Digest: TiVo shares slide after court ruling
EmptyShares of DVR pioneer TiVo Inc. declined Wednesday after a court granted a stay on an injunction that would have banned EchoStar Communications from offering its DVR services. Bear Stearns analyst Kunal Madhukar said uncertainty related to the litigation process likely is to continue for one or two years. He downgraded TiVo's stock to "underperform." Tuesday's ruling postpones a possible ban of EchoStar's DVR offerings pending an appeals process. TiVo shares closed down 11.3% on Wednesday at $6.67.
Shares of Marvel Entertainment hit a 52-week high of $24.94 in intraday trading Wednesday before closing at $24.86. The comics publisher and character-licensing company said it has added forthcoming films "Iron Man" and "The Incredible Hulk" to a list of projects to be funded by a $525 million debt facility. Marvel also said it has hired Simon Philips as president of Marvel International, effective Nov. 13. Philips will oversee Marvel's international consumer products group and report to the company's recently established Office of the Chief Executive.
ProSiebenSat.1 Produktion, the biggest unit of Haim Saban's German broadcasting family ProSiebenSat.1 Media AG, has expanded its managerial board to include two new managing directors, Martin Emele and Christian Wegner. Frank Meissner, who until Sept. 30 had been the sole managing director of the Munich-based production firm, will continue as director of operations for parent ProSiebenSat.1 and remain as overall managing director and spokesman for the unit. Emele's new title is head of technology and Wegner serves as chief financial officer, as well as chief of creative solutions and broadcasting services.