Digest: News Corp. denies
EmptyNews Corp. is not in discussions with Europe's biggest media company, Bertelsmann AG, or any other party about the sale of its book publisher HarperCollins, a News Corp. source said Wednesday, shooting down a published report. A German business weekly publication had reported without quoting sources that Bertelsmann was interested in buying HarperCollins for $1 billion, adding that Rupert Murdoch was demanding $2 billion.
Take-Two cuts Q4 loss
Shares of Take-Two Interactive Software shares rose 4% on Wednesday to $18.75. The video game publisher said late Tuesday that its fourth-quarter loss shrunk nearly in half on strong sales of such new titles as "BioShock" and "NBA 2K8." Take-Two reported a loss of $7.1 million for the fourth quarter, generating revenue of $292.6 million. Last year, the company posted a loss of $14 million on revenue of $266.6 million. Citigroup analyst Brent Thill raised his rating on Take-Two to "buy" and lifted his price target by $2 to $25.