Digest: EA posts Q4 loss
EmptyElectronic Arts Inc. posted a wider fiscal fourth-quarter loss Tuesday on lower revenue and charges from stock-based employee compensation, restructuring and acquisitions. The seller of such games as "Madden," "Need for Speed" and "The Sims" posted a loss of $25 million, up from a $16 million loss a year ago. Revenue fell 4% to $613 million.
Westwood One up
Westwood One Inc., managed and partly owned by CBS Corp., said Tuesday that it has swung to a profit in the first quarter after it cut operating expenses on lower programming and production costs. The radio programer posted a profit of $700,000 compared with a loss of $3.5 million a year ago on revenue that fell 9.4% to $109.4 million. Separately, its board agreed to discontinue its dividend as the company completes negotiations with CBS Radio to modify or extend their deal.
ROME -- Italian broadcast giant Mediaset on Tuesday reported a slight rise in revenue and a drop in profits, as the company also announced an increased role for deputy chairman Pier Silvio Berlusconi, the son of former prime minister and leading Mediaset shareholder Silvio Berlusconi. Mediaset's first-quarter revenue inched up from €955.2 million to €964.9 million ($1.3 billion) driven by market share gains for the company's Telecinco unit in Spain. Profit amounted to €255.7 million ($347.8 million), down from €265.6 million a year ago. The company did not elaborate on the nature of the increased powers for the younger Berlusconi, saying only the move "is a response to the need to face a number of challenges in terms of content, technology, advertising sales, and to take advantage of new opportunities in Italy and abroad."