EmptyComcast appoints co-finance chief
Cable operator Comcast Corp. on Tuesday named Michael Angelakis co-chief financial officer, effective at the end of the first quarter next year, ahead of next year's retirement of Lawrence Smith and John Alchin. Angelakis serves as a managing director of private-equity firm Providence Equity Partners. Smith is expected to step down as co-chief financial officer at the end of first-quarter 2007, with Alchin serving through the end of 2007. Angelakis is set to become sole chief financial officer in 2008.
Radio stocks under pressure
Some radio stocks came under pressure Tuesday after Citigroup analyst Eileen Furukawa said in a report that "over-the-top optimism over potential leveraged buyouts and growth creates downside risk" after the radio sector "has rallied 20% since August." She said: "We don't expect a flood of LBOs and think 2007 recovery will be more muted than fourth-quarter guidance suggests, and think increased radio assets for sale creates an overhang risk for 'would-be buyers.' " As a result of this and share prices above her latest targets, she downgraded her stock recommendation on potential buyers Cox Radio and Cumulus Media to a "sell." Cox Radio shares closed down 2.5% at $15.93. Cumulus shares fell 3.9% to $10.09.