Media Roundup: Google Asks AOL for Their Money Back, McClatchy to Cut $100 Million in Expenses and More

(MoneyWatch)  Google asks AOL for their money back -- After buying a five percent share of AOL in 2005, Google has sent the company a request asking Time Warner to either buy back the five percent share or spin off AOL. Google recently wrote down its investment of AOL from $1 billion to nearly $250 million and has the rights to make such a demand per the 2005 agreement. Time Warner Chief Financial Officer John Martin said the company is considering its options. [Source: CNET]

McClatchy to cut $100 million in expenses -- In a string of bad news McClatchy, the nation's third largest newspaper publisher, announced a forth quarter loss of $20 million, pension freezes, low advertising numbers and a plan to trim $100 million in expenses. The company was also recently notified by the New York Stock Exchange that its stock is not in compliance with listing standards because the stock has closed below an average of $1 in the past 30 trading sessions. [Source: Editor & Publisher]

Warner music sales down 11 percent -- While posting better number than Sony, Warner Music Group saw sales dip 11 percent in the forth quarter. The company beat Wall Street's expectations by six cents a share. Despite the bad news, WB did see a 20 percent growth in digital music sales. [Source: All Things Digital]

Online ad revenues up in forth quarter -- When Google, Yahoo, Microsoft and AOL's advertising numbers are combined, ad revenues of all four companies grew three percent from the third quarter. Google contributed to slightly more than half of the overall growth of the four companies. [Source: TechCrunch]

EchoStar buys Sirius XM debt -- Shares in Sirius XM Satellite radio where up 28 percent on the news that EchoStar, a digital media equipment company, is slowly acquiring debt. There is speculation that Echostar will attempt to take over the company by forcing bankruptcy and swapping debt for equity. After the Sirius-XM merger was approved by the government, the company has nearly lost of its value and is not profitable. [Source: Wall Street Journal]

AP wants money for Obama poster -- The Associated Press has claimed that the photo used as the basis for Shepard Fairey's iconic "HOPE" poster is owned by AP and subject to royalty payments and fees by the graphic artist. However, is not even clear if AP even owns the copyright as the freelance photographer that took the photo claims that no applicable contract was ever signed with the news company. Fairey claims the poster falls under Fair Use laws. [Source: TechCrunch]

People and other magazines to disappear from Wal-Mart shelves -- In a dispute over distribution fees publishers Time Inc., American Media, and Bauer have pulled their magazines from the shelves of the country's largest retailer. The disagreement spurs from a seven cent per copy rate hike by distributors Anderson News and Source Interlink. [Source: MediaBistro]