EmptyIAC retail channel HSN flat
Barry Diller's IAC/InterActiveCorp said Tuesday that its HSN retail channel likely will post flat profits in 2007 and forecast a $200 million write-down this quarter for a discount coupon unit, sending its shares down 4% to $36.49. The Internet conglomerate expects capital expenditures of about $250 million next year. IAC led the decliners on The Hollywood Reporter's Showbiz 50.
Gemstar-TV Guide jump
Shares of Gemstar-TV Guide International Inc. soared 13.4% on Tuesday, leading The Hollywood Reporter's Showbiz 50 index, after the company said it signed a multiyear licensing agreement with satellite service provider British Sky Broadcasting Ltd., which will license Gemstar's electronic television programming guides on Sky's platforms in the U.K. and Ireland. Financial terms were not disclosed.
Russian holding firm Prof-Media said Tuesday that it has successfully raised $250 million in debt on the international finance market to help fund recent acquisitions. In October, Prof-Media bought TV3 — an entertainment network with a 1.8% market share in Russia — for a reported $550 million. A previous acquisition, Moscow channel 2X2, will relaunch in the spring as a 24-hour adult cartoon channel.
The chief financial officer at Netflix Inc. exercised options for 4,000 shares of common stock under a prearranged trading plan, according to a U.S. Securities and Exchange Commission filing Monday. Barry McCarthy said he exercised the options Thursday for $1.50 apiece and sold the shares the same day for $27 apiece. The stock sale was conducted under a prearranged trading plan that allows a company insider to set up a program in advance for such transactions and proceed with them even if he or she comes into possession of material nonpublic information. Shares of Netflix rose 1.6% on Tuesday to $27.06.