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Media giant, AOL Time Warner, today reported a 6% jump in revenues during its second quarter, boosted by strong performances from the film and cable divisions. The group’s revenues hit $10.8 billion for the quarter, whilst net profit jumped from last year’s $396 million to $1.1 billion this time. Chairman and CEO, Dick Parsons, described… Continue reading AOL TW Figures Improve, But Online Is Still Weak

The fate of Cordiant Communications has been all but sealed this afternoon, as shareholders voted overwhelmingly in favour of the proposed takeover of the group by WPP. At an extraordinary general meeting today, shareholders representing 99.2% of the company’s stock voted to proceed with WPP’s £266 million takeover bid (see WPP Closes In On Cordiant,… Continue reading WPP Triumphs In Cordiant Battle

After approving the takeover by WPP earlier today (see WPP Triumphs In Cordiant Battle), Cordiant Communications’ shareholders have also voted in favour of removing the company’s chief executive, finance director and chairman from its board of directors, according to a report from Reuters. Cordiant’s largest shareholder, Active Value, had called for the directors to be… Continue reading Directors Go In Cordiant Shareholder Vote

The Guardian Media Group (GMG), publisher of the Guardian and Observer newspapers, has posted strong financial results for the twelve months to March 2003, despite the difficult trading conditions that have typified the period. The group said that advertising revenues were up by 4.1% to £254.9 million, whilst circulation revenues rose by 6.2% to £81.7… Continue reading Guardian Media Group Posts Good Figures In Weak Markets

Sunrise Radio’s bid to acquire Mean Country 1035 AM has been given preliminary approval by the Radio Authority, following the passing of the Government’s Communications Act last week (see Parliament Finally Green Lights Communications Act). Sunrise, which operates radio stations for Asian listeners in London and across the UK, is planning to takeover Mean Radio… Continue reading Watchdog Shines On Sunrise Radio’s Mean Country Bid

Trinity Mirror is to close the Daily Mirror’s two Saturday magazines M and Look, as part of a wider cost cutting strategy being launched by the publisher. The company told staff yesterday that the flagship weekly magazine, M, and the listings title, Look, are to close with the loss of almost 30 jobs. The move… Continue reading Trinity Mirror Closes Saturday Magazines To Cut Costs

Culture secretary, Tessa Jowell, has admitted that Lord Puttnam’s last minute plurality test amendment to the Communications Bill was an improvement to the recently passed legislation (see Parliament Finally Green Lights Communications Act). The Government was forced to accept the eleventh hour proposal after a group of rebel peers threatened to vote down the Bill… Continue reading Jowell Admits Plurality Test Improved Communications Act

Global information group, Reuters, has this morning unveiled a first half pre-tax profit of £87 million, following a loss of £10 million for the same period in 2002. This figure is substantially ahead of a £57 million forecast from Merrill Lynch. However, despite the strong pre-tax profit figure, Reuters’ overall revenues were down by 12%… Continue reading Reuters Moves Into Profit As Savings Plan Pays Dividends

Haim Saban, the US media investor, plans to make a second attempt to acquire the assets of the indebted Kirch media empire, according to new reports. Just six weeks after opting out of a €2 billion deal (see Kirch TV Deal Hits The Rocks), Saban has apparently returned with a reduced bid for KirchMedia. He… Continue reading Saban Back In For KirchMedia

United Business Media was seen under pressure, down 1.62% yesterday, after failing to impress the market with the acquisition of Builder Group, the construction magazine business (see UBM Builds Up Portfolio With Aprovia Acquisition).Elsewhere, Cable & Wireless was seen in the spotlight, down 4.64%, after its chief executive revealed that the restructuring process recently put… Continue reading Sharewatch: UBM Falls Ahead Of Acquisition