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SAN FRANCISCO (AFX) -Media and entertainment shares closed in a mixed pattern Friday, with Tribune Co. declining following its release of November revenue results.
Walt Disney Co. said after the market closed Friday that it has asked Chairman George Mitchell to postpone his planned retirement and remain in his post through December 2006 to promote an orderly succession.
The company also raised its annual dividend to 27 cents a share from 24 cents -- an increase of 12.5%. The dividend is payable Jan. 6 to shareholders as of Dec. 12. Disney shares declined 8 cents to close at $24.88.
Also after the end of the regular session, Clear Channel Communications Inc. outlined details of the spinoff of its entertainment division, CCE Spinco. Inc., declaring that it would distribute shares to the public by means of a dividend on or about Dec. 21.
The San Antonio, Texas-based radio giant said its shareholders would receive one share of CCE Spinco common stock for every eight Clear Channel shares they hold. Clear Channel shares declined 6 cents to close at $33.02 ahead of the announcement Friday.
Tribune said Friday that November revenue fell 3.9% compared to the same month a year ago, to $437 million.
Newspaper ad revenue dropped 2.4%, to $262.7 million, reflecting a 6% drop in national advertising, a 3.3% decline in retail, and a 1.6% improvement in classified.
The results were partially impacted by the effects of Hurricane Wilma on the company's South Florida operations.
Analyst Paul Ginocchio at Deutsche Bank Securities told clients Friday he had expected newspaper ad revenue to rise by 0.1%. Ginocchio maintains his hold rating on the shares, saying: "We continue to think TRB is cheap for a good reason."
The stock declined 29 cents, or 1%, to close at $31.39.
Other newspaper decliners included Media General , New York Times Co. and Gannett . Dow Jones & Co. bucked the trend, rising nearly 5% and trading recently at $35.37. Dow Jones is the parent company of MarketWatch, the publisher of this report. This story was supplied by MarketWatch. For further information see
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