MERGERS & ACQUISITIONS
MTV Buys Internet Video Company
MTV Networks, owned by Viacom, bought Internet video provider Ifilm for $49 million to add short movies from Hollywood studios and amateur filmmakers to its Web sites.
Ifilm, based in Hollywood, has the biggest library of short films on the Web and reaches more than 10 million users a month, MTV said.
Ifilm chief executive Blair Harrison will continue to run the business and report to Jason Hirschhorn, MTV's senior vice president of digital music and media, MTV said.
Spielberg Joins Forces With Electronic Arts
Acclaimed film director and producer Steven Spielberg has reached and agreement with video game maker Electronic Arts to produce three new games under a long-term, exclusive deal that will be announced today. Financial terms of the agreement were not disclosed, but Redwood City-based EA, the world's largest game maker behind blockbusters such as "Madden NFL" and "The Sims," said it will own the intellectual property behind the Spielberg games and publish them.
Google to Add Pro Forma Data to Reporting
Google plans to give a "bit more information" in its quarterly earnings report next week to help analysts make profit comparisons. For the first time, the Internet search engine firm will provide both a net income per-share number and a pro forma figure that omits the cost of stock options and other one-time items, chief accountant Mark Fuchs said. The approach is designed to reduce "confusing apples-to-oranges analyses" of the numbers, Fuchs said.
FDA Seizes Recalled Drug Pumps
The Food and Drug Administration seized nearly 7,000 drug pumps that Baxter International had stopped shipping earlier this year because of a product recall. The 6,000 Colleague volumetric infusion pumps and 850 Syndeo syringe pumps were in two northern Illinois warehouses. Baxter said it decided to stop shipping the devices, which deliver intravenous drugs to patients, in July after discovering a design flaw.
Guidant Reports More Defibrillator Failures
Guidant told U.S. regulators that it learned of six more failures of implantable heart defibrillators since issuing a July notice about the devices, used to regulate cardiac rhythms.
The failures occurred in Contak Renewal and Renewal 2 devices, the Food and Drug Administration said. The two devices were among models included in warnings Guidant sent to doctors in June, which the FDA classified July 1 as recalls.
Compiled from staff and news service reports.