EmptyASCENT makes a sale
Ascent Media Group is selling its subtitling business, Visiontext, to subtitling and language-dubbing provider SDI Media. The value of the deal was not disclosed. The companies said they expect to enter into a strategic relationship when the deal closes.
$13 MIL IN ADAP.TV BANK
Adap.TV is set to announce today that it has raised $13 million in a Series B funding round led by Spark Capital. The deal has Spark general partner Dennis Miller joining the Adap.TV board of directors. Also investing were Redpoint Venture and Gemini Israel Fund.
Chaos in the money markets gave Microsoft an opening Monday to announce it will take on debt for the first time, launch a $40 billion stock- buyback plan and raise its dividend. The moves indicate that for all the credit problems plaguing the financial sector, cash-laden technology companies with good credit ratings still are borrowing money on favorable terms and otherwise enjoying flexibility.
CIRCUIT CITY shuffle
Circuit City chairman and CEO Philip Schoonover stepped down Monday and was replaced by a board member appointed to diffuse a proxy battle as the struggling retailer continues its turnaround effort. James Marcum will serve as interim CEO, and Allen King will become Circuit City's new chairman. In July, Circuit City refused an offer to be purchased by Blockbuster for more than $1 billion.