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Wednesday, July 19, 2006

Media Digest 7/18/2006


Reuters reports that LG Electronics of Korea posted a loss for the second quarter as it flat screen joint venter went deeply into the red.

Disney cut 650 people at its studio, according to Reuters. The company will also reduce the number of movies it does per year from about 18 to 10 in a move to improve profitability at the unit.

Yahoo!'s stock dropped as much as 14% after hours. The company offered a disappointing forecast for future quarters and delayed the release of its new search and text advertising technology until early 2007.

AT&T launched a new service call HomeZone which combines high speed internet and satellite television in one set-top box.

The Wall Street Journal writes that the hospital management company HCA was close to a leveraged buy-out but the deal fell apart over the last few days.

The WSJ also writes that IBM's profits grew 11% on strength in its software business.

The WSJ reports that Merrill Lynch's earning rose 44% to $1.63 billion fueled by gains in its private equity division.

The WSJ also reports that Johnson & Johnson had a 9% increase in second quarter profit on improved results for medical devices and drugs for mental illness.

The WSJ also writes that Coca Cola's profits rose 6.6% in the second quarter as volume in Latin America increased.

The New York Times reports that Dow Jones's Wall Street Journal will begin to take ads on it front page. The move could bring in tens of millions of dollars.

The NYTimes reports that its own earnings were flat for the second quarter, but revenue from the internet properties in its newspaper unit rose 25%.

The NYTimes reports that Nortel and Microsoft will partner on an effort to create products that run traditional phone service on PC software. Nortel believes the effort could bring in $1 billion over the life of the four year agreement.

Douglas A. McIntyre

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