Time Warner gets another "Happy Feet" bump

Posted Jan 11th 2007 11:09AM by Jon Ogg
Filed under: Launches, Time Warner (TWX), Viacom (VIA)

Time Warner Inc. (NYSE: TWX) is trading up almost 1% at $22.50 this morning. It appears that the company may have a second wave of business from its box office hit Happy Feet: video games.

This morning Sumner Redstone's Midway Games (NYSE: MWY) announced that it had shipped more than 1.8 million copies of its "Happy Feet" video game, which is of course the game based on the popular dancing penguin Warner Bros.' movie. MWY shares have been dead of late and are down more than 50% from yearly highs, but shares are up 11% today as it is a niche-oriented video game developer with more exposure to individual game launches than larger video game publishers.

Even though Redstone competes via Viacom, Inc. (NYSE:VIA), it is amazing how frequently media moguls end up helping out their competitors in media time after time.

Tags: happy feet, parsons, redstone, viacom