Digest: Penella Acorn's CEO
EmptyAcorn Media Group, a boutique DVD production and distribution company, said Monday that it has promoted Miguel Penella to CEO effective April 1, replacing founder Peter Edwards who will remain chairman of the board. Acorn, best known for delivering British TV programming via DVD, expects to release 71 titles this year in the U.S. and rack up $80 million worldwide revenue. Penella was president of the company's catalog and online direct-to-consumer division Acorn Direct and is a former vp at Time-Life.
Take-Two Interactive Software Inc. said Monday that it is weighing a potential sale of the company and other options, as an investor group seeks control of the company. Shares of Take-Two surged 8.4% to $22.61, their highest level since late 2005, giving the third-largest U.S. video game publisher a market value of about $1.7 billion. Take-Two said it was reviewing alternatives that it could raise with the investor group, which owns 46% of shares and wants to take control of the board and oust CEO Paul Eibeler. Separately on Monday, JPMorgan Securities cut its rating on Take-Two from "overweight" to "neutral," citing risk to current valuation and increased uncertainty about the future.
Barry Diller's IAC/InterActive Corp. said Monday that its Ticketmaster division bought a majority stake in online fan club echomusic. The transaction will help the companies build brand awareness, increase fan memberships and drive ticket sales for clients, IAC and echomusic said. The companies also will look to enhance their relationship with iLike and IAC properties including Ask.com and CitySearch to create channels for music discovery and distribution. Shares of IAC/InterActive gained 1.2% on Monday to $37.02.