Digest: THQ Q3 down; AOL Buy
EmptyTHQ Q3 down
THQ reported a lower fiscal third-quarter profit Tuesday that was in line with its recently reduced financial guidance. Quarterly profit of $15.5 million compared with $62.1 million a year ago. The latest figure includes about $27 million in noncash charges related to the company's decision to cancel certain projects and write down the value of certain intellectual properties, as well as about $20 million in accelerated amortization expense. Revenue rose from $475.7 million a year ago to $509.6 million. THQ president and CEO Brian Farrell cited successes with such game releases as "WWE SmackDown vs. Raw 2008" and "MX vs. ATV Untamed."
Time Warner's AOL unit has acquired Buy.at, an affiliate network providing a platform for e-commerce marketing programs. "This acquisition further enhances our Platform-A advertising offerings by enabling us to offer a new set of advertiser and publisher products, while also supporting our international strategy," AOL chairman and CEO Randy Falco said. "It will position AOL's Advertising.com to serve merchant and retail advertisers with the industry's most comprehensive set of performance-marketing offerings to drive sales and other transactions." Buy.at was founded in 2002. Time Warner is set to announce its fourth-quarter financials today.
Russian entertainment TV company CTC Media has agreed with Channel 31 to buy a 20% stake in the Kazakhstan-based TV network. Under the agreement, CTC Media will have majority ownership positions in Channel 31's affiliate companies. CTC Media expects the deal to close in the current quarter.