Digest: Movie Gallery revs up in quarter
EmptyVideo rental chain Movie Gallery Inc. reported a 1.8% revenue increase for its third-quarter, but said it will delay the filing of its full results because of a continuing review of its accounting for certain store lease obligations. Quarterly revenue increased to $583 million. Same-store sales declined 0.4%, as a 1.9% drop at the company's Hollywood-branded stores outweighed a 3% gain at Movie Gallery stores.
Bonten Media Group, an affiliate of New York private-equity firm Diamond Castle Holdings, has agreed to acquire 14 TV stations in five markets by buying the main arm of BlueStone Television, a portfolio company of private-equity firm Providence Equity Partners, for $230 million. Bonten, which has partnered with Randall Bongarten, the former president of Emmis Television, said it plans to acquire more network-affiliated stations in attractive markets. The transaction is expected to close in first-half 2007.
Cablevision Systems said it has hired Kevin Watson as senior vp and treasurer. He will report to chief financial officer Michael Huseby and succeeds former treasurer John Bier, who will serve as senior adviser to Huseby until his retirement at year's end. Watson was vp and corporate treasurer at satellite services firm PanAmSat Corp.
TORONTO -- A write-down on film costs for "Lovewrecked" helped movie producer M8 Entertainment swing to a third-quarter profit. Montreal-based M8 posted a profit of CAN$2.6 million ($2.3 million), compared with a year-ago loss of CAN$3.6 million. Revenue fell from CAN$9.6 million to CAN$8 million ($7.1 million).