TVG Network's parent company reiterated claims Feb. 28 that a likely parting of ways with Churchill Downs will not have much affect on the racetrack network's bottom line in 2007.
David Nathanson has been appointed senior vice president and general manager of TVG, the interactive horseracing network owned by Gemstar-TV Guide International.
TVG Network reported that revenues for the quarter ending June 30 totaled $3.9 million, an increase of 82.7% over the same period one year ago. For the first six months of this year, revenues rose 91.4% from the year-earlier period to total $5.8 million.
Henry Yuen, the former chairman and CEO of Gemstar-TV Guide International, parent company of the Television Games Network (TVG), has been charged in a civil lawsuit by the Securities and Exchange Commission with securities fraud, lying to auditors, and falsifying the company's books.
Gemstar-TV Guide International reported a net loss of $6.23 billion, mainly from write-downs for goodwill, for fiscal year 2002. Meanwhile, the company's interactive platform sector, which includes the TV Games Network, posted revenue gains.
Gemstar-TV Guide International, the parent company of the TV Games Network, lost 39% of its value Monday in a frenzy of selling. Investors reacted to a ruling June 21 that Gemstar's patents for an interactive television program guide have not been infringed by competing products.
Applications from four companies seeking to offer Advance Deposit Wagering, or account wagering, in California will be considered by the California Horse Racing Board Thursday, Jan. 24. The regulations were approved by the state last Friday, allowing the CHRB to proceed with consideration of the applications from Autotote Enterprises Inc., Magna Entertainment Corporation, ODS Technologies (TVG), and Youbet.com. At the invitation of The Blood-Horse, each of the four license applicants was asked to provide a brief statement concerning their proposal for account wagering in California. Here is the response from ODS Technologies' TVG operation.
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