Blockbuster Eliminates Credit Agreement With Viacom

By
Mark Hefflinger
-
0

Dallas
– Video rental giant Blockbuster (NYSE: BBI) announced on Thursday that it has eliminated
the final $24 million of certain letters of credit it maintained on behalf of
Viacom (NYSE: VIA), its former parent company.

The letters of credit were maintained by
Blockbuster to cover Viacom’s potential liability under certain Blockbuster
store leases.

The video rental chain said it plans to close nearly 1,000 of its
stores — about 20% — in 2010.

"Eliminating this final $24 million of
credit exposure frees up cash and helps our liquidity," said Blockbuster
CFO Tom Casey.

"Not only were we able to eliminate the previous $51
million of letter of credit exposure with Viacom in 2009, we also raised $675
million on our bond offering to extend our debt maturities into 2014.

"While
2009 was a challenging year in the overall macroeconomic environment, what we
were able to accomplish in such a credit strapped market last year was truly
remarkable."

 

Related Links:
http://snipurl.com/u2z6j

eMusic Parent Sweetens Bid for Control of The Orchard

By
Mark Hefflinger
-
0

New York – Dimensional Associates, the private equity arm of
JDS Capital that owns digital music service eMusic, has sweetened its bid to
acquire the rest of independent music distributor The Orchard (NASD: ORCD) it does not
already own, PaidContent reported, citing a regulatory filing.

The initial
offer of $1.68 per share was first raised to $1.84 and now stands at $2 per
share — an offer now under review by The Orchard.

Dimensional Associates
already owns a majority stake in The Orchard, and actually owned the company outright
before The Orchard merged with Digital Music Group Inc. in 2007.

 

Related Links:
http://snipurl.com/u2z2n
(PaidContent)

http://www.theorchard.com

http://www.emusic.com

AOL's Ad Products Head Resigns for Role at Yahoo

By
Mark Hefflinger
-
0

New York
– Just three months after being hired to build the company’s ad platform,
Shashi Seth has left AOL (NYSE: AOL) for a similar position at Yahoo (NASD: YHOO).

"It is with a
heavy heart that I must tell you that I am resigning from my role at AOL,"
Seth wrote in an email to staff, published by All Things D.

"Very recent
developments in my personal life have made it impossible for me to maintain an
executive role that requires extensive travel."

Seth was named AOL’s
senior vice president of global advertising products in early October, working
for the company’s Silicon Valley offices.

The
position required extensive travel to and from AOL’s headquarters in New York.

"This new
role will enable me to remain local," he wrote.

He previously served as
the head of monetization for Google’s YouTube, and also worked as the product
lead for web search at Google.

AOL has named Jamie Fellows to head its Global
Advertising Products organization on an interim basis.

 

Related Links:
http://snipurl.com/u2yzz
(All Things D)

TheStreet.com Sells Off Promotions.com Unit for $3.1 Million

By
Mark Hefflinger
-
0

New York
– Financial news website TheStreet.com has sold its Promotions.com business for
$3.1 million to an investor group made up of managers at the unit, PaidContent
reported, citing a regulatory filing.

The filing also stated that TheStreet.com
acquires an unnamed subscription marketing services company in an all-stock
transaction.

The company also recently acquired mobile marketing firm Kikucall
for $1.75 million.

 

Related Links:
http://snipurl.com/u2yht
(PaidContent)

http://www.thestreet.com

http://www.promotions.com

Mobile Ad Firm Amobee to Acquire RingRing Media

By
Mark Hefflinger
-
0

Redwood City,
Calif. – Amobee Media Systems, a developer
of advertising technology for mobile operators, said on Wednesday that it will
acquire U.K.-based mobile ad agency RingRing Media.

Financial terms of the
deal, expected to be completed in the first quarter, were not disclosed.

Redwood
City, Calif.-based Amobee said that the acquisition brings it a step closer to
creating "the industry’s largest" mobile advertising exchange,
connecting publishers, ad agencies and brands to inventory in real-time.

It
also gives the company a London
hub, allowing it to gain a stronger foothold internationally.

Amobee’s current
customers include Telefonica SA and Vodafone Group.

 

Related Links:
http://snipurl.com/u2miy

http://www.amobee.com

http://www.ringringmedia.com

Netflix to Stream Standard-Definition Video to Nintendo Wii

By
Mark Hefflinger
-
1

Los Gatos,
Calif. – Online DVD rental
service Netflix (NASD: NFLX) announced on Wednesday that it has signed a deal with Nintendo
that will bring the company’s instant video streaming service to the Wii
console. Streaming to the Wii is expected to become available to Netflix
subscribers at the $8.99 per month level this spring in the U.S.; users
will have to request a special software disc from Netflix to load onto their
Wii consoles. Unlike the rival PlayStation 3 or Xbox 360, however, Nintendo’s
Wii supports only standard-definition video; Netflix’s service offers HD
streaming to compatible devices.


 

Related Links:
http://netflix.mediaroom.com/index.php?s=43&item=344

http://www.netflix.com/wii

Band Using Fan-Funded Site Slicethepie Signed to Atlantic

By
Mark Hefflinger
-
0

London – Scars on 45, a U.K.
band that used fan-funded recordings site Slicethepie, has signed a multi-album
deal Warner Music Group’s (NYSE: WMG) Atlantic Records/Chop Shop Records, Billboard
reported. Slicethepie lets bands post songs, which are then reviewed by users;
if they like the songs, users can pledge money to the band, and in return
receive various incentives as well as a potential monetary return on their
investment for every 1,000 albums sold. Billboard notes that the band’s signing
by Atlantic "triggered a buyout clause and fan shareholders were bought
out at a 50% premium to the then market price."


 

Related Links:
http://snipurl.com/u2m8a
(Billboard)

http://www.slicethepie.com/

Report: Verizon FiOS TV to Double Early Termination Fee

By
Mark Hefflinger
-
0

Los Angeles
– Verizon (NYSE: VZ) plans to double the early termination fee for its FiOS TV service, according
to reports from DSL Reports, the Philadelphia Inquirer and CNET. The fee is
expected to jump from $179 to $360 for customers who leave before their
two-year contract expires — although it will likely be pro-rated depending on
length of contract remaining. The Inquirer noted that one impetus for the hike
could be that Comcast is reportedly offering to pay the early termination fees
of FiOS TV subscribers who switch over to Comcast.


 

Related Links:
http://snipurl.com/u2mdp
(Philadelphia Inquirer)

http://news.cnet.com/8301-30686_3-10433549-266.html

Warner Bros. Game Studio to Develop Sesame Street Titles

By
Mark Hefflinger
-
1

Burbank,
Calif. – Warner Bros. Interactive
Entertainment, a unit of Time Warner (NYSE: TWX), announced on Wednesday that it has signed
a multi-year exclusive deal with Sesame Workshop, to create video games based on
"Sesame Street."
Warner Home Video also has an exclusive deal to distribute Sesame Workshop DVD
titles.


 

Related Links:
http://snipurl.com/u2mjd

http://www.sesameworkshop.org

U.K. Copyright Bill Sees Amendments, Proposal From Labels

By
Mark Hefflinger
-
0

London – A provision that
would have empowered U.K.
ministers to change copyright law to address new technologies used for
infringement has been stricken from a sweeping Digital Economy Bill, Billboard
reports. The provision — opposed by Google, Facebook and others as potentially
stifling technology innovation — would have allowed for the creation of new
anti-piracy measures without parliamentary approval.

Meanwhile, The Register
reports that record label trade group BPI has submitted amendments to the
Digital Britain bill that "would grant copyright holders injunctions
against websites and service providers similar to the US DMCA act — but with
no ‘safe harbour’ provision to verify whether the claim is merited."

The
BPI told The Register its edit to the bill is needed because "it provides
a mechanism to deal with the increasing threat of illegal downloading from
non-P2P sources and other future threats."

 

Related Links:
http://snipurl.com/u2kj5
(Billboard)

http://www.theregister.co.uk/2010/01/12/bpi_uk_takedowns/

http://www.bpi.co.uk

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