General Motors may not survive 2008 without a Federal bailout. The 100 year old automotive company's stock hit rock bottom yesterday, closing at $2.92, a 65 year low. GM has been used more than $2 billion of its cash reserves each month this fall and may run out of money by the end of the year. GM represents about half of automotive advertising dollars -- as goes GM, so goes the local television business.
Shares of Google hit a three year low after a Goldman Sachs analyst cut its projection for the stock. Google fell 2.3% to $311.46 after Goldman noted that the stock would rise to $475 in the next six months, compared to its prior forecast of $520. Either way, don't expect to see Google's stock this low for too long.
Midway Games closed at $0.38 yesterday. Analysts are speculating that Sumner Redstone may be looking to sell the gaming company, whose CEO Shari Redstone, resigned last week, in order to save its parent company, National Amusements. On the Viacom side of the biz, Nick's new iCarly movie "iGo to Japan" pulled in big numbers Saturday night grabbing 7.6 million viewers and becoming the highest rated live-action movie in Nick history.
Tony Sirico, better known as Paulie Walnuts from the Sopranos, recently unveiled his own fragrance. "Paulo Per Uomo", Italian for "Paul for Men", debuted at the Perfurmers Choice Awards in Tribeca and will retail for $64 a bottle. Sirico said "Are you a ladies' man? Then you'll love it, too."
Plus, today's consulting question, "What ever happened to the guy who leaked tracks from Guns N Roses Chinese Democracy?" Shelly has the answer on today's MediaBytes.
Shelly Palmer is a consultant and the host of MediaBytes a daily show featuring news you can use about technology, media & entertainment. He is Managing Director of Advanced Media Ventures Group LLC and the author of Television Disrupted: The Transition from Network to Networked TV (2008, York House Press). Shelly is also President of the National Academy of Television Arts & Sciences, NY (the organization that bestows the coveted Emmy® Awards). You can join the MediaBytes mailing list here. Shelly can be reached at email@example.com