Media In The City: GCap Reports Revenue Decline

Each week, MediaTel INSIGHT brings NewsLine readers a round-up of the latest news from the City affecting the media industry.

This week the big news in the City was GCap Media’s 9% year on year revenue decline, to £200.1 million.

The group’s profits were down from £22.2 million in 2006 in £14.4 million, whilst its advertising revenues dropped 8% to £167.5 million (Full Story).

Meanwhile, it was revealed that Google’s $3.1 billion purchase of DoubleClick is being investigated by the US Federal Trade Commission (Full Story).

Don Harrison, a senior corporate counsel for Google, said: “We are confident that upon further review the FTC will conclude that this acquisition poses no risk to competition and should be approved.”

The latest in a spate of online acquisitions, broadcasting giant CBS bought Last.fm, the London-based social music recommendation site for $280 million (£142 million).

It had been rumoured that Viacom, which has sued YouTube for copyright infringement, was going to make a bid for the social networking site (Full Story).

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