The Internet auction giant eBay has acknowledged that it paid too much for the Internet phone service Skype, which it acquired in 2005 for $2.6 billion.
Now Skype is to take a charge of $1.43 billion, as projected earnings have not matched up to reality. Though the popular calling service is expanding its membership, it is not doing nearly as good a job of actually making money.
Niklas Zennstrom, the co-founder and chief executive of Skype, has now resigned, though he will remain as a non-executive chairman of the board. He told InternetNews.com: "My plan was to leave the company when I thought it was ready for the change and when the earn-out had been paid.
"The company now has a solid plan and I'm pleased with the earn-out settlement." Mr Zennstrom and the co-founder of Skype, Janus Friis, are also the duo behind the new internet TV service Joost.
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