Interactive Corp. LOSES Harman Family and 4 Media Titans Making Waves
Netflix, Inc. (NASDAQ:NFLX) is off highs after a Wedbush analyst recommends shorting on CNBC. The shares traded up $0.45 (0.56%) to close at $80.39.
Coinstar, Inc.’s (NASDAQ:CSTR) Redbox intends to launch alpha testing for instant streaming, according to FastCompany.com. A beta program should be released in the coming months and former Verizon (NYSE:VZ) FiOS executive Shawn Strickland will be named CEO. The shares traded up $0.14 (0.23%) to close at $60.65.
Comcast Corporation (NASDAQ:CMCSA): The Senate Commerce, Science and Transportation Committee are scheduled to hold a hearing today in order to discuss manners of rewriting the law which governs the distribution of video services, The Hill stated last night. Senator Jay Rockefeller, who is a Democrat chairing the committee, states that he wishes to find a way to prevent viewers from being affected by programming disputes, the publication adds. The shares traded down $0.03 (0.10%) to close at $31.40.
News Corp. (NASDAQ:NWSA): The Daily Mail reports that prosecutors if they will file charges regarding the alleged phone hacking to 11 current or former journalists, and Six people, including former Sun editor Rebekah Brooks and her husband, have already been charged. Others will answer bail including former News of the World editor Andy Coulson, former chief reporter Neville Thurlbeck, former assistant editor Ian Edmondson, and former executive editor Neil Wallis. The shares traded down $0.07 (0.32%) to close at $21.75.
Interactive Corp. (NASDAQ:IACI): In the midst of an attempted turnaround, Newsweek and The Daily Beast could lose the financing of billionaire Sidney Harman, whose family stated Monday that it refused to invest in the newsmagazine and the website. Newsweek and The Daily Beast had been owned jointly by IAC/InterActiveCorp and the estate of Mr. Harman, a stereo mogul. When Mr. Harman died at the aged of 92 in April 2011, his family promised to continue his investment in the news organization. A family lawyer stated that the Harman family was “totally committed to active participation and enthusiastic support.” However, on Monday, IAC confirmed that the Harman family would not invest in the magazine and Web site any longer. “The Harman family has indicated to us that due to the death of Sidney Harman, they do not plan to make further capital contributions to the venture, but will remain supportive partners,” a spokeswoman said.
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