Business

SharesPost has valued Farmville developer Zynga Game Network at $5.51 billion, according to Business Week. That means it is now estimated to be bigger than console publisher Electronic Arts, which stands at a market cap of $5.16 billion. It still has a long way to go to beat Activision Blizzard, which has a market cap of $13.9 billion. While making such direct comparisons isn’t completely accurate, nor fair, it gives us a snapshot at how quickly social network gaming is growing. Zynga was founded four years ago and already six of the 10 most popular apps on Facebook belong to it, and it has more than 210 million monthly active users. ...

With Congress’ dance card already overflowing with major social and policy reforms, including in the financial sector, the likelihood that it could pass a major reform to the Telecommunications Act for Internet regulation during the Obama Administration (however long it lasts) is quite low. Faced with a pair of no-win scenarios, the FCC last week opted to propose a “Third Way” for broadband regulation that could at least get its foot back in the door — a way that literally asks judges and attorneys-general to substitute “telephone” for “broadband” in various clauses of existing law, except for those sections where doing so wouldn’t make any sense. ...

BusinessWeek and Fortune have both released their annual rankings — the 50 Most Innovative Companies and the Fortune 500, respectively — and Apple has strong showings in both publications. For the sixth consecutive year, Apple ranked number one in BusinessWeek’s 50 Most Innovative Companies report. When you consider that BusinessWeek only started this ranking system in 2005, that statistic becomes even more impressive. James Andrew, senior partner and head of global innovation at Boston Consulting Group (the company that provides the data to BusinessWeek) claims that every year Apple is the “hands down winner,” although Google remains a strong second. Furthermore, when those surveyed were asked what company would replace Apple as the most innovative over the next five years, the most common response was “no one.” ...

Palm, the smartphone pioneer, is on the block. The company, which in recent years has been eclipsed by the iPhone (and to some extent by Google’s Android OS), failed to make much of a comeback with its most recent Pre and Pixi phones. Now Bloomberg reports the inevitable: Goldman Sachs and Qatalyst Partners have been tasked with finding a buyer for the ailing company, and bids may be sought as early as this week. ...

Oh dear — looks like it’s time to add FarmVille to the list of internet addiction scares after a 12-year-old UK boy has amassed £905 in FarmVille debt. About £288 of that came from the boy’s own savings, while £625 was billed to his horrified mother’s credit card. The debt — which is equivalent to about $1400 USD — was racked up in all of about two weeks’ worth of gameplay. In the popular casual Facebook game, players can spend real money to accrue virtual currency and items. It’s a business that’s booming enough to garner the game’s developer Zynga an estimated valuation as high as $5 billion. ...