Russia Invests 200M In Facebook,CERNET Invested in MA
NEW YORK -- Facebook is getting a $200 million investment from a Russian Internet investor that values the social networking company at $10 billion even though it has yet to turn a profit.
Yuri Milner, Digital Sky's chief executive, said he is "confident that Facebook has the potential to be one of the most valuable Internet companies globally." In addition to the $200 million preferred stock investment, Digital Sky also plans to offer to buy least $100 million of Facebook's common shares from the company's existing shareholders.
Based in London and Moscow, Digital Sky also holds a stake in vKontakte, a Russian online social network that is far more popular in that country than Facebook.
Funded by the Chinese government and overseen by the Chinese Ministry on Education, Cernet plans to use the Marlborough site as a base for developing online and remote learning courses used by colleges and universities all over the world. The facility will also provide an on-site preparatory school for international students looking to attend American colleges. Collaborating with the University of Massachusetts, Cernet intends to prepare students to then enter the University of Massachusetts degree programs.
Wellen explained that the facility had sat vacant for the past two years; it features over 200 hotel rooms, atrium, conference center, pool, fitness facility, auditorium and cafeteria.
“Due to the unique and specialized nature of the Locke Drive property, it was difficult locating a good tenant fit for the facility,” Stevens said.
The China Education and Research Network (CERNET) is the first nationwide education and research computer network in China. The CERNET project is funded by the Chinese government and directly managed by the Chinese Ministry of Education.