10-Q Watch: Gannett-4Info; Hearst Argyle-Ripe Digital; CBS-Sundance

(PaidContent.org)  This story was written by Rafat Ali.

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As the Q208 earnings season progresses, some quarterly 10-Qs filed by companies, and some nuggets of information in them:

-- Gannett: Lists all its digital media acquisitions and investments done in the last year, most of them disclosed previously. One new thing: "The company also increased its investment in 4INFO subsequent to the end of the period, maintaining its approximate ownership interest." Translated: The newspaper company has invested more money in the mobile search firm in its latest round, and of course with the higher valuation in the round, evened out at the same amount of equity as it had before. Both Gannett (NYSE: GCI) and NBC's venture arm Peacock Equity Fund invested about $15 million in the Palo Alto-based company last year.

-- Hearst Argyle: Some interesting info from the affiliate TV media company: Internet Broadcasting Systems..the TV stations website management company:  "As of June 30, 2008, we owned 41% of Internet Broadcasting Systems...We also have various agreements pursuant to which we paid Internet Broadcasting $4.6 million and $5.2 million during the six months ended June 30, 2008 and 2007, respectively." Then, during Q208, "we invested an additional $2.5 million in Ripe Digital Entertainment, Inc. ("RDE") in the form of a Convertible Promissory Note.  As of June 30, 2008, we owned 24.7% of RDE." Then its digital revenues: " For the three and six months ended June 30, 2008, the Company recorded net digital media revenue of $5.7 million and $10.6 million, respectively, compared to $5.0 million and $9.0 million for the same periods in 2007.  Digital media expenses in the three and six months ended June 30, 2008 were $4.6 and $9.1 million, respectively, compared to $3.5 million and $6.7 million for the same periods in 2007, reflecting the Company's commitment to digital media."

-- CBS: CBS's (NYSE: CBS) portion of its sale of Sundance to Cablevision: it 37% investment in Sundance Channel for $168.4 million in cash resulting in a pre-tax gain of $127.2 million, according to CBS's 10-Q. Main Sundance sale story here.


By Rafat Ali