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Stock Market & Financial Investment News

News Breaks
August 4, 2014
17:51 EDTSYNC, CMCSASynacor appoints Himesh Bhise as CEO
Synacor (SYNC) announced it has appointed Himesh Bhise as CEO and a Member of the Board of Directors effective August 4. Bhise most recently led New Services & Platforms for Comcast Cable (CMCSA), where he was responsible for incubating and operating growth businesses.
News For SYNC;CMCSA From The Last 14 Days
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October 1, 2014
09:18 EDTSYNCSynacor board responds to stockholder letters
Synacor issued the following response to open letters to its board received from two of its stockholders: "Synacor values the views of its stockholders and welcomes constructive input toward our shared goal of maximizing long-term value for all stockholders. Recently, Synacor's board attempted to engage in cooperative dialogue with JEC Capital Partners and Ratio Capital Management, welcoming input and ultimately offering them representation on the board. However, the board's numerous good faith actions were each met with excessive and inappropriate demands by JEC and Ratio, lacking the best interest of all Synacor stockholders, and abruptly JEC and Ratio have abandoned discussions. It is disappointing that Ratio and JEC seem intent on continuing to wage their public campaign of insults and attacks in an attempt to force the company to capitulate to their short term agenda. Furthermore, Synacor's Board continues to have concerns regarding the motivations and actions of JEC Capital Partners. JEC is affiliated with Peter Heiland, who is both a Managing Director of JEC and the Interim CEO of a company with similar customers to Synacor and may have the intent to become a potential acquirer, and as such may have motives that are not aligned with other stockholders. The board has asked Synacor's management team to continue their focus on driving the company's growth agenda, streamlining operations, building best-in-class products, working with customers to generate sustainable shareholder value, and to avoid the distraction of filings made by a minority group of investors that fail to benefit the full population of Synacor stockholders. The company has streamlined the business and focused R&D costs, including the elimination of 70 positions, about 20% of the company's employees. The immediate impact is the FY14 adjusted EBITDA guidance increase from a range of ($2.5M)-($1M) to a range of ($1M) to breakeven, excluding the one-time costs related to the reduction in workforce and a $1M pretax gain from the sale in Q2 of a domain name."
September 30, 2014
17:15 EDTSYNCSynacor raises FY14 adjusted EBITDA view to ($1M)- breakeven from ($2.5M)-($1M)
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17:12 EDTSYNCSynacor sees Q3 adjusted EBITDA ($0.5M)-$0.5M
Reaffirms Q3 revenue view $25M-$26M , consensus $25.37M.
17:10 EDTSYNCSynacor reducing workforce by 70 positions or 20%
Synacor announced plans to streamline the business and focus R&D costs. These actions include a workforce reduction of approximately 70 positions, or about 20% of the company's employees, effective at the end of the third quarter. "These are difficult decisions that, regrettably, affect talented people," said Synacor CEO Himesh Bhise. "However, becoming leaner and more agile strengthens Synacor and serves as the foundation for a broader strategic agenda to return the Company to growth. We remain fully committed to our customers and are confident we can deliver on product expectations."
11:54 EDTCMCSAFCC eliminates sports blackout rules
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06:25 EDTCMCSAFCC asks media companies for Comcast contract details, WSJ reports
The FCC is pushing for media companies to submit details of their programming agreements with Comcast (CMCSA) ahead of the company's merger with Time Warner Cable (TWC), reports the Wall Street Journal. Citing a person familiar with the matter, the FCC believes the documents contain information that would be relevant in its review. Officials from media companies including CBS (CBS), 21st Century Fox (FOXA), Disney (DIS), Discovery (DISCA), Time Warner (TWX) and Viacom (VIA;VIAB) met with FCC staff earlier this month to voice concerns about releasing highly confidential materials. Reference Link
September 29, 2014
07:18 EDTCMCSAStarz may struggle to sell itself, WSJ reports
Starz (STRZA) may struggle to sell itself, according to the Wall Street Journal citing challenges facing standalone media companies. The publication says that the standalone networks -- Starz, AMC Networks (AMCX) and Scripps Networks (SNI) -- "lack the heft" of larger peers in negotiations regarding affiliate deals, and look "increasingly vulnerable" now that Comcast (CMCSA), Time Warner Cable (TWC), DirecTV (DTV) and AT&T (T) are joining forces. Reference Link
September 25, 2014
17:50 EDTCMCSACompanies receive U.S. information requests on Comcast-TWC deal, Bloomberg says
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September 24, 2014
12:14 EDTCMCSANetflix responds to Comcast's extortion claims, Variety reports
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09:17 EDTCMCSAComcast accuses TWC deal opponents of extortion, Re/code reports
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07:43 EDTCMCSAARRIS and Comcast trial ew RDK software in broadband modems
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September 23, 2014
09:07 EDTSYNCSynacor announces departure of COO Scott Bailey
Synacor announced Scott Bailey will be leaving the company to pursue other interests effective September 30, having served as COO since fall of 2010.
September 22, 2014
06:44 EDTCMCSA'The Maze Runner' leads weekend box office sales with $32.5M, WSJ reports
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