October 15, 2009 |
A year after it looked like Sumner Redstone's media empire might collapse under a mountain of debt, the 86-year-old mogul found a way to keep his grip on Viacom Inc., CBS Corp. and other prized assets. On Wednesday, Redstone's privately held National Amusements Inc., the controlling shareholder of Viacom and CBS, said it would sell nearly $1 billion in stock in those companies to help retire $1.46 billion in debt. Redstone plans to sell all of his nonvoting shares in the two entertainment giants -- which could yield as much as $600 million from Viacom and as much as $345 million from CBS. The proceeds would allow Redstone to more than cover a $500-million debt payment due this month.
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.
May 12, 2009 |
Jerry Bruckheimer, the producer of action films and television shows such as "Top Gun," "Black Hawk Down" and "C.S.I," now thinks video games are where the action is. Bruckheimer is the latest Hollywood kingpin to dive into the $50-billion-and-growing global game industry.
December 6, 2002 |
Blasting its way into the mainstream, the video game industry is defying predictions of slack consumer spending and appears on track to hit record sales this year of $12 billion. Supported by a growing base of consoles in U.S. homes, game software sales grew by more than 20% over the Thanksgiving weekend compared with the same period last year, according to the Interactive Entertainment Merchants Assn.
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.
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.
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.
May 14, 2009 |
Creditors of Midway Games Inc. are suing the Chicago company's board members and former majority owner Sumner Redstone, alleging that his sale of Midway was a "fraudulent transfer" that benefited the media mogul while pushing Midway into bankruptcy. The suit, filed Monday in federal Bankruptcy Court in Delaware, alleges that Redstone sold his 87% stake to investor Mark E. Thomas for a mere $100,000 so Redstone could register $700 million in tax losses and collect a "massive tax refund."
March 28, 2009 |
Since landing his first job in the video game industry in 1992 as a salesman at Capcom Co., Justin Berenbaum never wanted for work -- until this month. The 39-year-old from Woodland Hills was laid off from his job as vice president of business development at EmSense Corp., a San Francisco game design consulting firm. A few days later, he was roaming the halls of the Game Developers Conference in San Francisco, browsing the career pavilion and hitting up former colleagues for leads.