Gemstar-TV Guide International Inc. took a hit on Wall Street Tuesday after
it said late Monday that co-president Pete Boylan will resign April 1.
Gemstar shares fell more than 26 percent, or $5.69 apiece, closing at
$16.04.
Boylan cut 135-plus long-term interactive-programming-guide deals for Gemstar
since its merger with TV Guide Inc., including pacts with Charter Communications
Inc., Comcast Corp. and Adelphia Communications Corp.
But the timing of his departure is not good, as Gemstar has yet to sign with
Time Warner Cable, Cox Communications Inc. or Cablevision Systems Corp.
A huge decision from the International Trade Commission involving a
Gemstar patent dispute with EchoStar Communications Corp., Pioneer New Media
Technologies Inc. and Scientific-Atlanta Inc. was originally expected Thursday, but it was pushed back 90 days.
Boylan said he wants to spend more time with his family, but he might end up
in cable. He was close to Liberty Media Corp. chairman John Malone and president
and CEO Dob Bennett when he ran United Video Satellite Group Inc., so Liberty
may be a possibility.
'I wouldn't be surprised if I end up doing something in this industry, and if
I stay in the industry, they [Liberty] are people I really enjoyed working
with,' he said.
Gemstar CEO Henry Yuen said he'll now be the company's key contact with Wall
Street -- a role Boylan filled.
Mark Allen will now oversee IPG sales as executive vice president, technology
licensing.
Gemstar also promoted Jonathan Orlick to executive VP
and general counsel.
