Digest: Spot Runner adds Pittman to board
EmptySpot Runner said Tuesday that it has named Robert Pittman, former chief operating officer of AOL and former president and CEO of MTV Networks, to its board of directors. Spot Runner this year introduced a "self-service" Web-based advertising creation and buying system to allow advertisers to buy local TV advertising. It also plans to expand its Web-based ad-buying system into additional media. Pittman is a founding member of the investment firm Pilot Group and was CEO of Century 21 Real Estate, which has formed a partnership with Spot Runner.
TF1 said Tuesday that it has taken a 33.5% financial stake in AB Group for €230 million. Chairman Claude Berda, who owns 66.5% of the equity, will maintain exclusive control of AB Group, a leading supplier of thematic channels to the digital pay-TV market in France. The AB Group owns a library of more than 1,300 French language shows for a total of 37,000 hours of programming. TF1 will fill two of the AB Group's board of directors' six seats.
Shares of World Wrestling Entertainment Inc. rose 5.3% on Tuesday to $17 after it said fiscal second-quarter profit fell 11% as expenses increased, though results exceeded analyst expectations. Net income declined to $10.4 million from $11.7 million on revenue that grew 8% to $96.2 million, helped by expansion of WWE home video and digital-media businesses, along with higher attendance at live events.