money digest


Google enters social networking

Google Inc. has acquired an unspecified stake in Chinese community Web site, indicating a foray by the online giant into social networking in the world's second-largest Internet market. A Google spokeswoman confirmed the stake but didn't provide details. Reports on Monday put the estimated size of Google's stake at anywhere from less than 10% to up to 60%. Rival Inc. dominated the Chinese online search market in the second quarter with a 58.1% market share, according to research firm Analysys International. Google recorded 22.8%, and Yahoo China's share stood at 11.6%. China has about 162 million Web users.

July slow at Gannett

Gannett Co. said Monday that its July revenue dropped 4.3% as its print advertising fell and broadcasting ad revenue continued sluggish trends. The publisher of USA Today said pro forma operating revenue for the month fell to $626.1 million. Newspaper ad revenue dropped 6.1%, with broadcasting revenue down 4.6%. For the year-to-date, Gannett said its revenue is down 2.9%, with newspaper revenue down 4% and broadcasting revenue off 6.2%.

Grupo adds Editorial Atlantida

Grupo Televisa said Monday that it has signed an agreement to buy Argentine magazine publisher Editorial Atlantida SA. The companies didn't disclose financial details. Atlantida publishes 11 magazine titles in Argentina and sold 12.8 million copies in 2006. Televisa is Mexico's top broadcaster and the biggest producer of Spanish-language TV programming.