Company News: Kodak, Movie Industry, Time Warner Cable, CBS, Uniqlo, Citigroup
• Eastman Kodak emerged from bankruptcy as a commercial printing company with little of its seminal photography business intact. The company will also make touchscreen components for smartphones and tablet computers, and it will continue making film for the movie industry. It now has 8,500 workers, down from 64,000 a decade ago.
• The movie business closed a record summer for ticket sales after a strong Labor Day weekend. Box office revenue was $4.7 billion for the period beginning in May, a 10 percent increase over last summer and ahead of the prior seasonal record, $4.4 billion in 2011. Bankable sequels including Walt Disney’s Iron Man 3 more than made up for big-budget flops such as The Lone Ranger, another Disney film.
• Time Warner Cable ended a month-long standoff with CBS just in time for the NFL’s first kickoff of the season. The cable company agreed to pay the network significantly more for rights to carry its shows to some 3 million customers in New York, Los Angeles, and Dallas. As the highest-rated network, CBS had considerable bargaining power.
• Fast Retailing’s Uniqlo brand reported its best month in Japan in almost four years. Same-store sales at Uniqlo’s approximately 850 Japanese stores rose by 29 percent in August as high temperatures drove demand for skimpy and purportedly breathable apparel.
• Citigroup will sell a $4.3 billion private equity fund to investment firm Rohatyn Group. The deal is part of an ongoing push to offload assets that may run afoul of the Volcker Rule, which sets limits on how much capital banks can put in hedge funds and private equity holdings.