Amazon.com Inc. said Tuesday that it has increased its investment in Joyo.com, an online shopping platform in China. On the news, Amazon shares set a 52-week high and closed up 4.6% to $73.65. Loss-making Joyo has expanded rapidly in the three years since Amazon first invested in it, but it has taken that long for Joyo to raise its level of service to where Amazon feels comfortable adding its name to the logo, said Jeff Bezos, founder and CEO of Amazon. Amazon owns 100% of Joyo but did not give a breakdown of the investment.
Sat radio affairs
The nation's only two satellite radio companies have hired a high-profile public affairs firm to lobby the federal government on their proposed combination, which faces regulatory and congressional scrutiny. Sirius Satellite Radio and XM Satellite Radio hired Quinn Gillespie & Associates Llc., according to a regulatory filing Tuesday. The firm was founded by Jack Quinn, who served as counsel to President Clinton from 1995-97, and Ed Gillespie, a Republican strategist who served as the Republican National Committee chairman during the 2004 election cycle. In February, New York-based Sirius said it would seek government approval to acquire Washington-based XM in a deal valued at $4.57 billion at the time.
Imax Corp. said Tuesday that Sony Pictures' "Spider-Man 3: The Imax Experience" has captured more than $20 million in worldwide Imax ticket sales since opening May 3, reaching that milestone quicker than any other 2-D, digitally remastered Imax release. The movie is on 84 domestic Imax screens and 34 international ones. Overall, "Spider-Man 3" has grossed $844 million worldwide. Shares of Imax fell fractionally Tuesday.