Business Notes
Staff -- TWICE, 10/11/2004
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Cablevision DBS/VOOM Spin-Off Plans Moved To End Of 2004
Jericho, N.Y. — The proposed Cablevision Rainbow Media Enterprises spin-off, which includes the cable service provider’s Rainbow DBS/VOOM venture, has been pushed back to the fourth quarter from the originally scheduled third quarter. Cablevision, which had completed a financing plan for Rainbow Media Enterprises in mid-August, said in a late-September Securities and Exchange Commission filing it continues to make progress with the spin-off, but completion of the deal has been subject to a number of factors and conditions, including a Form 10 being declared effective by the SEC and final Cablevision board approval. Earlier this year, the company received an Internal Revenue Service ruling allowing the spin-off to qualify as a tax-free transaction. In addition to the satellite TV assets, the spin-off would include three Rainbow networks and the Clearview Cinemas movie theater chain.
Remote Control Maker Universal Electronics Buys Software Firm
Cypress, Calif. — Universal Electronics, provider of the Kameleon technology-based universal remote control, has acquired San Mateo, Calif.-based SimpleDevices, which offers software solutions that enable devices such as televisions, set-top boxes, stereos, automotive audio systems and other consumer electronics products to wirelessly connect and interact with home networks and interactive devices to deliver digital entertainment and information. Purchase price for the privately held company was $12.5 million, plus a possible performance-based payment in Universal Electronics stock. The acquisition is designed to further build Universal’s ability to deliver seamless digital media connectivity, both for users at home and in the car.
Vehicle Map Supplier Navteq Sets IPO Price at $22
Chicago — Global provider of digital maps for vehicle navigation and location-based solutions Navteq has determined the per-share price for an initial public offering will be $22. All of the shares included in the offering are being sold by Philips Consumer Electronics Services and NavPart, Navteq’s principal stockholders.
Monster Selected As New Name For 49ers Football Stadium
Brisbane, Calif. — Consumer electronics accessories and audio products maker Monster Cable has been chosen to have its name overlook the San Francisco 49ers home stadium, with Candlestick Park now being called Monster Park. Monster, which has been making CE cabling and other products from its home base in the Bay Area for the past 25 years, heralds its new association with the tradition-rich National Football League 49er franchise. It states it is the ideal company to represent San Francisco and the pro team in the renaming, and cites both Monster’s and the 49er’s commitment to winning and track record for success. Plus, “We think that the fans will get a kick out of the name Monster Park because it’s cool,” said Noel Lee, Monster Cable’s head and founder.
Panasonic Supports Arts Festival Featuring Disabled Performers
Washington — Panasonic presented the Panasonic Odyssey Stage at the 2004 International VSA arts Festival here this past summer. The event featured a variety of live musical and dance presentations, performed by young talent possessing disabilities. Panasonic also had a variety of accessibility products on display, including cordless phones and fax machines with Braille instruction manuals, and remote controls with accessible buttons for SAP programming. The festival is a production of VSA arts, an international nonprofit organization that provides opportunities in the arts for people with disabilities.
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