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comScore Delays Financial Filings, Names New Management - Broadcasting & Cable

comScore Delays Financial Filings, Names New Management

Matta becomes vice chairman, Fulgoni upped to CEO as Livek takes over day-to-day ops
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comScore’s accounting woes continued to mount Thursday after the company said it would need more time to file its June quarterly financial statements and revamped its management team, naming CEO Serge Matta executive vice chairman while cofounder Gian Fulgoni takes over the CEO spot. In addition, executive vice chairman Bill Livek, who joined comScore after it merged with his measurement firm Rentrak last year, will take over responsibilities for strategic and day-to-day operations.

comScore shares were down as much as 6% ($1.62) to $25.58 each in early trading Thursday. The stock has rebounded slightly, priced at $26.01 per share, down $1.19 each or 4.4% in afternoon trading.

In a Securities and Exchange Commission filing, comScore said its board has identified some possible problems around the reporting on non-monetary revenue—primarily barter transactions—that could have helped artificially boost compensation for Matta and other executives. The board said it had not determined if those transactions were incorrectly recorded.

For the full story go to Multichannel.com.

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