Digest: Air America in talks for possible sale
EmptyAir America Radio is talking to several parties about a possible sale and is hopeful of reaching a deal before Thanksgiving, a lawyer for the liberal talk radio network told a bankruptcy hearing Tuesday. Tracy Klestadt told the court that the privately held company was in discussions with seven different parties about a sale and was "very hopeful" of reaching a deal by Nov. 22, saying there was "significant" interest.
Shares of Martha Stewart Living Omnimedia rose 5.1% on Tuesday to $21.20 after the firm posted a smaller third-quarter loss and higher revenue based on stronger advertising in its publishing business. The company reported a loss of $25.2 million, compared with a loss of $26.1 million a year ago. MSLO took a charge of $18.2 million in anticipation of settling a class-action lawsuit. Revenue rose 48% to $61.1 million.
Shares of IAC/InterActiveCorp, the Internet conglomerate run by Barry Diller, rose 3.9% on Tuesday to $30.98 after it reported that third-quarter profit rose from $68.1 million a year ago to $74.9 million. Weakness at its Home Shopping Network and mortgage business was offset by strength at Ticketmaster and online search and dating services. Revenue rose from $1.4 billion to $1.6 billion. IAC also said its board has authorized the buyback of another 60 million shares.
NDS Group Plc., a News Corp.-controlled supplier of technology and services for digital pay TV operators, said Tuesday that its fiscal first-quarter profit climbed 30% to $35.1 million. Revenue gained 14% to $164.2 million. Conditional access sales grew 12% to $92.8 million as integration, development and support revenue improved 33% to $18.4 million. NDS shares gained 2.4% to $47.84.