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Gemstar Shares Fall on Failed Partnership

March 28, 1998|Bloomberg News

Pasadena-based Gemstar International Group shares fell $5.81, or 16%, to close at $30.44 on Nasdaq, after it said its joint venture agreement with United Video Satellite Group Inc. lapsed because United Video couldn't satisfy some conditions of the agreement. Gemstar, which provides interactive program guide services that enable users to view a TV guide on screen, is continuing to hold talks with United Video about its plan to offer interactive program guides for cable-TV systems. United Video and Gemstar two months ago said they planned to form a joint venture to offer technology and data that allow TV watchers to view a program guide on screen. Gemstar, which also signed the affiliation agreement with U.S. cable giant Tele-Communications Inc., said its agreement to offer the guides to TCI may fall through as well. TCI's TCI Ventures Group affiliate controls almost 90% of the voting stock in Tulsa, Okla.-based United Video. On Nasdaq, United Video rose 13 cents to close at $39.13 and Englewood, Colo.-based TCI fell 69 cents to $31.06.

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