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Biz Briefs

Oct 6, 2003  •  Post A Comment

DirecTV has raised its third-quarter and full-year guidance for revenue and new customers thanks to the strength of several customer promotions, including one aimed at football fans. The No. 1 satellite operator said last week it now expects third-quarter revenue to reach $1.93 billion, up from previous guidance of $1.88 billion. For the year, guidance has been raised to $7.6 billion from $7.5 billion. The company’s operating profit targets of $90 million to $115 million for the quarter and $475 million for the full year are unchanged. The increased revenue number is the result of an increase in expected new subscriber growth and the company’s effort to continue holding down customer churn. The company’s quarterly results will be released Oct. 14.
Savoy Leaves Vulcan
Vulcan, the investment and asset management company controlled by billionaire Paul Allen, said last week that William Savoy, the company’s VP and chief executive of its portfolio and asset management operation, has resigned. Mr. Savoy, who had been with Vulcan since 1988, will stay on as a consultant and remain a member of the board of directors at Charter Communications, the cable operator Mr. Allen controls.
Endemol Buys Stake in Production Company
Endemol, the production company behind reality series such as “Big Brother” and “Fear Factor,” said last week that it has purchased a 51 percent stake in True Entertainment, an independent production company that specializes in fact-based reality programming. Financial terms of the sale were not disclosed. Dutch-based Endemol said the investment will enable the company to expand its operations to the East Coast, though True will continue to be managed by founding partners Glenda Hersh and Steven Weinstock, who founded the company in 2000.