EmptyMSLO CUTS Q1 LOSS
Martha Stewart Living Omnimedia narrowed its first-quarter loss from $11.8 million to $4.2 million as revenue rose 2% to $67.8 million. "This strong performance demonstrates the resilience of our brands, especially given the challenges facing the broader advertising and retail markets," CEO Susan Lyne said. The firm continues to see ad growth in the second quarter, she added.
BELO's OUTLOOK CLOUDY
TV station group operator Belo swung to a first-quarter loss of $15.4 million on charges related to the spinoff of its newspaper business. Belo posted a profit of $15.5 million a year ago. Revenue fell 2% to $175 million. CEO Dunia Shive said Belo's outlook was clouded as economic conditions continue to be soft.
SIRIUS, XM DELAY MEETINGS
Sirius Satellite Radio and XM Satellite Radio are pushing back the dates of their annual meetings as they continue to wait for full regulatory approval of their proposed merger. The Sirius meeting had been scheduled for May 20, with XM's set for May 23. Last month, the U.S. Department of Justice said that the merger is not anti-competitive. However, the firms still need FCC approval, among other things.
COX buys AD FIRM
Cox Enterprises said Tuesday that it will acquire online advertising tech company Adify for a reported $300 million. Previous investors in Adify include NBC Universal's Peacock Equity and Time Warner Investments. Cox said more than 100 ad networks operate on Adify's platform.