Electronic Arts Inc. said Monday that it has acquired San Francisco-based online karaoke community SingShot Media. The company did not disclose financial terms of the deal. SingShot hosts a social networking site that allows members to perform karaoke and share their recordings with friends, rate other members' performances and customize recordings with photos and videos. Electronic Arts said the acquisition will facilitate efforts by the company to expand into Web-based, user-generated content. After the acquisition is complete, SingShot CEO Ranah Edelin and chief technology officer Niranjan Nagar will serve as vps at Electronic Arts.
Tribune Co. said Monday that it is selling the Spanish-language daily newspaper Hoy New York to ImpreMedia for an undisclosed sum, saying the publication continues to lose money. The sale, expected to close during the first quarter, does not include the Hoy newspapers in Los Angeles and Chicago. Tribune continues to dispose of select small parts of its overall holdings as it prepares to make a decision this quarter on whether to sell or spin off a large chunk of the company or undertake another plan to increase its lagging share price.
Sat radio slide
Shares of XM Satellite Radio and Sirius Satellite Radio fell Monday after a Goldman Sachs analyst expressed doubt that the companies will merge anytime soon, though the analyst said remaining separate is a good thing in the near term. "Since a large portion of the potential synergies would not likely be realized for three to four years, we think the companies have the opportunity to work together in the short term to save money on common expenses like marketing and promotion," analyst Mark Wienkes said. Shares of XM dropped 3.1% on Monday to $13.03, while Sirius shares fell 1.7% to $3.57.