Digest: EA plans; Comcast hires
Executives at Electronic Arts, in a meeting with Bear Stearns, did not rule out a large acquisition as one use of its cash. The video game giant indicated it would significantly reduce its headcount and that it will further expand its sports business internationally with games like cricket, Bear Stearns said Monday. The firm maintained its "peer perform" rating on the stock, concerned about margin pressures. The stock fell blank% to $blank.
Comcast said Monday that it has hired Robert Victor as senior vp strategic and financial planning, effective Jan. 7. He will report to CFO Michael Angelakis. Victor was with he Boston Consulting Group serving as a partner and managing director in BCG's Washington office.
Satellite television equipment maker CalAmp said Monday that it has reached a settlement with a unit of EchoStar Communications following product failure of CalAmp's satellite dish components. CalAmp will give EchoStar 1 million of its shares and a three-year warrant to purchase an additional 350,000 shares at $3.72 each. It also will give the company a $5 million promissory note. EchoStar agreed to pay $1.3 million of $2.3 million in outstanding accounts receivable due to CalAmp, with CalAmp canceling the remaining $1 million of receivables as part of the settlement. EchoStar, which accounts for about half of all CalAmp sales, complained about the premature deterioration of laminate material on CalAmp's printed circuit boards.