Sirius XM Radio (NASDAQ:SIRI): Sony, Universal, and ABKCO are reportedly filing a lawsuit against Sirius on the basis that the satellite service used recordings from before 1972 without permission. The core issue at hand revolves around a federal copyright protection law that went into effect in 1972; if the company loses, Sirius will become increasingly vulnerable to many other suits of the same nature.
21st Century Fox (NASDAQ:FOXA): ”At its recent analyst day, FOX laid out an ambitious but realistic 3 year growth plan to deliver low-teens annual EBITDA growth. This outlook … positions FOX as the fastest growing large cap media company in our coverage universe,” said Morgan Stanley analyst Benjamin Swineburne as he raised the price target on Fox to $37 from $34 and reiterated the firm’s Overweight rating.
Walt Disney Co. (NYSE:DIS): Disney shares are trading higher after Chief Financial Officer Jay Rasulo announced that the company will increase its buyback next year to the $6 billion to $8 billion range. Seeking Alpha said “the exec is on the mike at the Bank of America Merrill Lynch Media, Communications & Entertainment Conference, and things were going relatively ho-hum until that zinger.” Shares are now up nearly 3 percent.