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| Falcone's Harbinger sues Dish Network's Ergen over LightSquared Tuesday, Aug 06, 2013 08:39 PM PDT  By Billy Cheung (Reuters) - Phil Falcone's hedge fund sued satellite TV mogul Charlie Ergen and his Dish Network Corp for $4 billion on Tuesday for an alleged loan-trading scheme aimed at stripping Falcone of his control over LightSquared Inc, a bankrupt wireless communications business. The lawsuit in the U.S. Bankruptcy Court in Manhattan was filed on Tuesday at the same time as Ergen was confirming on an earnings call with Dish investors that the company was interested in acquiring LightSquared. ... Full Story | Top |
| CBS chief dismisses Time Warner Cable offer as empty PR Tuesday, Aug 06, 2013 07:14 PM PDT  By Liana B. Baker (Reuters) - CBS Corp on Tuesday rejected the latest proposal by Time Warner Cable Inc to end its blackout of the TV network in major cities in a dispute over fees and dismissed it as a "public relations gesture." Even though both sides urged a return to the negotiating table after weeks of discussions, talks seemed to have broken down, affecting more than 3 million Time Warner Cable customers in New York, Los Angeles, Dallas and other cities. ... Full Story | Top |
| Disney projects up to $190 million 'Lone Ranger' loss Tuesday, Aug 06, 2013 07:04 PM PDT  By Lisa Richwine LOS ANGELES (Reuters) - Walt Disney Co expects to lose between $160 million and $190 million on its expensive summer movie bomb "The Lone Ranger," the media giant said on Tuesday as it reported a small gain in quarterly profit that beat Wall Street forecasts. The loss for "The Lone Ranger," a Western starring Johnny Depp, will be recorded for the quarter that ends in September, Chief Financial Officer Jay Rasulo said on a conference call with analysts. Disney shares dropped 1.9 percent in after-hours trading to $65.79 from a $67.05 close on the New York Stock Exchange. ... Full Story | Top |
| Disney expects up to $190 million loss on 'Lone Ranger:' CFO Tuesday, Aug 06, 2013 03:53 PM PDT LOS ANGELES (Reuters) - Walt Disney Co expects to lose up to $190 million on summer box office bomb "The Lone Ranger" in the quarter that ends in September, Chief Financial Officer Jay Rasulo said on Tuesday. In a conference call with analysts, Disney Chief Executive Bob Iger also said the company's ESPN sports network saw no impact in its advertising sales during the "upfront" selling season from the coming debut of rival network Fox Sports 1. (Reporting by Lisa Richwine; Editing by Richard Chang) Full Story | Top |
| Glu revenue falls as fewer customers buy mobile games Tuesday, Aug 06, 2013 03:41 PM PDT (Reuters) - Glu Mobile Inc reported lower quarterly revenue as it sold fewer games to smartphone and tablet users. The maker of "Contract Killer" and "Deer Hunter" games reported net loss of $2.9 million, or 4 cents per share, For the second quarter, compared with $3 million, or 5 cents per share, a year ago. Revenue fell 16.5 percent to $24.4 million. (Reporting by Supantha Mukherjee in Bangalore; Editing by Saumyadeb Chakrabarty) Full Story | Top |
| Fox reports higher revenue, profit on rise in cable Tuesday, Aug 06, 2013 03:38 PM PDT By Jennifer Saba (Reuters) - Rupert Murdoch's newly separated 21st Century Fox reported higher revenue and profit because of growth at its cable operations including Fox News and its regional sports networks. Investors had been waiting for years for Murdoch to split News Corp, giving its cable, movie and equity stakes in pay-TV assets their own spotlight away from the publishing division. ... Full Story | Top |
| Nuance cuts forecast on delayed deals, move to subscription Tuesday, Aug 06, 2013 03:30 PM PDT  (Reuters) - Nuance Communications Inc , whose software powers the Siri voice feature in Apple Inc's iPhone, cut its forecast for the year as some of its mobile customers delayed contracts, sending its shares down nearly 8 percent. The company, which also reported lower-than-expected third-quarter revenue, has not been able to demand higher prices from handset makers due to intensifying competition and customers looking for cheaper deals. ... Full Story | Top |
| MGM CEO sees Nevada/NJ online gambling compact in 2014 Tuesday, Aug 06, 2013 02:47 PM PDT By Sue Zeidler LOS ANGELES (Reuters) - MGM Resorts International is working with Nevada officials who are discussing banding together with New Jersey to create a joint online gaming market, CEO Jim Murren told Reuters in an interview. "I think it's likely that in 2014 we'll see a compact between New Jersey and Nevada," Murren said in an interview following the company's second-quarter earnings call. In the past, Murren contended that Nevada alone may be too small a state to provide a large enough online market. ... Full Story | Top |
| Soros-backed telecom venture to invest over $200 million in Brazil Tuesday, Aug 06, 2013 02:03 PM PDT  By Brad Haynes SAO PAULO (Reuters) - A new Brazilian telecommunications company backed by billionaire financier George Soros plans to invest at least 500 million reais (US$218 million) over the next three years, executives said on Tuesday, ramping up competition among Internet providers in a cooling market. A fund run by Soros is set to invest at least $150 million, giving him a majority stake in On Telecom, which offers home and office connections over fourth-generation (4G) cellular networks, Chief Executive Officer Fares Nassar said at a news conference. ... Full Story | Top |
| Loeb wants Sony to lay out specific goals for entertainment unit Tuesday, Aug 06, 2013 01:18 PM PDT  By Katya Wachtel NEW YORK (Reuters) - Hedge fund manager Daniel Loeb expects Sony Corp to lay out a specific improvement plan and set financial targets for its entertainment business before the company's annual general meeting next May, according to a source close to the hedge fund. Loeb views Sony's announcement on Tuesday as a "good outcome" even though the Japanese company rebuffed his hedge fund's proposal to spin off its movies, television and music business, said the source, who spoke on condition of anonymity. ... Full Story | Top |
| CBS chief slams Time Warner Cable, calls offer a "gesture" Tuesday, Aug 06, 2013 12:27 PM PDT  By Liana B. Baker (Reuters) - CBS Corp Chief Executive Leslie Moonves on Tuesday rejected the latest proposal by Time Warner Cable Inc to end its blackout of the network and dismissed the cable company's offer as a "public relations gesture." Even though both sides urged each other to return to the negotiating table, talks seemed to have broken down, affecting more than 3 million Time Warner Cable customers in New York, Los Angeles and Dallas. ... Full Story | Top |
| Sony rejects Loeb's proposal to spin off entertainment unit Tuesday, Aug 06, 2013 11:48 AM PDT  By Mari Saito TOKYO (Reuters) - Japan's Sony Corp on Tuesday rejected a proposal from activist shareholder Daniel Loeb to partially spin off its entertainment business but the billionaire investor vowed to keep talking with the company and to explore other options. Sony said it could still squeeze synergies from its decades-old marriage of content and hardware and promised more disclosure in its entertainment operations. ... Full Story | Top |
| Amazon's Bezos to buy the Washington Post for $250 million Tuesday, Aug 06, 2013 10:19 AM PDT  By Jennifer Saba (Reuters) - Amazon.com Inc founder Jeff Bezos will buy the Washington Post newspaper for $250 million in a surprise deal that ends the Graham family's 80 years of ownership and hands one of the country's most influential publications to the businessman whose Internet company has transformed retailing. Bezos, hailed by many as technology visionary, called his acquisition a personal endeavor and reassured employees and readers of the 135-year-old newspaper he will preserve its journalistic tradition, while driving innovation. ... Full Story | Top |
| Dish's Ergen sees T-Mobile US as only M&A possibility Tuesday, Aug 06, 2013 09:45 AM PDT  NEW YORK (Reuters) - Dish Network founder and Chairman Charlie Ergen said on Tuesday that his preference would be for a network partnership in wireless and that T-Mobile US could be his only option left as an acquisition or merger target. "I think there's a lot of options for us in the wireless business," Ergen said in response to analyst questions on a quarterly earnings call. (Reporting by Sinead Carew and Liana Baker; Editing by Maureen Bavdek) Full Story | Top |
| IBM forms alliance with Google, Nvidia to boost chips unit Tuesday, Aug 06, 2013 09:23 AM PDT  (Reuters) - Technology services provider IBM is teaming up with Google and a handful of other tech companies to license IBM's Power chip technology, in an effort to attract more users. Under the alliance called OpenPower Consortium, IBM and Google - along with Israel's chip designer Mellanox Technologies, U.S. chip-maker Nvidia Corp and Taiwan-based server supplier Tyan Computer Corp - will build server, networking and storage technology based on the chips for cloud data centers. ... Full Story | Top |
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