Emptypalm goes punk
Palm Pictures said Thursday that it has acquired the North American rights to "Patti Smith: Dream of Life," a documentary about the punk rock pioneer, poet, artist and activist. The film, which was nominated for the Grand Jury Prize at Sundance in January, is photographer Steven Sebring's feature directorial debut. The deal encompasses North American theatrical, nontheatrical and home video and VOD distribution rights.
BERTELSMANN Q1 DIPS
Germany's Bertelsmann reported a 3.9% dip in revenue in the first quarter to €4.2 billion ($6.47 billion). Net profit, however, was a solid €35 million compared with a €70 million loss a year ago. It blamed the revenue decline on the weak U.S. dollar and British pound and on the decline in CD sales at its U.S. music club business.
CITADEL charges add up
Citadel Broadcasting swung to a first-quarter loss from a year-ago profit because of charges, but shares surged 24.2% on Thursday to $1.54. Quarterly losses totaled $8.3 million compared with year-ago profit of $6.8 million as revenue more than doubled to $205.8 million. Citadel owns 223 U.S. radio stations and the ABC Radio Network business.
RADIO ISN'T THE ONE IN Q1
Citing declines in national radio ads, Radio One on Thursday reported a first-quarter loss of $18.3 million, compared with net income of $744,000 last year. Revenue fell 2% to $72.5 million.