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CHICAGO (AFX) - Media stocks closed lower Wednesday, led lower by shares of Viacom, News Corp., and Disney.
Shares of Time Warner gained a dime to close at $17.89, rising on the first day after the conglomerate's Time Inc. unit said it would cut 105 employees, including several top executives, as part of a reorganization.
Viacom , News Corp. and Disney shares fell, although by less than 1% each..
After a 7% hit on the Tuesday session following a downgrade to sell from Banc of America, Sirius Satellite Radio bled out a bit more, giving up as much as 3%, at one point, but ended with a narrower loss of a penny at $7.
Lee Enterprises was a slight gainer, adding about 1% to $38.15. Before the start of trading Wednesday, the Davenport, Iowa-based newspaper publisher said that same property advertising revenue rose 2.7% in November. Total revenue for the month reached $100.1 million, up 63% from $61.4 million in the same period a year earlier. This story was supplied by MarketWatch. For further information see
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