Movies’ box-office take rises 3%
LOS ANGELES >> Ticket sales for movies shown around the globe rose 3 percent in 2011 to $32.6 billion, thanks largely to growth in booming markets like China. U.S. and Canadian sales fell.
Theatrical revenue from the U.S. and Canada dropped 4 percent to $10.2 billion as attendance fell. Revenue from 3-D movies also decreased compared with 2010, when the release of “Avatar” gave 3-D box office a big boost.
International ticket sales rose 7 percent to $22.4 billion.
Sales in China grew 35 percent to $2 billion, which put the nation behind Japan as the second-largest market for movies outside the U.S. and Canada.
Zynga to offer 43 million shares
NEW YORK >> Zynga’s CEO and other insiders at the online games company plan to sell 43 million shares of stock in a public offering that will boost the amount of stock available for general trading by 35 percent.
Class B stock owned by Mark Pincus and others will be converted to regular, Class A shares. All shares have the same ownership value, but Class B stock has seven times the voting power.
Pincus, who founded Zynga Inc. in 2007, will control about 35 percent of the company once the offering is complete. That’s down only slightly from 36.5 percent because he will retain his Class C shares, which have 70 times the voting power of Class A stock.
Zynga, which had its initial public offering of stock in December, disclosed the latest plans in a regulatory filing Friday. Zynga is the maker of online games such as “CityVille,” “FarmVille and “Zynga Poker.” Many of the games are played on Facebook, though Zynga has been working on expanding to other areas, notably mobile devices. “Words With Friends,” a Scrabble-like game played mainly on smartphones, is one of its best-known titles.
Variety owner will sell off magazine
LOS ANGELES >> Variety, a trade magazine that has covered Hollywood for more than 100 years, is up for sale.
Its owner, a unit of Reed Elsevier Group PLC, announced the decision Friday in a story on Variety’s website.
Reed Business Information Chief Executive Mark Kelsey said in a statement that it makes sense to sell the business, just as Reed has sold its other U.S. print magazines. Reed sold book trade magazine Publisher’s Weekly in 2010 and pay TV industry magazine Multichannel News in 2009. It is also selling its Australian business publications.
Kelsey said Reed is increasingly focused on business data services.
Variety, which dates back to 1905, is facing stiff competition covering the business of Hollywood from websites such as Deadline and The Wrap, as well as The Hollywood Reporter, its longtime rival that was revamped in 2010 under new ownership.
Total recall
About 900,000 Push ‘N Snap Cabinet Locks imported by Dorel Juvenile Group (DJG) Inc., of Columbus, Ind.; sold at Bed Bath & Beyond, retail stores nationwide and online at Amazon.com from January 2004 through February 2012. The locks are used to secure cabinets with two straps that wrap around the knobs or handles on a cabinet door. The cabinet locks were manufactured in China. Young children can disengage the cabinet locks, allowing access to cabinet contents and posing the risk of injury due to dangerous or unsafe items. Contact DJG at 866-762-3212 Monday through Friday between 2 and 11 a.m. Hawaii time or visit the firm’s website at www.djgusa.com.
