Rackspace Hosting Hires Morgan Stanley to Seek Strategic Options and World Wrestling Entertainment Plunges on NBCUniversal Deal
Rackspace Hosting, Inc. (NYSE: RAX) climbed the most in 5 1/2 years, after it was revealed that the company has hired Morgan Stanley to seek strategic options that could include teaming up with bigger technology companies. The result could be a partnership or acquisition, though there is no timetable, Rackspace said in a statement. “Our board decided to hire Morgan Stanley to evaluate the inbound strategic proposals, and to explore any other alternatives which could advance Rackspace’s long-term strategy,” the company said in the statement.
Rackspace Hosting, Inc., through its subsidiaries, provides cloud computing services and managing Web-based IT systems for small and medium-sized businesses and large enterprises worldwide. The companys service offering combines hosting on dedicated hardware and on multi-tenant pools of virtualized hardware in a way that suits each customers requirements.
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World Wrestling Entertainment Inc. (NYSE: WWE) negotiated a multi-year agreement with Comcast’s (CMCSA) NBCUniversal. The agreement disappointed investors as it came with much lower-than-expected fees and unveiled an uncertain two-year outlook. Although financial terms of the deal were not disclosed, Benchmark Capital says management negotiated a +50% increase on the company's domestic TV rights fees, which is far below the 2X to 3X that had been expected, according to a report by Dow Jones Newswires.
World Wrestling Entertainment, Inc., an integrated media and entertainment company, is engaged in the sports entertainment business worldwide. It operates in four segments: Live and Televised Entertainment, Consumer Products, Digital Media, and WWE Studios. The Live and Televised Entertainment segment produces live events and provides content for its television and other programming; designs, markets, and distributes various WWE-branded products, such as t-shirts, caps, and other novelty items; and offers pay-per-view programs. This segment also offers WWE Classics On Demand, a subscription video on demand service that offers classic television shows, pay-per-view events, specials, and original programming for a monthly subscription fee.
Get more information on World Wrestling Entertainment Inc. and free access to the in depth equity report at: www.TrendingWallStreet.com/stockquote/WWE
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