Macrovision Shares Fall on DVD Sales Report
Macrovision Corp. shares dropped 29% after the Sunnyvale, Calif., maker of copyright-protection software for videotapes and discs said third-quarter sales rose less than expected at its main DVD business.
Sales from DVDs rose 53%, to $8.7 million in the third quarter, less than the triple-digit growth the company had been reporting.
Results were hurt in part because fewer movies were released on DVD in the quarter. The slowing is expected to continue as movie studios put copyright protection on fewer DVDs in an attempt to cut costs.
Macrovision said Monday that John Ryan had stepped down as chief executive and was replaced by President William Krepick. Ryan remains chairman.
Macrovision shares fell $9.75 to close at $23.72 on Nasdaq. Its stock peaked in September 2000 at $108.25.
The biggest entertainment stories
Get our big stories about Hollywood, film, television, music, arts, culture and more right in your inbox as soon as they publish.
You may occasionally receive promotional content from the Los Angeles Times.
