EmptySky Italia profit
Sky Italia, the satellite television unit owned by Rupert Murdoch's News Corp., turned its first-ever net profit and saw its subscriber base in Italy pass the 4 million mark, the company said Wednesday. The company also said it is mulling a possible initial public offering, which could come as soon as the end of next year. Sky posted profits of €32 million ($42.2 million) for the year ending June 30.
Newspaper biz bleak
Goldman Sachs predicted Wednesday that the new year will not bring growth to the newspaper industry as the Internet continues to steal classified and national advertising revenue. Analyst Peter Appert said he sees "no signs of life in national advertising spending" and that "industry expectations of low-single-digit ad revenue growth in 2007 will prove optimistic."
According to online retailers during the last week of holiday buying, a Time Warner Inc. puzzle and a classic doll were hot. At Amazon.com a Princess Genevieve Barbie was the top-selling toy, and at Barnes & Noble's Web site Life magazine's Picture Puzzle was its top seller. The most popular DVD on Amazon was "Little Miss Sunshine"; while Barnes & Noble said its was "The Devil Wears Prada."
An analyst advised investors Wednesday to get bullish on Yahoo! Inc. shares but cautioned that the company still faces rough times. In a note Wednesday, RBC Capital Markets analyst Jordan Rohan reiterated an "outperform" rating, saying shares of the Internet company are "at or near a trough now and should improve within the next 12 months." The analyst lowered the target price $1 to $30. Yahoo! shares fell 3.1% on Wednesday to $25.59.