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.

Also in the media glare:

Playboy
sees a second-quarter loss, shortly after its CEO lectures newspaper owners on how to turn a profit.

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

Jim Lehrer, Tom Brokaw, Bob Schieffer, and Gwen Ifill are picked to host this fall's presidential debates. ABC News, whose moderators Charlie Gibson and George Stephanopoulos were widely criticized after a Democratic debate, was shut out.

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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