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SAN FRANCISCO (AFX) -- Shares of newspaper publisher Media General closed higher Wednesday after it reported results amid a mixed session for media and entertainment stocks.
Media General reported third-quarter earnings of $9.8 million, or 41 cents a share, on revenue of $220.8 million. The average estimate of analysts polled by Thomson First Call was for a profit of 40 cents a share on revenue of $222.3 million. The stock rose 3.5% to close at $57.40.
Elsewhere in the newspaper group, Tribune Co. declined 3% to $31.81 after J.P. Morgan analyst Frederick Searby cut his rating on the stock to neutral from buy.
Searby said he was concerned about "near-term publishing advertising softness from the combination of declining movie newspaper advertising and the ad cuts from the Federated-May merger."
Federated Department Stores completed its acquisition of May Department Stores in August.
Searby estimates that 15 of the 75 stores to will be divested are in Tribune newspaper markets. He sees ad revenue at Tribune declining 1% over the next year, in large part because of these closings.
Walt Disney Co. and Apple Computer said Wednesday that they've reached an agreement under which ABC and Disney Channel television shows will be available for download from iTunes for $1.99 per episode.
Shares of Disney lost 43 cents to close at $23.34, while Apple stepped back $2.34, or 4.5%, to $49.25. This story was supplied by MarketWatch. For further information see
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