Media In The City

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

The new online television service Joost (see Joost Ready For Lift Off) revealed that it five parties invested $45 million in the company.

Index Ventures, a European capital firm, Sequoia Capital, which has invested in Yahoo! and YouTube have taken small minority stakes in the company. CBS and Viacom are also investing and providing channels and programming on Joost (Full Story).

Virgin Media announced that its total revenue for the first quarter of 2007 was £1 million, with Steve Burch, chief executive officer saying that he was encouraged by the decline in churn and the impact that the company’s rebrand message is having on consumers (Full Story).

Newspaper publisher Trinity Mirror said that its advertising revenue for the first four months of 2007 fell by 3%, excluding digital acquisitions (Full Story).

Rupert Murdoch’s News Corp also released financial results, for the quarter ending March 31, announcing that its revenues increased 21% to $7.5 billion (Full Story).

The news follows News Corp’s £2.5 billion bid for Dow Jones the publisher of The Wall Street Journal.

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