EmptySCHULTZ EXITS DWA BOARD
Starbucks CEO Howard Schultz has left the DreamWorks Animation board of directors. Schultz said this year that he would not run for re-election. DWA shares were fractionally higher Monday to $30.27. Meanwhile, Paul Allen has sold about 1.2 million shares of DWA worth $35 million, according to a filing with the U.S. Securities and Exchange Commission, leaving the billionaire investor with about 3 million shares.
BULLISH ON BLOCKBUSTER
Citi Investment Research analyst Tony Wible on Monday gave a rare bullish review of a possible Circuit City acquisition by Blockbuster, arguing "negative sentiment (has been) overdone."
CABLEVISION GOES TO PRESS
Cablevision Systems will expand its New York media empire into the print space with a $650 million deal to acquire 97% of Long Island newspaper group Newsday Media Group from Tribune. The company controlled by the Dolan family will pay $632 million plus $18 million as prepaid rent. The deal was struck after Rupert Murdoch's News Corp. dropped out of the race.
Shares of Cumulus Media hit a 52-week low Monday after it said a planned buyout by chairman and CEO Lewis Dickey and a Merrill Lynch affiliate has fallen through.
EMMIS LOSSES MOUNT
Emmis Communications reported a widened fiscal fourth- quarter loss of $15.8 million because of a big impairment charge of $21.2 million related to its broadcast licenses.