NEW YORK (
) -- Several media stocks ended the trading session notably higher after the announcement of ad-revenue forecasts.
jumped by 15% to $3 after it said it expected ad revenue to decline in the low- to mid-20 percent range in the fourth quarter compared with a decline of 28.1% in the third quarter and 30.2% in the second quarter. The nation's third-largest newspaper publisher had said advertising trends have improved and it expects to report an increase in operating cash flow in the fourth quarter from last year as it cuts costs in the high-20 percent range in the fourth quarter.
The publisher said a proposed $190 million sale of
The Miami Herald's
10-acre parking lot remains uncertain, but that it can collect a $6 million termination fee and keep a deposit of $10 million if the deal doesn't close. McClatchy shares skyrocketed 20% to $3.10 in afternoon trading. The three-month average daily volume for McClatchy is 1.8 million, according to Yahoo! Finance.
rose by 6.4% to $11.80. Advertising revenue in the publishing division of Gannett, which includes
and more than 80 other newspapers, dropped 28% in the third quarter and 32% in the second quarter.
In its most recent round of layoffs yet, Gannett has made the call to cut 166 jobs at the
, located outside New York City. The three-month average daily volume for Gannett is 8.8 million, according to Yahoo! Finance.
( WMG) gained 3.9% to $5.40 after MySpace's online music venture with recording labels completed its purchase of song streaming site imeem on Tuesday, scooping up its 16 million users and mobile phone applications for less than $1 million. In May, Warner Music Group wrote off its entire $16 million investment in imeem and also forgave $4 million it was owed by imeem in song royalties in exchange for a small, minority equity stake.
Warner, EMI Group, Vivendi SA's Universal Music and Sony's Sony Music Entertainment are all part of the joint venture with MySpace, a unit of
. The three-month average daily volume for Warner Music is 372,000, according to Yahoo! Finance.
The NY Times Company
added 1.2% to reach $9.00 after it said Tuesday that the print advertising market has improved "modestly." The Times Co. expects its print advertising revenue to decline 25% in the fourth quarter from the same period of 2008.
While that is high by hisotrical standards, it marks an improvement over the 31.2% decline the Times Co. reported in the third quarter. And it is slightly better than what other newspaper companies generally have been reporting this year. The three-month average daily volume for The NY Times Co. is 1.8 million, according to Yahoo! Finance.
slumped by 3% to $13.10. Affiliates of Quadrangle Capital Partners, the media investment arm of Steven Rattner's Quadrangle Group, are selling their entire holdings of 2.3 million shares in theater group Cinemark.
After the offering is complete, Quadrangle will no longer hold any Cinemark shares, the theater chain said Friday. The stake represents about a 2.1% stake in the company. Cinemark said it will not receive any proceeds from the sale. The three-month average daily volume for Cinemark is 391,000, according to Yahoo! Finance.
-- Reported by Andrea Tse in New York
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