May 8, 2003 |
Playboy Enterprises Inc. earned $632,000 in the first quarter after 16 straight losses, a boost attributed to higher sales of sexually oriented material on the Web. Net income was 2 cents a share, compared with a net loss of 38 cents, or $9.4 million, a year ago, Chicago-based Playboy said in a statement. Sales rose 12% to $74.3 million. Playboy shares rose $1.48, or 15%, to $11.43 on the NYSE. Separately, Midway Games Inc.
February 13, 2009 |
Seeking to avoid mortal combat with its creditors, Midway Games Inc. filed for Chapter 11 bankruptcy protection Thursday. This probably isn't game over for the Chicago game publisher. Midway would have tipped over years ago if not for Sumner Redstone, whose family owns National Amusements Inc., a holding company that has controlling stakes in Viacom Inc. and CBS Corp. Redstone, who has his own financial troubles, pumped hundreds of millions of dollars into Midway before he was forced to sell it last year, for pennies on the dollar, to an investor named Mark Thomas.
February 13, 2009 |
Sumner Redstone, under pressure to restructure his family company's $1.6 billion in debt, said Thursday that "substantial progress" had been made in talks with banks. "An agreement acceptable to all parties is now within reach," the 85-year-old Redstone said during a conference call to discuss Viacom Inc.'s quarterly earnings.
October 22, 2008 |
Media magnate Sumner Redstone has filed for divorce from his wife of five years, Paula Fortunato, citing irreconcilable differences. The split comes as the 85-year-old chairman of Viacom Inc. and CBS Corp. faces financial difficulties. His family-owned holding company, National Amusements Inc., is scrambling to restructure $1.6 billion in debt after it violated the covenants of its bank agreements.
December 10, 2002 |
Despite record sales of video games, a leading Wall Street analyst Monday downgraded the stock of four major publishers and sent shares across the industry lower. Citing a possible slowdown in industry growth next year, UBS Warburg analyst Michael Wallace lowered his recommendations on Calabasas Hills-based THQ Inc., Santa Monica-based Activision Inc. and Midway Games Inc. from "strong buy" to "hold." The new rating is two grades below his earlier designation.
April 18, 2009 |
Although Viacom Inc.'s stock took a beating in 2008, losing more than half its value, the media conglomerate's chairman, Sumner Redstone, and its chief executive, Philippe Dauman, earned pay raises for the year. Redstone was awarded a total compensation package valued at $12.1 million. Viacom said that given the decline in value of his stock options, Redstone's actual take-home pay was $6.3 million. In 2007, the chairman took home $8.3 million.
June 12, 2008 |
Petty Enterprises, the venerable NASCAR team led by Richard Petty, sold control of the family business Wednesday to investment firm Boston Ventures. Once one of stock car racing's most powerful teams with "The King" himself at the wheel, Petty Enterprises fell into mediocrity during the last two decades and hasn't won a race since 1999. "The time has come for Petty Enterprises to take the steps necessary to get back to victory lane," Petty, 70, said in a statement.
July 23, 2003 |
Activision Inc., the nation's second-largest video game publisher, posted lower quarterly sales and profit Tuesday but still beat expectations as the company pursued a new strategy of developing fewer but bigger titles. Sales fell 17% to $158.7 million in its fiscal first quarter. Spring is typically the industry's slowest period. Net income dropped nearly 80% to $4.2 million, or 4 cents a share. Activision earned $20.
November 27, 2008 |
Media mogul Sumner Redstone has proposed selling part of his family holding company's movie theater circuit to pare down its debt, according to people close to the situation. A restructuring plan submitted to bankers this week by Redstone's private holding company, National Amusements Inc., also proposed shedding stakes in the video game company Midway Games Inc. and slot machine maker WMS Industries Inc.
May 12, 2003 |
The next "shock and awe" campaign may be advertisements for hot sauce, pesticides, video games or even condoms. The phrase that described bombing attacks on Baghdad is listed in 28 applications with the U.S. Patent and Trademark Office for use in marketing a variety of products. The first application, for fireworks, was filed March 20, the day U.S. bombs started raining on the Iraqi capital.