Digest: Rating news lifts DreamWorks
EmptyShares of DreamWorks Animation SKG rose 2.8% on Friday to $25.65 after Merrill Lynch analyst Jessica Reif Cohen lifted her rating in anticipation of potential boxoffice successes in the next two years. Reif Cohen upgraded DreamWorks from "neutral" to "buy" with a $31 target price. Reif Cohen said "Shrek the Third," scheduled for release May 18, will generate $683 million in worldwide boxoffice revenue, and she is optimistic about next year's "Bee Movie" and "Kung Fu Panda" and 2008's "Madagascar 2." In addition, DreamWorks eventually could become a takeover target, she said.
Reese leaves CBS Corp. board
CBS Corp. said in a regulatory filing Friday that Ann Reese has resigned from her board position, effective today, citing unanticipated demands on her time. This leaves a third of the company's nine board seats open after other recent resignations. A spokesman said the company intends to replace Reese.
Pair added to Cablevision
Cablevision Systems Corp. has added legal experts Grover Brown and Zachary Carter to its board to form a new Special Litigation Committee. Brown is a special counsel at law firm of Gordon, Fournaris & Mammarella where he advises on corporate and fiduciary issues. Carter is a partner at law firm Dorsey & Whitney Llp., focusing on civil litigation and securities class action matters.
Mediaset dip slows Fininvest
The holding company that controls Silvio Berlusconi's business interests reported a sharp drop in profits for the first half of its fiscal year largely because of a previously reported dip in profits for Mediaset, its largest holding. Fininvest said its operating profit stood at €719 million ($906 million) for the first six months, 9.6% lower than the same period a year ago when it recorded a one-time gain from selling a 16.7% stake in Mediaset.