Media Roundup: Time Warner Loses Ad Revenue, Hulu Approaching Number Two Online Video Destination and More

(MoneyWatch)  Time Warner loses ad revenue -- Media giant Time Warner released their first quarter earnings this morning and the results were mixed. Advertising based properties such as Time Inc. and AOL saw double digit drops in advertising revenue. AOL also announced that its audience growth had stagnated and Time Inc.'s online revenue declined as well. Broadcast properties such as HBO and Turner networks received modest single digit gains in revenue. In line with the predictions of analysts, the company's total revenue dipped seven percent. [Source: paidContent]

Hulu approaching number two online video destination -- According to ComScore, the online video site Hulu, a joint venture between News Corp. and NBC, is approaching Yahoo! Video to become the number two video site online behind YouTube. Hulu, which streams full TV episodes and movies, recently gained Disney's content and is expected to continue its growth. The company, however, is still a long way behind YouTube. Hulu possesses a 2.6 percent market share compared to YouTube's 40.9 percent. [Source: TechCrunch]

Real taken to court by MPAA -- The Motion Picture Association of America has filed suit against RealNetworks for the company's RealDVD device. The MPAA alleges that the device aids in the unlawful copying of DVD movies. RealDVD allows users to copy their DVDs and store the content on a hard drive as a digital copy. Customers can copy the movie between computers up to five times. RealDVD's CEO has openly acknowledged that the device can be used to copy movies, and was quoted by the AP saying "we discourage you from [piracy] but we are not your nanny." [Source: CNET]

New York Times to cut salaries five percent-- The New York Times and the Newspaper Guild have reached a tentative agreement to cut salary by five percent and furlough staffers for 10 days. Pending approval by the union's members, the move would save the company $4.5 million. The company refused to guarantee that no layoffs would occur if the pay cut was passed. The New York Times has been struggling under massive debt and has been looking to cut costs and add cash to its reserves. Non-union employees had their pay cut earlier in the month. [Source: Editor & Publisher]
ClearChannel cuts three percent -- Clear Channel Radio has laid off 590 employees in the second round of layoffs this year. The two rounds combined amount to 2,500 total employees or 11.7 percent of its total payroll. The recent round targets mostly operational positions. The company also announced it will suspend 401(k) matching, although it included a clause that would reinstate matching should the company meet certain budget goals. [Source: MediaWeek]