Blockbuster shares rallied sharply Wednesday after the company announced a reduction in the letters of credit it maintains on behalf of Viacom, the company’s former parent, to $25 million from $75 million. The company said the change reflects a reduction in Viacom’s exposure to Blockbuster’s lease obligations.
Will Comcast use its rising cash pile to make a large acquisition in the content business?
Reuters raised that question in a lengthy news analysis yesterday which wondered if the company is plotting a giant deal along the lines of its failed $54 billion bid for Disney in 2004.
Four years ago or so, a handful of big, lumbering old-media companies, desperate to show investors and the technorati alike that they had a clue when it came to the Internet, created the new position of digital strategist-in-chief.
I worked for Blockbuster for a brief period of time. I was the President of BBI responsible for new media. It was an excellent career move for me and despite my short time there I learned a lot, got to do a lot and almost became the kingpin of cable!
National Amusements, media mogul Sumner Redstone’s holding company, is in need of cash. Pali Research analyst Richard Greenfield sees that having any number of implications over companies in which Redstone holds interest, including Viacom, Midway Games, and WMS Industries. Greenfield notes that Redstone has no intention of selling CBS or Viacom shares, but that he “may no longer have a choice.”
The world’s biggest record companies would love to shutter LimeWire. They say the popular file-sharing service has built a lucrative business by enticing users to illegally swap the latest hit songs without paying a dime. But not everybody in the entertainment business sees LimeWire as a pariah.
It’s shaping up to be the hottest race on the Web. Much as they do on TV, Disney and Viacom’s Nickelodeon are duking it out online. And if the most recent numbers from Web-traffic researcher comScore are any indication, Disney is pulling into the lead.
Here’s the thing about the TV business: It’s only as profitable or as valuable as the people who watch it. And if the only people who watch it are senior citizens strapped by debt, it’s not worth much–not to advertisers, anyway.
Viacom and Google have reached an agreement about how information about YouTube users can be used as potential evidence in the ongoing copyright dispute. Instead of giving Viacom the user names and Internet Protocol addresses for everyone who has uploaded or downloaded a video on YouTube, Google will provide an anonymous code number that represents those names and addresses.
Why is Viacom (VIA) still a public company?
Pali Research analyst Richard Greenfield thinks Viacom Chairman Sumner Redstone ought to consider that question carefully. In a research piece this morning, Greenfield recalls that in July 2006 he wrote a report entitled “Dear Mr. Redstone: Take Viacom Private.”
As Viacom’s lawsuit against YouTube and its parent company Google rolls forward, it’s worth asking if any outcome of the suit will change the situation for Viacom. In fact, were the impossible to happen, like a judge shutting down YouTube altogether, Viacom may be worse off.
Viacom continues to pursue a $1 billion lawsuit against Google’s YouTube for allowing video piracy. On Viacom’s Comedy Central, South Park creators Trey Parker and Matt Stone aren’t helping their corporate parent’s legal case. In last night’s episode, Stan, Kyle, Cartman, and Kenny asked themselves “How Do We Make Money on the Internet?” and predictably, [...]
Last fall Philippe Dauman Jr. went to work for Google as a “Strategic Partner Development Associate.” This struck some folks as odd, given that his dad, Viacom CEO Philippe Dauman, is suing Google for $1 billion. Our understanding is that Google is an intense, go-go workplace, but apparently Philippe Jr. has some free time on his hands. He’s co-founded Yuzu Music, a New York-based start-up.
Viacom’s MTV kicks off 2008 by announcing that it streamed 1.2 billion videos from its music-oriented Web sites last year, and that those Web sites attracted an average of 30 million uniques per month. Viacom has worked mightily in the last year to explain how committed it is to the Web, and frequently trumpets stats like these to make its case (other favorites: 300 Web sites, 90 million uniques across all of its sites, $500 million earmarked for video-game investment, etc.).
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