Business Briefs: Big 5 Sporting Goods, MGM, Hilton Hotels, IHOP, Bluetorch

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– Big 5 Sporting Goods Corp.

received a notice of potential delisting from Nasdaq for failing to file its annual report on time with the Securities and Exchange Commission, the company said in a release Friday.


The El Segundo-based sporting goods retailer previously announced it would be late in filing its report for the year ended Jan. 2 due to work associated with restating prior financial statements. Big 5 expects to file its Form 10-K within the next few weeks.


As a result of the delay in filing, an “E” will be added to the company’s trading symbol, beginning Monday, indicating it’s delinquent in its filings. The new trading symbol will be BGFVE.


Big 5 said it will appeal the Nasdaq panel, which will delay the delisting until the appeal has been heard and a decision has been made.



– Metro-Goldwyn-Mayer Inc.

announced that a consortium led by Sony Corp. has completed the acquisition of MGM, the company said in a release today. The deal was said to worth nearly $4.8 billion.


The L.A.-based entertainment company also said it named Charles Cohen as executive vice president, Jim Packer as executive vice president of television distribution, Blake Thomas as executive vice president of home entertainment distribution, Bruce Tuchman as executive vice president of MGM Networks, and Travis Rutherford as executive vice president of consumer products and location-based entertainment.


MGM said Sony Pictures Entertainment will distribute its massive library of films and TV episodes, and to co-finance and co-produce any new projects the companies work on together. MGM also expects that its content will be available on Comcast’s video-on-demand platform and on new cable channels operated by Comcast and jointly owned by Comcast, Sony and members of the consortium.


MGM and the consortium announced that they had entered into an agreement related to the acquisition on Sept. 23. The agreement was adopted by MGM shareholders on Dec. 17.



– Hilton Hotels Corp.

boosted Chief Executive Officer Stephen

Bollenbach’s bonus 13 percent in 2004, the Beverly Hills-based hotelier reported in a filing today with the Securities and Exchange Commission. Bollenbach’s bonus was $2.25 million and his salary remained $1 million, the same amount he has been paid for the past three years.



– IHOP Corp.

announced that its board declared a quarterly cash dividend of 25 cents per common share payable May 23 to shareholders of record as of May 2.



– Bluetorch Inc.

said its board voted to delay the 2,500-to-1 reverse stock split of the L.A.-based investment company’s common stock. The reverse split, previously announced as going into effect on April 11 will now happen on April 18.

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