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Time Warner Launches Internal Probe into Accounting at AOL Europe

Authored by Mark Hefflinger on July 28, 2004 - 4:23am.
Dulles, Va. -- Amid ongoing federal probes into the accounting practices of America Online, parent Time Warner on Wednesday said that it recently has launched an internal investigation into the accounting of its AOL Europe unit. In a filing with the Securities and Exchange Commission, Time Warner disclosed that it has begun a "review of the accounting related to the consolidation of, and equity accounting for, its interest in AOL Europe prior to January 2002." Depending on the outcome, Time Warner said that further restatement of the company's financial statements "may be necessary." The SEC and Department of Justice continue to conduct investigations into AOL's advertising arrangements and the methods used by the company to report its subscriber numbers.
tags: Europe | AOL | Time Warner | Internal Probe |

Electronic Arts Acquires U.K. Game Developer Criterion Software

Authored by Mark Hefflinger on July 28, 2004 - 4:22am.
Redwood City, Calif. -- Video game developer Electronic Arts announced on Wednesday that it has acquired U.K.-based Criterion Software, developer of games including "Burnout" and "Black," as well as middleware called RenderWare, from Canon Europe. Financial terms of the transaction, expected to close within 30-45 days, were not disclosed. "Criterion offers us studio talent and a proven management team, globally recognized intellectual property and technology infrastructure that will accelerate our readiness on the next generation of consoles," said EA chairman and CEO Larry Probst. Electronic Arts said it will integrate Criterion's RenderWare into its own game development business, as well as continue to license the middleware to third parties.
tags: Games | U.K | Electronic Arts | Criterion Software |

Nintendo Unveils Redesign, Features for New DS Handheld Console

Authored by Mark Hefflinger on July 28, 2004 - 4:21am.
Redmond, Wash. -- Nintendo of America announced on Wednesday that its new handheld game console -- codenamed Nintendo DS to this point -- will officially be called the Nintendo DS when it launches in North America and Japan later this year. The company also announced some design changes for the dual-screened device, such as a thinner base, larger face and shoulder buttons, and stereo sound for its embedded speakers. "The Nintendo DS will change the future of hand-held gaming," said Nintendo president Satoru Iwata. "Dual screens, chat functions, a touch screen, wireless capabilities, voice recognition -- these abilities surpass anything attempted before, and consumers will benefit from the creativity and innovation the new features bring to the world of video games." Nintendo added that there are currently 120 game titles in development for the DS, including 20 in-house at Nintendo. Over 100 developers have said they will create games for the new system. The company has yet to announce a firm launch date or pricing for the device.
tags: Nintendo | DS | Features | Handheld Console | Redesign |

Report: Online Advertising Market to Hit $16.1 Billion by 2009

Authored by Mark Hefflinger on July 28, 2004 - 4:20am.
Darien, Conn. -- Technology market research firm JuipiterResearch said that the online ad market will grow from $6.6 billion in 2003 to $16.1 billion in 2009. While paid search will grow 30% compounded annually over the next two years, it is no longer the sole driver of online ad spending, according to the report. The firm estimates that display ads and online classifieds will each grow more than 25% compounded annually over the same period. "The growth in online advertising is the product of all the progress that web sites and technology providers have made in the last two years," said Gary Stein, a senior analyst at JupiterResearch. "We've seen companies very actively working to make the Internet a more attractive advertising medium," he said.
tags: Internet | Reports | Advertising Market |

Mobile Entertainment Publisher Airborne Raises $22 Million

Authored by Mark Hefflinger on July 28, 2004 - 4:19am.
Montreal -- Mobile entertainment publisher Airborne Entertainment announced on Wednesday that it has raised $22 million in a recent round of venture capital financing, led by Insight Venture Partners. Montreal-based Airborne develops wireless games, ringtones and other mobile entertainment for partners including Maxim and YM magazines, the National Hockey League, Fox Filmed Entertainment, The Food Network and Dr. Deepak Chopra. The company also claims distribution agreements with all major wireless carriers. Airborne will use the funds to expand its mobile entertainment products and services, as well as to support international distribution efforts and strategic acquisition opportunities.
tags: VC | Airborne | Mobile Entertainment |

U.K. Launches Forum to Protect "Creative" Intellectual Property

Authored by Mark Hefflinger on July 28, 2004 - 4:18am.
London -- The U.K. government has launched the so-called Creative Industries Forum, an initiative designed to further protect intellectual property in the "creative industries." The group brings together the government, non-government organizations and representatives from the film, music, publishing, design and computer games industries. Representatives from Internet service providers (ISPs), telecommunications companies, hardware manufacturers and consumer groups will also participate in the forum, organizers said. The Creative Industries Forum, jointly chaired by U.K. Arts Minister Estelle Morris and Innovation Minister Lord Sainsbury, will look into how the U.K. should approach the "opportunities and threats" presented by rapid technological developments in the so-called the creative industries, which, according to forum officials, contribute more than $100 million annually to the U.K. economy.
tags: Creative | U.K | Forum | Intellectual Property |

Report: World Cable Broadband Subscribers to Hit 69.4 Million by 2008

Authored by Mark Hefflinger on July 28, 2004 - 4:17am.
Paris -- Cable modem service subscriptions worldwide are set to boom from 32.9 million to 69.4 million by 2008, according to a new report released by market analysis firm IDC. Although cable Internet is making considerable gains on other Internet connections, DSL remains the connection of choice everywhere in the world except the U.S., where cable is still the most popular connection. To maintain such steady growth, cable operators must continue to bundle video and voice services with other cable modem Internet access products, IDC said. "The push is on, and operators are aggressively marketing broadband services to both residential and business customers," said Amy Harris, manager of IDC's Broadband Markets and Technologies service.
tags: Broadband | Reports | Subscribers | Hit | World Cable |

Gaming Tournament Developer Game Trust Raises $1.5 Million

Authored by Mark Hefflinger on July 28, 2004 - 4:16am.
New York -- Game Trust, a developer of online game tournament technology, announced on Wednesday that it has raised $1.5 million in its first round of warrant financing. Investors in the round included Topspin Partners, Silicon Alley Venture Partners, and CSK Ventures, in addition to angel investors including PayPal co-founder Elon Musk and Timothy Draper of Draper Fisher Jurvetson. The company also named former 24/7 Media and LivePerson executive Scott Cohen as president. New York-based Game Trust's platform supports over two dozen titles across online, wireless, PC and console games, and is licensed to gaming and entertainment firms. The company will use the funds to hire new staff in U.S. and Europe and expand its relationships with video game developers.
tags: Games | VC | Game Trust | Gaming Tournament |