Word: viacom
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...FIRING: EPILOGUE] Viacom's Sumner Redstone fires Frank Biondi; stock falls...
Suburban movie-theater owners say that in a world of media choices, the bulked-up metroplex is the best way to keep customers coming. "People want a reason to leave home," says Dennis Kucherawy, vice president of corporate relations at Famous Players, a Viacom subsidiary that is building IMAX theaters in Canada. "We wanted to restore the excitement of the movie palace of the past. We are building the movie palace of the future...
...other side of the Atlantic, Bertelsmann had been quite vocal about its intention to acquire another U.S. company. The Germans perused the profit and loss statements of Simon & Schuster, owned by Viacom, and of HarperCollins, controlled by News Corp., but couldn't make a deal. For Bertelsmann, the world's third largest media company, the merger immediately establishes a long-sought commanding presence in the U.S., the world's largest media market. "Random House is a dream for Bertelsmann," says Thomas Middelhoff, 44, who engineered the deal just six months before officially stepping into...
...being shut out during busy times. Yet the slowing of AOL's once brisk cancellation rate and the acceleration of new arrivals seem to show that Case is at least one step ahead of the complaints. "These guys flirted with disaster," says Daniel Hart, a new-media strategist at Viacom. "Fortunately, they were smart enough to pull...
Murdoch, meanwhile, wants to use the Family Channel as an outlet for Fox's children's programming, thus creating a potent challenger to Viacom's Nickelodeon. "Acquisition of the Family Channel would mark another step in Murdoch's drive to establish a dominant presence in production, packaging and distribution," says Steven Rattner, a media-investment banker at Lazard Freres. "It looks smart...