Digest: Genius gains; Infogrames up
Genius Products, which distributes home entertainment from the Weinstein Co., ESPN, Dimension Films, Sesame Workshop, WWE and others, said Monday that second-quarter net income improved to $2.1 million, up from a loss of $286,000 last year. Gross revenue was up 27% to $145 million. On Friday, Genius said that it entered into a credit facility arranged by Societe Generale for up to $70 million in order to support an expansion strategy of co-productions, content acquisitions and other improvements. Genius shares were flat Monday at $2.75.
Microsoft ad buy
Microsoft Corp. said Monday that it has completed its $6 billion acquisition of online advertising firm aQuantive and named its former CEO Brian McAndrews to head a new unit focused on making its online ad business more competitive with the likes of Google Inc. and Yahoo Inc. The new Advertiser and Publisher Solutions group will be responsible for building and marketing all of the company's advertising platforms. McAndrews will report to Kevin Johnson, president of Microsoft's platforms and services division.
Clear Channel vote
Radio giant Clear Channel Communications Inc. has set a shareholder vote for Sept. 25 on its proposed buyout. The San Antonio-based company had agreed to a $39.20-per-share deal offered by Bain Capital Partners and Thomas H. Lee Partners. The buyout faces a tough hurdle; under Texas law, holders of at least two-thirds of a company's shares must approve a transaction. Shareholders who fail to vote are counted as voting against the sale.
European video game maker Infogrames Entertainment on Monday reported fiscal first-quarter revenue growth of 13%, driven by a 68% improvement in European sales. Overall quarterly revenue rose to €50.1 million ($68.6 million). As is common under French disclosure rules, the company will report bottom-line results at a later date.