Tech Business Update: Gannett Threatens Dish, Facebook Falls Over Zynga Warning
Gannett Co. (NYSE:GCI) says that it will cease broadcasting on DISH Network Corporation (NASDAQ:DISH) if the latter refuses to drop the ad-skipping feature on its digital-video recorders or agree to shell out for large penalties. If Gannett’s warning becomes reality, Dish subscribers in 19 cities that include Atlanta and Washington would lose access late this weekend to various channels affiliated with ABC, CBS and NBC.
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Facebook (NASDAQ:FB) shares are off considerably in the late afternoon, after JPMorgan reduced the firm’s payments revenue target subsequent to the Zynga warning Thursday night. Analysts now forecast a payments revenue of $582 million, which is sharply down from a prior estimate of $797 million.
Shares of Vringo (AMEX:VRNG) lose more than a tenth of their value on word that the company took advantage of the big run-up that occurred over the past two days to announce a 10.3 million share stock offering at $4.35. The event will take place on the same day that Vringo enters court-ordered resolution talks with Google (NASDAQ:GOOG), October 9th.