Business & Finance
Germany's Commerzbank reported a $2.6 billion loss for the third quarter and said it would pay no dividend this year due to a massive write-down of long-term investment holdings. The nation's fourth-largest bank also announced the sale of 53.3 million new shares to restore capital reserves. Chief executive Klaus-Peter Mueller said the balance-sheet cleanup would leave Commerzbank "in a position to look at reasonable acquisitions."
Universal Music Group announced an agreement to buy DreamWorks Records, the music unit of entertainment company DreamWorks SKG, for an undisclosed amount. Universal, a subsidiary of French media conglomerate Vivendi Universal, is the world leader in recorded music. If approved by regulators,Tuesday's deal will further ensure that position amid other industry consolidations.
Citing accounting errors, Cablevision Systems Corp. said Tuesday it will restate 2003 quarterly results to reflect $15 million in improperly booked expenses. The cable provider also posted a $104.6 million net loss for July through September, noting it lost 8,900 basic subscribers during that period. Most were in New York, where it's seeking to upgrade high-speed Internet and digital-cable offerings. Cablevision is based in Bethpage, N.Y.