Sirius XM Radio said Thursday that it will have trimmed 22% of its work force, or 458 people, by year's end. Sirius CEO Mel Karmazin made the announcement at the annual shareholders meeting. Executives also discussed executing a reverse stock split to boost the price of shares, which closed Thursday at 14 cents.
Take-Two takes hit
Shares of Take-Two Interactive Software took a 26% hit Thursday to finish at $8.91, a 52-week low, after the video game publisher gave a disappointing forecast for fiscal 2009. The company, best known for its "Grand Theft Auto" games, provided guidance for a hefty first-quarter loss when analysts were expecting a profit. Take-Two rejected a buyout offer this year from Electronic Arts at $25.74 a share, calling the bid too low.
Fox vs. U.S.
Fox Business Network said Thursday that it has filed a lawsuit against the U.S. Treasury Department for its failure to provide information on bailout funds. FBN said it requested the documents under the Freedom of Information Act on Nov. 25 and Dec. 1. "Amidst mounting corruptions and an economic crisis, we as a news organization feel it's more important than ever to hold the government accountable," Fox News executive vp Kevin Magee said.