promoted Marc Shmuger to chairman to replace Stacey Snider, who resigned last month to join rival DreamWorks SKG. Shmuger, who served as vice chairman of Universal Pictures since 2000, will report to Universal Studios President and Chief Operating Officer Ron Meyer. David Linde, former co-president of Focus Features and president of Rogue Pictures, was named co-chairman of Universal Pictures.
In their new roles, Shmuger and Linde will oversee all domestic and international business units of Universal Pictures, Focus Features/Rogue Pictures and Universal Studios Home Entertainment, including production, distribution, marketing, legal and business affairs, acquisitions, consumer products, corporate partnerships, strategic planning and finance. Universal Pictures and specialty film studios Focus and Rogue are owned by NBC Universal, which is controlled by General Electric Co.
- A group of institutional investors plans to buy 19.9 million shares of MRV Communications Inc. common stock for $3.75 a share, for gross proceeds of approximately $74.5 million. The company plans to use the proceeds for working capital, general corporate purposes and in its efforts to support its recent growth in revenues. MRV may also use a portion to acquire or invest in technologies, products or services that complement its business, the Chatsworth-based provider of optical components said in a statement.
- Lockheed Martin Corp. was awarded a six-year $305 million contract to upgrade the Federal Bureau of Investigation's outdated computer system, beating out Northrop Grumman Corp. for the work. The FBI said it chose Lockheed because of its experience with developing similar projects, the quality of the planned system's security provisions and its cost. The new computer system, called Sentinel, will allow the FBI to more rapidly share information within the bureau and between the bureau and other agencies.
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