Digest: Take-Two stock takes off
EmptyShares of Take-Two Interactive Software Inc. soared 7.7% Monday to $19.20, their highest price in a year, after announcing an advertising deal signed with Double Fusion, an in-game ad company. The deal, for up to nine titles, is for games to be published by Take-Two's 2K and 2K Sports units, whose titles include "Civilization," "Sid Meier's Pirates!" and sports titles like "College Hoops 2K7."
Ingenious move to fund DRG plans
U.K. entertainment investment vehicle Ingenious Media Active Capital said Monday that it is pumping £3 million ($5.9 million) into independent TV rights company the Digital Rights Group. IMAC's investment comes as DRG announces it has snapped up production, financing and sales outfit Portman Film and Television as part of the deal. IMAC's cash injection will secure 75% of DRG, fund the purchase of Portman and provide working capital for the business, the parties said.
Sirius reduces '06 sub guidance
Sirius Satellite Radio Inc. on Monday lowered its year-end 2006 subscriber guidance, blaming lower-than-expected retail sales since Thanksgiving. Sirius now expects to have 5.9 million-6.1 million subscribers by year's end, down from a previous forecast of 6.3 million. The new guidance range represents total net subscriber additions of about 2.6 million-2.8 million in 2006, or year-over-year subscriber growth of up to 85%. Sirius shares fell 1.9% to $4.17 on Monday and dropped further in after-hours trading.