formed a new division to expand the company's upcoming efforts on the Internet and in wireless services. The Los Angeles-based studio named Douglas A. Lee to oversee the unit as executive vice president. Most recently, Lee was the founder of Lee Consulting Company in New York and served as a consultant to various major media companies including Comcast and Court TV. MGM was acquired last year in a buyout led by Sony Corp.
- CBS Corp. Chief Financial Officer Fredric Reynolds said the high price for Univision Communications Inc. and regulatory concerns would likely prevent a bid for the Spanish-language broadcaster, Reuters reported. At a Bank of America investor conference, Reynolds said CBS is more interested in seeking acquisitions of about $300 million.
On Feb. 8, Univision announced it was considering putting itself on the market. The transaction is expected to be worth more than $10 billion. The list of potential bidders for Univision has included a consortium of Goldman Sachs Capital Partners, Texas Pacific Group and Thomas H. Lee Partners, as well as Kohlberg Kravis Roberts & Co., the Blackstone Group and Bain Capital.
- Electro Rent Corp. reported third-quarter net income of $5.9 million (23 cents per share), compared with $6.9 million (27 cents) for the same period a year earlier. Revenue for the Van Nuys-based company engaged in the rental, leasing and sale of electronic equipment rose 1.7 percent to $29.3 million from $28.8 million in the year-prior period.
- AdStar Inc. reported a full-year net loss of $1.1 million (7 cents per share), compared with a loss of $3.6 million (26 cents) a year earlier. Revenue for the Marina del Rey-based provider of e-commerce transaction software and services rose 6.2 percent to $5.2 million from $4.9 million in the year-prior period.
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