3 Media Stocks in Focus: Time Warner’s Kent Steps Down, Netflix at the Emmys, and Viacom Owes a Payout
Time Warner Inc. (NYSE:TWX): Phil Kent will be stepping down as Time Warner’s CEO of the Turner Broadcasting unit, which oversees CNN, TBS, TNT, and numerous others. He will be succeeded by Time Warner Chief Financial Officer John Martin when he departs on January 1; the company has yet to name a new CFO. Kent, who has been the CEO since 2003, will remain on the board during the transition period.
Netflix (NASDAQ:NFLX): With the Emmy Awards set for Thursday, observers are still unclear as to how Netflix’s originals will fare. The Atlantic says that two shows – House of Cards and Arrested Development – have a respectable shot at being nominated, and the outcome could be a pivotal point in Netflix’s future. In the words of Bill Carter at The New York Times: “More than anything else, Netflix’s arrival in the Emmy mix is disquieting to some broadcast and cable executives because it is probably only the beginning.”
Viacom (NYSE:VIAB): Viacom has lost its bid to get out from under a payment of $300 million in a dispute over payments to former Harmonix shareholders. A Delaware Supreme Court affirmed what both an arbitrator and a Delaware circuit judge had previously said: that Viacom owes $299 million (plus interest) in “earn-outs” to the individuals who once controlled Harmonix, the video game company that produced the Rock Band and Guitar Hero franchises, The Hollywood Reporter reported.