Gemstar skeds stock meet
Editor-in-chief Reddicliffe ankles
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The company, which produces electronic television programming guides and publishes TV Guide magazine, postponed its annual shareholders' meeting in August after saying it would restate some results. It said the Nov. 19 meeting was meant to be an information session for investors and said no action would be taken.
Meanwhile, TV Guide editor-in-chief Steven Reddicliffe has resigned to pursue other media and entertainment projects. Executive editor Steven Sonsky and editorial development director Jay Gissen will jointly oversee editing at the magazine while a replacement is sought.
Sonsky and Gissen will report directly to John P. Loughlin, who recently joined the parent company as president of the TV Guide Publishing Group to revive the struggling magazine.
Gemstar said it postponed its formal annual meeting until after it files an amended annual report for 2001 and amended quarterly reports for 2002.
The company has yet to file reports for the quarters ending in June and September. Last week, it announced further restatements, including reversing some revenue it had booked but never actually received, and said it had hired a new auditor.
Shares in Gemstar closed Tuesday up 1.1% at $3.78 on Nasdaq.
For the year, the shares are down more than 86%, battered by the restatements, numerous legal setbacks and a management shake-up that saw founder Henry Yuen replaced as chief executive last month.
