The plight of media giant, AOL Time Warner has deepened with news that its accounting practices are to be investigated by the US Department of Justice. The announcement comes only a week after the Securites and Exchange Commission (SEC) launched a similar inquiry following allegations of malpractice at the AOL internet service (see AOL Time… Continue reading Justice Department To Launch AOL Probe
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Gunter Thielen, the new chief executive of Bertelsmann, has categorically denied that the group is under pressure to sell high profile media divisions such as Channel 5 and Gruner & Jahr magazines. While accepting that the company would exceed self-imposed debt limits for the year, Thielen claimed that Bertelsmann would reduce its arrears through consolidation… Continue reading Bertelsmann To Consolidate, Not Sell, Says Chief
Radio advertising revenues rose by 23% in the three months to 31 July 2002 at Chrysalis Radio, following a 24% growth during March and April, the company announced in a statement this morning. These figures are considerably higher than second and third quarter forecasts from the Advertising Association (AA) and indicate that Chrysalis is currently… Continue reading Chrysalis Radio Ad Revenues Outperform Market
The Football League today lost their High Court case against Carlton and Granada’s collapsed ITV Digital venture over £178.5 million owed from a three-year broadcasting deal. ITV Digital, formerly known as ONDigital, went into liquidation in April when it announced that it could not fully honour the £315 million contract. A number of league clubs… Continue reading League Loses ITV Digital Battle
GWR is selling its 25% stake in DMG Radio Australia to Daily Mail and General Trust (DMGT), holder of the remaining 75%, in return for a cancellation of debt to the company. As part of the deal, 5.8 million new shares in GWR will be issued to DMGT, raising its stake in GWR from 26.8%… Continue reading GWR Offloads DMG Radio Australia And Reduces Debt
Ad revenues at radio group GWR rose by 6.0% year on year in the second quarter, ahead of expectations and at first look indicating a strengthening radio marketplace; GWR had been expecting only ‘marginal’ growth for the period (see GWR To Focus On UK Market As Group Profits Fall). Like for like revenues in the… Continue reading GWR Revenues Rise 6% In Q2, But Declines Expected In Q3
Telewest Communications’ chief executive, Adam Singer, has been abruptly ousted from the cable operator’s Board following what the Financial Times describes as a ‘boardroom coup’. Singer was ‘forced’ to resign by non-executive directors at the company, according to reports. Taking the helm at the heavily indebted cable group is previous finance director, Charles Burdick, who… Continue reading Telewest Chief Executive Removed In ‘Boardroom Coup’
UK cable operator, Telewest Communications, has this morning posted its first half financials, after a period which newly-installed managing director, Charles Burdick, described as a ‘tough quarter’. Burdick has just taken over the top position at the indebted business, after previous chief executive, Adam Singer, was ousted by the Board (see Telewest Chief Executive Removed… Continue reading Loss Narrows As Broadband Grows At Telewest
China has overtaken Japan to become the world’s second most active web audience, according to e-business intelligence provider, WebSideStory. The world’s most populous country accounted for 6.63% of all global internet traffic in July. Despite technological superiority and a larger number of individual users than China, Japan is now only third in the standings with… Continue reading Chinese Flocking To The Web While US Share Falls
Radio advertising revenue in the UK rose by 2.1% to £139 million in the second quarter of the year, according to new data released by the Radio Advertising Bureau (RAB). This is the second quarter of growth in a row for the radio industry, after Q1 2002 showed a 0.5% rise in advertising spend (see… Continue reading UK Radio Advertising Shows Second Successive Quarter Of Growth