Time Warner Cable Zapped With Suit and 4 Media Titans Make Waves
AOL, Inc. (NYSE:AOL): The AOL On Network announced that they have collaborated with Kaltura, the leading open source video platform. This affiliation will make the entire AOL video library of more than 420 thousand premium videos available to companies using the Kaltura Platform.
Netflix, Inc. (NASDAQ:NFLX): Netflix, Inc.’s Chief Executive Officer Reed Hastings and Carl Icahn are squaring off over the future of Netflix, a pioneering video-streaming company whose business is under attack by Amazon.com (NASDAQ:AMZN). According to the Wall Street Journal, Icahn called Hastings and gave him a message that no executive wants to hear, “His company was about to be put in play.”
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Coinstar, Inc. (NASDAQ:CSTR): Coinstar, Inc. announced that they rank 152 on Deloitte’s 2012 Technology Fast 500™, a ranking of the 500 fastest growing technology, media, telecommunications, life sciences and clean technology companies in North America based on revenue growth from 2007 through 2011. During that period, Coinstar, Inc. grew consolidated revenue more than 600%.
Time Warner Cable Inc. (NYSE:TWC): Time Warner Cable Inc. was hit with two class-action lawsuits that could affect 15 million customers, concerning their decision to charge a $3.95 monthly “lease” fee for modems. In papers filed in New York and New Jersey courts, customers said that the fee is illegal because it is not included in existing consumer agreements, the company did not give mandatory 30-day notice and they let customers know with a “paltry postcard.” “It is just a scam to increase revenue,” said Steven Wittels, one of the lawyers involved. The fee, which took effect Oct. 15, will raise $40 million a month and more than $500 million a year for the $19.7 billion company, who said that they were going to use the funds to improve their infrastructure and service.
Viacom, Inc. (NYSE:VIA): Viacom, Inc. is expected to report fourth quarter earnings before the market open on Thursday, November 15 with a conference call scheduled for 8:30 am ET. According to First Call, analysts are looking for earnings per share of $1.17 on revenue of $3.42 billion. The consensus range is $1.11-$1.26 for EPS and $3.19-$4.18 billion for revenue. Viacom reported third quarter results that missed consensus estimates and said Filmed Entertainment revenue declined by 29% and Media Networks revenue declined by 5%. The company forecast for their fourth quarter domestic affiliate revenue will be up in the double digits and also said that the quarter will be impacted by DirecTV’s (NASDAQ:DTV) rate increase and blackout period. Additionally, Viacom said they expected to purchase $700 million of stock in the fourth quarter and $2.8 billion of stock for fiscal year 2012.
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