18http://en.wikipedia.org/w/index.php?title=TrustedReviews&action=edit&redlink=1http://en.wikipedia.org/wiki/Motorola#cite_note-19http://en.wikipedia.org/wiki/Motorola#cite_note-20http://en.wikipedia.org/wiki/Motorola#cite_note-21http://en.wikipedia.org/wiki/Motorola#cite_note-22http://en.wikipedia.org/wiki/Apple_Inc.http://en.wikipedia.org/wiki/IPhonehttp://en.wikipedia.org/wiki/Motorola#cite_note-23http://en.wikipedia.org/wiki/Motorola#cite_note-24

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McKechnie from American Technology Research said that Motorola "would be lucky to fetch$500 million" for selling its handset business. Analyst Richard Windsor said that Motorola mighthave to pay someone to take the division off the company's hands, and that Motorola may even exitthe handset market altogether.[26]Its global market share has been on the decline; from 18.4% ofthe market in 2007 the company had a share of just 6.0% by Q1 2009, but at last Motorola scored a

profit of $26 million in Q2 and showed an increase of 12% in stocks for the first time after lossesin many quarters. During the second quarter of 2010, the company reported a profit of$162 million, which compared very favorably to the $26 million earned for the same period lastyear. Its Mobile Devices division reported, for the first time in years, earnings of $87 million.[27]

TABLE 7: MMI-MOTOROLA MOBILITYIndustry Average Estimates for the WACC Calculation (Mn USD)WACC Inputs

Risk Free Rate 4.5%Cost of Debt 6.7%Equity Risk Prem 5.0%

Alpha 0.0%Country Risk Premium

0.0%

Industry WACC Calculation

Beta (unlevered) 1.14Industry D/E 14.0%Tax Rate (5 yrs) 25.0%Beta (relevered) 1.26

Cost of Debt (after-tax) 5.0%Debt / Capital 12.3%WAC (debt) 0.6%

Cost of Equity (capm)10.9%Equity / Capital 87.7%

WAC (equity) 9.5%

WACC Conclusion 10.2%

TABLE 8: MMI-MOTOROLA MOBILITY Industry Average Estimates for the WACC Calculation (Mn USD)

Beta Debt Debt Beta

Name Price levered Debt Shares Equity Capital Equity Capital Tax % unlever

Motorola Mobility $38 1.85 119 29511,164 11,283 1.1% 1.1% 25.0

%

1.84

Nokia $6 1.58 10,160

3,79922,378 32,537 45.4%

31.2%

16.1%

1.14

Cisco $15 1.22 15,302

5,73286,439 101,741

17.7%

15.0%

23.0%

1.07

Alcatel-Lucent $3 2.47 6,038 2,319 7,630 13,668 79.1%

44.2%

0.0% 1.38

QUALCOMM $47 0.97 1,086 1,67078,385 79,471 1.4% 1.4% 18.7%

0.96

http://en.wikipedia.org/wiki/Motorola#cite_note-25http://en.wikipedia.org/wiki/Motorola#cite_note-25http://en.wikipedia.org/wiki/Motorola#cite_note-26http://www.wikiwealth.com/dictionary:risk-free-ratehttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:equity-risk-premiumhttp://www.wikiwealth.com/dictionary:alphahttp://www.wikiwealth.com/dictionary:country-risk-premiumhttp://www.wikiwealth.com/dictionary:wacc-discount-ratehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:taxhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:required-return-of-equityhttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:required-return-of-equityhttp://www.wikiwealth.com/dictionary:wacc-discount-ratehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:debt-equity-ratiohttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:stock-pricehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:debthttp://www.wikiwealth.com/dictionary:shares-outstandinghttp://www.wikiwealth.com/dictionary:equityhttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:debt-equity-ratiohttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:taxhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/research:mmihttp://www.wikiwealth.com/research:nokhttp://www.wikiwealth.com/research:cscohttp://www.wikiwealth.com/research:aluhttp://www.wikiwealth.com/research:qcomhttp://en.wikipedia.org/wiki/Motorola#cite_note-25http://en.wikipedia.org/wiki/Motorola#cite_note-26http://www.wikiwealth.com/dictionary:risk-free-ratehttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:equity-risk-premiumhttp://www.wikiwealth.com/dictionary:alphahttp://www.wikiwealth.com/dictionary:country-risk-premiumhttp://www.wikiwealth.com/dictionary:wacc-discount-ratehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:taxhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:required-return-of-debthttp://www.wikiwealth.com/dictionary:required-return-of-equityhttp://www.wikiwealth.com/dictionary:wacchttp://www.wikiwealth.com/dictionary:required-return-of-equityhttp://www.wikiwealth.com/dictionary:wacc-discount-ratehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:debt-equity-ratiohttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:stock-pricehttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/dictionary:debthttp://www.wikiwealth.com/dictionary:shares-outstandinghttp://www.wikiwealth.com/dictionary:equityhttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:debt-equity-ratiohttp://www.wikiwealth.com/dictionary:invested-capitalhttp://www.wikiwealth.com/dictionary:taxhttp://www.wikiwealth.com/dictionary:betahttp://www.wikiwealth.com/research:mmihttp://www.wikiwealth.com/research:nokhttp://www.wikiwealth.com/research:cscohttp://www.wikiwealth.com/research:aluhttp://www.wikiwealth.com/research:qcom

7/31/2019 Google Motorola Fnal

15/17

7/31/2019 Google Motorola Fnal

16/17

Table 9: MMI- CASH FLOW VALUATION

7/31/2019 Google Motorola Fnal

17/17

TABLE 10 : MMI- COMPARATIVE MULTIPLE VALUATION

TABLE 11 : MMI- ADDITIONAL FINNACIALS