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SAN FRANCISCO (AFX) -- Media and entertainment shares were mixed Wednesday, with Time Warner little changed following two major announcements.
After the market closed, New York Times Co. said its fourth-quarter profit would plunge 39% from that of a year earlier on charges related to job cuts announced in September, as well as stock-based compensation expense. New York Times shares declined 27 cents to close at $26.98 on Wednesday.
Analysts applauded on Wednesday Google's agreement to acquire a 5% stake in the company's America Online unit for $1 billion, saying the deal would boost AOL's advertising rates and add value to its traditional media content.
Time Warner shares declined 16 cents to close at $17.58 Wednesday. Google fell $3.41 to close at $426.33.
In the other big Time Warner news, Jeff Bewkes has been named president and chief operating officer. Bewkes had been chairman of the conglomerate's Entertainment & Networks Group since July 2002.
The company also said Don Logan will retire as chairman of the company's Media & Communications Group at the end of the year to become non-executive chairman of Time Warner Cable's board of directors.
Among other diversified entertainment conglomerates, Viacom and Sony were higher, while Walt Disney Co. and News Corp. were slightly lower. This story was supplied by MarketWatch. For further information see
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