Netflix Book to Release Thursday and 4 Media Titans Making Waves
Netflix, Inc. (NASDAQ:NFLX) hopes that a new book concerning its early history is not transformed into a movie. The book, “Netflixed: The Epic Battle for America’s Eyeballs,” attempts to debunk a well-known story about the company’s origins, and it makes its star, CEO Reed Hastings, seem overly polarized. The book will go on sale on Thursday, and it arrives at an important time for Netflix. The company continues to recover from a customer backlash which was started by Hastings’ quick decision to increase U.S. prices by up to 60 percent last year. Investors continue to be wary of Netflix as its Internet video rights costs rise. This is likely the reason Netflix’s stock continues to be nearly 75 percent lower than its peak of almost $305 reached right around the time Hastings announced the price rise 15 months ago.
Walt Disney Co.’s (NYSE:DIS) ABC network and Buena Vista Television units will request that a federal appeals court overturn a $319 million judgment today, and this case was won two years ago by the creators of Who Wants to Be a Millionaire in the U.K., according to Reuters. ABC claims that the judge overseeing the trial let the jury adopt a flawed reading of the contract with Celador International Ltd., entitling the creators to a share of ABC’s profits.
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Comcast Corporation (NASDAQ:CMCSA): NBC had cut Jay Leno’s “Tonight” pay in half, but but it hands out over $8 billion for the renewal of its broadcasting rights for Sunday Night Football. There continue to be rumors regarding a salary cut for Matt Lauer, and Alec Baldwin tweets an offer to cut his salary, as the network has decided to gamble on a $4.4 billion bid for the Olympics. Many wonder if this is the correct manner in which to run a network that has been at No. 4 in the prime-time ratings for eight seasons, and observers claim that NBC is making the right moves by saving where in the areas it can and by spending strategically under new owner Comcast Corp.
Viacom, Inc. (NYSE:VIA): Spreecast, which is a social video platform that brings people together to converse face-to-face, announced it is working with Viacom Media Network brands VH1 Digital, and Logo Digital, to create exclusive entertainment experiences connecting fans directly with talent. VH1 is a Viacom unit.
SIRIUS XM Radio Inc. (NASDAQ:SIRI) reported that net subscriber additions were 445,921 during the quarter that ended on September 30. SiriusXM completed its Q3 with a record 23,365,383 subscribers. The company also will raise its net subscriber additions guidance to 1.8 million for 2012 compared to 1.6 million. “These strong net additions produced our best third quarter since the merger and exceeded third quarter 2011 subscriber growth by 34%,” staed Mel Karmazin, SiriusXM’s CEO. “With almost 1.5 million net subscribers already added in 2012 and continuing growth in auto sales, we will significantly exceed our previous guidance of 1.6 million, marking our third increase in subscriber guidance this year and putting us on track for record post-merger net additions.”
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