Sony has said it expects to post a record annual operating loss of nearly $3 billion because of the rapid deterioration of the global economy. It also announced a major overhaul that would include layoffs and factory closings. "The massive economic upheaval being experienced across the world is sparing no one in the consumer electronics […]

Sirius XM Radio Inc plans to increase prices for subscribers with multiple accounts and begin to charge for its online music feed. While it is keeping its core rates unchanged — a condition to which Sirius and XM Satellite Radio agreed last year in order to close their merger — the move could anger subscribers […]

Virgin Media is considering whether to delist on New York's Nasdaq – a legacy of its ntl past – in favour of listing back at home in the UK, as part of a review of company finances. "Our new CFO is looking at our capital structure, including how we are listed and what our dividend […]

Balderton Capital, the UK venture capital group that backed the Betfair gambling website and Setanta, the pay-TV broadcaster, has defied the gloom in financial markets saying it has raised £282m (E358m) for technology and media investments. Founded in 2000 as the London-based arm of Benchmark Capital, the Silicon Valley venture capital group, Balderton has become […]

Time Warner announced it will record some $25 billion in write-downs for the fourth quarter, with nearly $15 billion of it coming from Time Warner Cable. Time Warner, which owns 85% of the cable company but has been planning to spin off the stake to shareholders, said beyond the cable business, the write-downs will involve […]

Set-top box maker Pace said it was confident in meeting City expectations for 2009, thanks to ongoing strong demand. The company, which confirmed it expected to meet 2008 forecasts, said it was continuing to take a prudent view of the market given the global economic downturn. Pace had previously said that the strong dollar would […]

The UK government is considering four options to solve Channel 4’s funding crisis, including privatisation and a potential tie-up with BBC Worldwide. Lord Carter, minister for communications, technology and broadcasting, is likely to outline his proposals when the interim report of his Digital Britain panel is published at the end of January. Ofcom is scheduled […]

Viacom has announced a major restructuring across its entire global business, which including MTV Networks and Paramount Pictures. It will cut jobs in all divisions of the company, which will result in the reduction of its workforce by approximately 850 posts or 7% of the staff. The company is also suspending senior level management salary […]

Time Warner Cable will likely sell fewer than expected video, Internet and phone subscriptions this year, and expects a further decline next year due to the worsening U.S. economy, Chief Financial Officer Rob Marcus said. “In 2008, we’re on track to deliver less than 2.5 million additional revenue-generating units,” Marcus told the Reuters Media Summit […]

Russian telco Comstar has reported a 22 per cent year-on-year increase in third-quarter core earnings, but has said it would cut capital expenditure due to the financial crisis. Comstar said its adjusted operating income before depreciation and amortisation reached $184.8 million, higher than the average forecast of $163.6 million. Its OIBDA margin increased to 43.8 […]