News

San Francisco -- A filing disclosure on Wednesday revealed that billionaire investor Carl Icahn has built a 10% stake in Netflix, suggesting that dramatic changes in the company could loom.

The filing did not elaborate on the reasons behind Icahn’s purchase of 5.5 million Netflix shares, and Netflix has so far declined comment.

Icahn has earned a reputation for using his ownership to pressure management toward dramatic change or strategic alternatives such as a sale of the company.

CHARLOTTE, N.C. — Baker & Taylor, a distributor of digital and physical books and entertainment products, announced that it has enhanced its popular Axis 360 digital media platform by releasing a mobile version. The mobile version of Axis 360 is designed to leverage the functionality of native Web browsers built into multi-function devices, smartphones and tablets running on the iOS, Android and BlackBerry operating systems.

BATTLE CREEK, Mich. — Kellogg has elected Mary Laschinger, SVP International Paper (IP) and president of IP's xpedx distribution business, to its board of directors effective Oct. 26.

"Mary's more than 30 years of experience leading operating units of some of the world's most well-respected companies will be a real asset to Kellogg," said chairman Jim Jenness. "We are excited that Mary has agreed to join our board."

FORT WORTH, Texas — RadioShack has donated $50,000 to the American Red Cross to support Hurricane Sandy relief efforts. The donation will help cover costs of shelter, food, recovery and other assistance to families affected by the storm.

"Hurricane Sandy has been a storm of historic magnitude," said Dorvin Lively, CEO of RadioShack Corp. "RadioShack wants to support Red Cross in its efforts to help the communities and families we serve get back to normal as quickly as possible."

New York -- Fifth & Pacific Cos.-owned Kate Spade said Wednesday it has completed the acquisition of joint-venture partner Sanei International Co.’s 51% interest in Kate Spade Japan Co.

Kate Spade Japan was a joint venture that was formed between Sanei and Kate Spade in August 2009. Kate Spade Japan operated the Kate Spade and Jack Spade businesses in Japan, and Kate Spade will continue to operate the businesses in Japan though its Japanese subsidiary.

The purchase price was $47.6 million.

Leading payment processor Vantiv said it signed an agreement to acquire Litle & Co., a leading mobile payment processor in a deal valued at $361 million.

According to Vantiv president and CEO, Charles Drucker, the deal makes sense because e-commerce is one of the fastest growing segments of payments.

By Peter Burgoyne, [email protected]

WAYNE, N.J. — The Toys"R"Us Children's Fund has pledged a $500,000 donation to Save the Children, a global humanitarian organization, to support its initial work and assessment of needs for children and families in evacuation shelters. These funds will also help the organization distribute much-needed items, including hygiene kits, diapers, and baby wipes.