Rob Black's Media Stock Report

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 |  Includes: GOOG, MNI, VIAC, YHOO
by: Rob Black
Yahoo! (NASDAQ:YHOO) and a loose consortium of newspaper publishers are considering a partnership that would include Web classifieds, local news, and content packages based on general themes like travel, BusinessWeek magazine reported. The move could drive more traffic to Yahoo's help-wanted HotJobs site, the magazine reported.

Amtech believes high expectations for Google's (NASDAQ:GOOG) 2nd quarter are warranted, and the firm sees "blow-out" potential. They say third party search traffic data shows a very robust 2nd quarter and continued share gains for GOOG.

A prominent businessman who turned the sale of the San Francisco Chronicle into a drawn-out legal drama six years ago is now suing to prevent McClatchy (NYSE:MNI) from completing a $737 mln deal to sell three of the newspapers it picked up in its recent acquisition of Knight Ridder. Clinton Reilly plans to file an antitrust lawsuit that could derail or at least delay McClatchy's plan to unload the San Jose Mercury News, Contra Costa Times and Monterey Herald.

Gracenote reached a deal with dozens of music publishers that will allow it to offer digital copies of more than one million song lyrics over the Internet.

UBS cuts their target on Viacom (VIAC) to $40. The firm saying that they expect 2nd quarter 2006 results to be uninspiring. Firm also notes that the company is highly exposed to cable net advertising, accounting for 42% of revenues. Market fragmentation and new technologies dampen the traditional model and initial data indicates the current year growth rates are moderating. Firm believes that near-term upside could be limited without a more substantial return of capital program.