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Financial Briefs

Richard Nanula, former chief financial officer at Disney, has been named chairman and CEO of upstart Broadband Sports.

As head of the Los Angeles-based company — which operates five popular sports Web sites, including Athlete Direct and Pro Sports Xchange — Nanula will help expand Broadband’s online destinations. Sites currently feature sports news, interactive chats with major athletes, information on college and professional sports and e-commerce targeting fans.

The sites have deals with Fox Sports and Internet powerhouses America Online Inc., Yahoo! and eBay.

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Televisa has reported disappointing third-quarter results despite the Mexican conglom’s continued fat-trimming.

Group revenue fell 10% to 2.6 billion pesos ($269 million) in constant pesos, compared with the same three months of 1998. Operating profits also dropped 4.5% to $89.3 million.

Televisa did manage to slash its net loss by one-third to $68.9 million compared with $106.7 million for the previous year.

The company’s core activity, terrestrial broadcasting, showed an improvement with net sales rising 6.2% to $269 million.

Division’s operating profits also surged 4.5% to $93.6 million as it used its dominant position with nearly 80% of audience share to make the best of a weak ad market.

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Cost-cutting efforts and a rebound in the sales of music from Japanese artists helped Sony Music Entertainment Japan post a net profit gain of 8.7% to 17.9 billion yen ($169 million) for the business half-year that ended Sept. 30.

Decreasing demand for its PlayStation game unit from Sony Computer Entertainment, which is owned by Sony and Sony Music Japan, have caused the music company to revise down its group net profit figures to $303 million) from yen $354.8 million for the full business year that ends March 31, 2000.

The costs of launching the next generation of the highly profitable PlayStation also caused the drop in the earnings estimate.

Sony Music Japan said increased production costs and a lack of domestic chart-busting acts led to the revenue drop. Its group operating profit dropped almost 99%.

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Boasting a 30% increase in advertising this year, German digital sports channel DSF expects to be well in the black by 2001.

The channel, which is owned by German media giant Kirch, will still likely have losses next year, officials said.

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Japan Victor Co. (JVC) has announced plans to acquire 95% of shares of Teichiku, a medium-sized record label owned by Matsushita Electric Industrial, by early November. As a result, JVC will have Teichiku, Universal Victor and Victor Entertainment under its wing.

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