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Disney sees operating income growth at cable networks
LOS ANGELES (Reuters) - Walt Disney Co's cable networks are expected to record high single-digit growth in operating income and domestic affiliate revenue from fiscal 2014 through 2016, Chief Financial Officer Jay Rasulo told investors on Thursday. "We feel very good about the long-term growth of our cable business," Rasulo said at a meeting for investors at its the company's ESPN headquarters in Bristol, Connecticut.
Barnes & Noble chairman cuts stake in company again
(Reuters) - Barnes & Noble Inc Chairman Leonard Riggio, the bookseller's founder and largest shareholder, cut his stake in the company to 20 percent by selling shares worth about $64 million. Barnes & Noble's shares fell as much as 10 percent to $16.80 in early trading on Thursday.
China, Europe recovery boosts Publicis first-quarter sales
PARIS (Reuters) - Advertising agency Publicis, which is merging with larger rival Omnicom, achieved 3.3 percent revenue growth on a comparable basis in the first quarter, helped by strong digital sales and an uptick in China and Europe. Publicis, the first major ad group to post results for the period, said revenue was 1.6 billion euros ($2.21 billion). The average estimate of analysts was 1.62 billion and organic growth of 3 percent, according to company-provided figures.
CBS Corp gets favorable REIT ruling for Outdoor unit from IRS
(Reuters) - CBS Corp said on Wednesday that the Internal Revenue Service gave a favorable ruling to the company's plan to convert its outdoor advertising subsidiary, CBS Outdoor Americas Inc, into a real-estate investment trust (REIT). Media conglomerate CBS holds an 81 percent stake in CBS Outdoor, which went public in late March.
James Murdoch joins board of ad platform company
(Reuters) - James Murdoch, the co-chief operating officer of 21 Century Fox, is joining the board of digital advertising platform company True(X) Media, the company said on Thursday. Additionally, former Microsoft chief marketing officer Mich Mathews and former News Corp executive Jonathan Miller were also named directors rounding out the board to nine members.
UK PM's former media chief tells court he heard hacked messages
LONDON (Reuters) - Andy Coulson, the former media chief to British Prime Minister David Cameron, told a London court on Wednesday he had listened to a recording of hacked voicemail messages left by the then interior minister in 2004. Coulson, who was editing Rupert Murdoch's now defunct News of the World tabloid at the time, is on trial for conspiring to hack into voicemail messages in a case that has shaken the media tycoon's empire and Britain's political elite.
Discovery exits Britain's Channel 5 bidding: sources
NEW YORK/LONDON (Reuters) - Discovery Communications has dropped out of bidding to buy Britain's free-to-air Channel 5, according to two sources familiar with the matter. Discovery, which has been aggressively expanding outside of the United States in television, had been in talks with British Sky Broadcasting Group Plc over a possible joint bid, according to media reports.
U.S. Supreme Court's Alito ends recusal in Aereo TV case
WASHINGTON (Reuters) - Justice Samuel Alito is no longer recusing himself from two upcoming U.S. Supreme Court business cases, including a challenge by broadcast networks to online TV startup Aereo Inc. In two online docket entries that were updated on Wednesday, the court said Alito would allow himself to participate in the Aereo case and a product-labeling dispute brought against Coca-Cola Co by fellow beverage-maker POM Wonderful LLC.
As newspapers struggle, Los Angeles gets another daily
NEW YORK (Reuters) - Los Angeles residents who still pass a newsstand on their way to work on Wednesday will find an unusual sight there: a new daily print newspaper. The Los Angeles Register is the latest offering to roll off the presses of California-based Freedom Communications, the publisher of the Orange County Register, The Press-Enterprise in Riverside and the Long Beach Register.
Washington Post editorial backs Comcast-TWC merger with conditions
WASHINGTON (Reuters) - U.S. regulators should approve the proposed $45.2 billion merger of two biggest U.S. cable providers Comcast Corp and Time Warner Cable Inc, but set "clear conditions," Washington Post's editorial board said on Tuesday. Public interest groups and some lawmakers have opposed a merger, saying it would allow Comcast to raise cable television rates and gain more power over what Americans watch on TV or online.