XM Shares Rise After Data Request and Gray Television Hit by Lower Ad Revenue
City of Industry, CA --(www.USEquityNews.com)-- 11/08/2007 - Broadcasting industry alert provided by U.S. Equity News. Shares of XM Satellite Radio Holdings Inc. (NASDAQ: XMSR) jumped recently after federal regulators asked for information on a proposed merger with Sirius Satellite Radio Inc., and at least one analyst said it was good news for the deal. Bear Stearns analyst Robert Peck said the request by the Federal Communications Commission hints that the Department of Justice may be close to approving the merger. "If the DOJ were close to denying the deal, the need for such detailed information would not have arisen in the first place," Peck said in a client note.
247MGI Inc. (OTC: TOFS) ("247MGI"), recently wanted to update shareholders on several issues concerning the company such as; the 10Q, the uplist to the OTCBB, the 14C for the authorized share reduction, 247Broadcast Network, and the release of our proprietary player. 247MGI has been trying to resume trading on the OTCBB since September 27 when a Form 211 Exemption was filed. We have had several delays until we received a response indicating the company needed to use a certain Item number in the 211 that would negate the use of the Exemption.
Gray Television Inc. dipped to a loss in the third quarter, as political ad revenue dropped 86 percent. Atlanta-based Gray Television (NYSE: GTN) had a net loss of $4.2 million and a loss per share of 9 cents on $73.6 million in revenue. This compares with net income of $519,000 and earnings of 1 cent a share on $80.6 million in revenue in the third quarter of 2006. Political advertising revenue decreased 86 percent $9.1 million in the third quarter of 2007, reflecting the influence of the 2006 elections.
Cox Radio, Inc. (NYSE: CXR) recently reported financial results for the three-month and nine-month periods ended September 30, 2007. Robert F. Neil, President and CEO, commented, "I'm pleased with the strong revenue growth our Atlanta stations achieved this quarter, up 9% over the same period last year and substantially outpacing the Atlanta market, which was flat for the quarter. This performance underscores the success that is possible with consistently strong ratings." Neil continued, "Third quarter also marked the introduction of electronic ratings measurement via the PPM to the Houston market.
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