Gemstar Moves Into Italy

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Gemstar-TV Guide International Inc. said it has signed a deal with Italian media company TI Media Broadcasting to supply analogue and digital bandwidth to provide Gemstar interactive program guides in the Italian market.


The agreement allows Gemstar-TV Guide to supply data to its GUIDE Plus+ into digital recorders and televisions in Italy. Terms of the deal were not disclosed.


Separately, Gemstar has enlisted two U.S. Senators, Charles Schumer, D- New York, and Dianne Feinstein, D-California, to press the Justice Department to speed up its investigation into what role the company’s former chief executive officer, Henry Yuen, played in a $248 million accounting fraud.


The Senators wrote Attorney General Alberto Gonzales to inquire about the government’s case against Yuen, who withdrew from a plea agreement eight months ago in Los Angeles after a federal judge said the deal was too lenient.


Gemstar’s stock price has fallen about 76 percent since the fraud was revealed in April 2002. Shares of Los Angeles-based company were flat on Thursday at $3.40.

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