Gemstar May Close E-Books Division
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Gemstar-TV Guide International Inc., publisher of TV Guide magazine, probably will shut down its electronic book publishing division to save cash, Chief Executive Jeff Shell said.
Closing the division is the “most likely” choice that Gemstar will make after it tries to sell the business or find partners for it, Shell said at an investor conference in New York. Gemstar has hired investment bankers for advice and probably will make a decision in the next couple weeks, he added.
The division, which develops technology to distribute books through electronic devices, is consuming $12 million in cash a year, Shell said.
Shares of Los Angeles-based Gemstar rose 38 cents, or 8.2%, to $5 on Nasdaq.
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