A series of acquisitions, including buying Instagram and patents to defend against Yahoo, have occupied the attention of founder and CEO Mark Zuckerberg. Executives reportedly have been unable to devote the time necessary to prepare for the launch.
Facebook is reportedly pushing back its planned initial public offering (IPO) following a series of high-profile deals. Citing unnamed sources close to the company, CNBC is reporting that the company has moved its target date for the IPO from early to mid-May to as late as mid-June.
The report credits the delay to a series of acquisitions which have occupied the attention of founder and CEO Mark Zuckerberg. The report claims that executives have been unable to devote the time necessary to prepare for the launch.
A Facebook spokesperson delcined to comment on the report citing the company’s ongoing IPO quiet period.
Facebook made headlines earlier this month when it agreed to acquire photo-sharing service Instagram in a $1 billionn cash and stock deal. When word leaked that Zuckerberg largely brokered and negotiated the deal without input from the company’s broad of directors, analysts expressed concern about the company’s management structure.
The company later made a second strategic transaction when it purchased a series of social networking patents from Microsoft to further strengthen its patent portfolio. The former AOL holdings could help the company fend off a legal challenge from Yahoo.
Facebook’s IPO has become the most eagerly-anticipated public offering since Google began trading in 2004. Industry pundits believe that the outcome of the Facebook IPO could shape the landscape for other IPOs in the coming years.
This article was originally published on V3.
