Time Warner earnings down, but cable is a bright spot

Time Warner, the world's largest media conglomerate, announced a 26% drop in second-quarter earnings, burdened by declining AOL subscriber fees and dropping publishing advertising revenue.

Second-quarter earnings at Time Warner, the world's largest media conglomerate, dropped by 26%, burdened by declining AOL subscriber fees and sinking publishing advertising revenue. However, the company's cable TV holdings are a bright spot, showing an 18% Q2 earnings increase.

Meanwhile, fourth-quarter earnings at News Corp., where chairman and CEO Rupert Murdoch announced a hike in the newsstand price of The Wall Street Journal, increased by 27%. Cablevision, which just completed its $650 million Newsday acquisition, says its board is considering a number of options for rewarding investors.

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Columnist and pundit Bob Novak retires to fight a brain tumor.

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Pundit Dana Milbank leaves MSNBC for CNN, fights with Keith Olbermann on the way out.

Village Voice Media plans to launch four national blogs.

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