Digest: AT&T backs Vobile; Time Warner low
EmptyAT&T backs Vobile
AT&T is joining Disney investment affiliate Steamboat Ventures as an investor in Vobile, a company that markets a technology that tracks video content. The total outside investment in the company is less than $10 million, according to published reports. Those reports said AT&T is testing Vobile's antipiracy technology and that of other companies and has yet to commit to a service. Vobile specializes in identifying pirated movies on the Internet.
Welcome for Orchard
Digital Music Group shareholders Tuesday approved a merger with the Orchard Enterprises, and the stock of the merged entity started trading Wednesday. DMG, a music and video content distributor, said in March that it would merge with the Orchard, a distributor and marketer of music. The merged company's shares are trading on the Nasdaq under Orchard's ticker symbol, ORCD. The companies previously announced that Orchard president and CEO Greg Scholl will lead the combined company, which is headquartered in New York. On its first trading day, the stock rose 3.2% to $6.19.
Time Warner low
Shares of Time Warner hit another 52-week low Wednesday despite a lack of news as most stocks on The Hollywood Reporter Showbiz 50 index declined amid a slide in the general market. TW's stock fell as low as $16.93 before closing down 3.8% at $17.05, which gave the conglomerate a market capitalization of $63.6 billion. Shares of Disney closed down 3.7% at $31.80, close to their 52-week low of $31.25.