Digest: Virtual funding; Selling Resources
Radio giant Clear Channel Communications Inc. on Wednesday revised its financial results from 2002-06 in a regulatory filing that reclassified its television business and some radio stations as discontinued operations. Net income for the period remained unchanged, but Clear Channel lowered revenue figures for each year because the operations -- which have been sold or agreed to be sold -- should not be counted as operating income, based on U.S. Securities and Exchange Commission rules. As a result, the company reduced each year's revenue by 9%. The company reapportioned its cash flows to reflect radio stations and television business cash flows in its discontinued operations as well.
Doppelganger, which operates a music-focused virtual world where users can hang out with bands, host parties and make their avatars dance, has raised $11 million in venture capital. Doppelganger is in the midst of expanding its virtual world with more nightclubs, lofts and streets. Comventures joined existing funders Draper Fisher Jurvetson, Greycroft Partners, Draper Richards, Trident Capital and KPG Ventures in the third round of funding, which adds to the $14 million Doppelganger previously raised.
The BBC said Wednesday that it has started the formal sales process of its commercial unit BBC Resources, which deals with outside broadcasts, studios and postproduction. The corporation said the sale follows a review that concluded that the BBC should only own commercial businesses that export or exploit the BBC brand or content. It said a new owner would provide the business, which has revenue of about £125 million, with further opportunities for growth. The publicly funded broadcaster said it expected the sale of the Resources business to be completed by March.