Estimated read time: Less than a minute
This archived news story is available only for your personal, non-commercial use. Information in the story may be outdated or superseded by additional information. Reading or replaying the story in its archived form does not constitute a republication of the story.
CHICAGO (AFX) -- Media and entertainment stocks closed mostly higher Wednesday, as the sector rebounded from Tuesday's sell-off.
Time Warner Inc. , the world's largest media company, rose 69 cents, or 4%, to close at $18.22 after its report of better than expected fourth-quarter results, driven by revenue gains at its film and television studios, cable operations and cable networks.
Separately, the Federal Trade Commission said that it has approved Time Warner's $17.6 billion acquisition, with rival cable operator Comcast Corp. , of Adelphia Communications . The transaction still requires an OK from the Federal Communications Commission.
Comcast rose 19 cents to close at $27.91 ahead of its release of fourth-quarter results Thursday morning.
Tribune Co. said Wednesday that its fourth-quarter profit slid 38% from a year earlier on charges related to the shutdown of a printing facility and 900 job cuts, along with decreased advertising revenue at its newspapers and television stations.
Tribune shares fell 30 cents, or 1%, to close at $28.71 after hitting $28.40 earlier in the session, its lowest level in more than a year. This story was supplied by MarketWatch. For further information see
Copyright 2006 AFX News Limited. All Rights Reserved.
