Digest: Discovery jumps; JPMorgan invests
EmptyDiscovery jumps on upgrade
Shares of Discovery Holding rose 6.8% on Monday to $26.12 after a Wachovia Capital Markets analyst upgraded the television programming company, citing stronger ratings and a healthy advertising market. John Janedis upgraded the stock from "market perform" to "outperform." He said the television ratings for the Discovery Channel and TLC improved in November from October weakness, partly thanks to season premieres of some programs. In addition, Janedis said an ongoing Hollywood writers strike, which has caused some late-night programs to revert to reruns because of a lack of new scripts, is good for the Discovery Channel as it may win new viewers. The network does not rely on scripts, the analyst noted.
JPMorgan invests $200 mil
JPMorgan Chase said Monday that it will invest $200 million in film and entertainment projects to add to its entertainment advisory and banking operations. The New York-based national bank said it will use subordinated debt for such investments as film and television financings, acquisitions and print and digital media startups.