Digest: Cable distribution complete
EmptyComcast Corp., Time Warner Inc. and Time Warner Cable Inc. on Tuesday finished distributing assets of their Texas and Kansas City Cable Partnership. Comcast received the joint venture's Houston cable system assets, which serve about 790,000 basic-video subscribers, while TWC received the assets of the Kansas City, south and west Texas and New Mexico cable systems, which serve about 782,000 basic-video subscribers.
NDS wraps Jungo deal
NDS Group Plc., a television technology unit of News Corp., said Tuesday that it has completed the acquisition of residential gateway software provider Jungo Ltd., a move to boost its video-over-broadband offerings. The previously announced deal is worth as much as $107.5 million in cash, including $17 million of earn-out payments contingent on reaching certain fiscal targets for the year following deal completion.
RealNets exec makes stock sale
RealNetworks Inc. chairman and CEO Robert Glaser has sold 109,355 shares of common stock under a prearranged trading plan, according to a U.S. Securities and Exchange Commission filing. Glaser reported that he sold the shares last week for $10.87-$10.98 apiece. RealNets closed at $10.94 on Friday, the most recent day U.S. financial markets were open.
Amazon gets downgrade
Citigroup on Tuesday downgraded shares of Amazon.com Inc. from "hold" to "sell" and lowered its price target by $1 to $34. "We believe that Amazon's current valuation implies a level of operating margin expansion that is simply not attainable," said analyst Mark Mahaney, who suggested long-term margins most likely are capped in the 6% range, not the more than 7% range implied by Amazon's current valuation. Amazon closed Friday at $39.46.