Digest: Live Nation adds to board
EmptyLive Nation said Thursday that it has elected Harvey Weinstein, co-chairman of the Weinstein Co. and founder of Miramax Films in 1979, to its board of directors. Live Nation is the largest producer of live concerts in the world and is the second-largest venue management company.
Sony Corp. is sticking to its target of shipping 2 million PlayStation 3 video game consoles by year's end, president Ryoji Chubachi said Thursday. Industry observers have raised concerns that the company might not meet demand and shipping goals in the key holiday shopping season. Chubachi also said Sony expects to meet its shipment target of 6 million PS3s by the end of the firm's fiscal year in March and will launch the console in Europe as soon as possible.
Class A shares of Liberty Media's Liberty Capital, which houses such assets as Starz and stakes in major media companies, rose 2.1% on Thursday as Deutsche Bank upgraded Liberty from "hold" to "buy" citing an attractive sale price for the firm's Ascent Entertainment Group, which houses hotel in-room entertainment firm On Command. The shares closed at $96.48. Late Wednesday, On Command competitor LodgeNet Entertainment Corp. said it has agreed to buy Ascent for $380 million, with $332 million of that coming in cash.
Microsoft Corp. and Chinese Internet firm Baidu.com unveiled a strategic alliance Thursday focused on paid online search services in China. Under the deal, Microsoft will display Baidu's paid search listings on the search results pages of certain of its sites, including MSN, Live and other partner sites. The companies said the arrangement started this month. They didn't disclose financial details.