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Warners give lift to Sonic

Stock up $7 to $102

Shares of Sonic Foundry jumped by almost 7% on Thursday after Warner Bros. Online and Entertaindom.com invested an undisclosed amount in the Internet software provider.

Sonic Foundry stock closed at $102 on Thursday, up $7 from the previous day’s close.

John Todd, a technology analyst with C.E. Unterberg, Towbin in San Francisco, believes that Sonic Foundry is undervalued on Wall Street. His 12-month target for the company is $175.

“What you essentially have here is the first of many deals Sonic will be establishing with major media houses,” Todd said. “Sonic Foundry’s core business is taking existing content in audio and video form and enabling (it) for the Internet.”

The announcement of the Warner Bros. investment came as part of the closing of an $18.5 million round of private financing in the Madison, Wis.-based company. Specifics of the financing were not released.

“People like Warner are great content creators,” said Sonic Foundry chairman-CEO Rimas Buinevicius. “We bring strong technology and automation to the content to make it that much better.”

Buinevicius said the contract with Warner Bros. lasts for the next 18 months, although he believes the deal will be extended beyond that time period. Execs with Warner Bros. Online declined to comment on the deal.

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