Shareholders approve CBS' stake in company
Big Entertainment, which operates a quartet of movie Web sites, has changed its name to Hollywood.com Inc. following a vote by shareholders at the company’s annual meeting.
The change, approved by the Big board of directors on Oct. 18, took effect Thursday. The company’s ticker symbol on the Nasdaq National Market switched from “BIGE” to “HOLL.”
The shareholders, who met Wednesday in Boca Raton, Fla., also endorsed CBS’ acquisition of a 30% stake in the company in exchange for $105 million in promotion, advertising, content and other consideration over a seven-year period.
Eye on campaign
CBS, which announced the agreement on Sept. 1, launched a promotional campaign during the current quarter that includes radio and outdoor advertising in major cities along with a weekly box office report on CBS’ “The Early Show” based on content from Hollywood.com.
The company said the CBS transaction is scheduled to close Jan. 3.
Besides its Hollywood.com information site, company also owns the BigE.com store site, the PKBaseline.com database site and Showtimes.com.
“We are dedicated to becoming the world’s leading Internet entertainment site and providing the end user with a comprehensive product offering — which includes movie show times, movie reviews, celebrity interviews, cast and crew information, coverage of movie premieres and film festivals and much more,” said Mitchell Rubenstein, chairman and chief executive officer. “Our new name reflects this dedication.”