Digest: Conde rises; Moody's down on Charter
EmptyConde rises at Univision
Spanish-language media firm Univision Communications has promoted Cesar Conde to the post of executive vp, chief strategy officer, effective immediately. He reports to CEO Joe Uva and will work with him to identify new strategic growth opportunities for the company. He also will have direct oversight of Univision's community affairs, government relations and corporate business development teams. Conde most recently was the special assistant to Uva. Before that, he was vp and operating manager at the Galavision Network.
Moody's down on Charter
Credit agency Moody's Investors Service on Tuesday cut its debt rating on Paul Allen-controlled Charter Communications, arguing that the cable operator likely will burn cash during the next few years and its likelihood of default is high. "Default risk remains notably high given Moody's view of the company's unsustainable capital structure that remains significantly burdened with excessive debt and related debt service costs," Moody's said.
Delays could cost Midway
Midway Games said Tuesday that it now expects weaker third-quarter financials because of delays in several new games, including "Stranglehold," for Sony Corp.'s PlayStation 3 console. Midway, controlled by Sumner Redstone, now expects a third-quarter loss of 33 cents per share on revenue of $39 million. It previously forecast a loss of 23 cents per share on revenue of $50 million.