Rob Black's Media Stock Report

 |  Includes: CBS, GE, GOOG, MSFT, NWS, SIRI, SNE, TWX
by: Rob Black
CBS (NYSE:CBS) announced the sale of its two San Antonio radio stations (KTSA-AM and KJXK - FM) on Wednesday for $45 million in cash to Border Media, a privately owned Hispanic radio broadcaster that already has a cluster in the market and owns 35 stations across the state. After announcing radio station sales this week to Entercom and Border Media, CBS still has stations for sale in Greensboro (3 stations), Columbus (3 stations), Buffalo (5 stations), Kansas City (4 stations) and Fresno (7 stations).

Google (NASDAQ:GOOG) has so much money that they are now asking the SEC for an exemption so that they can move some of the money from low-yielding U.S. government bonds to investment-grade municipal and corporate debt. Microsoft obtained a similar exemption in 1988.

XM Satellite Radio (XMSR) said that the Federal Communications Commission has issued new grants of authority for three XM radios with FM transmitters. XM said the plug-and-play radios -- Audiovox Xpress, Delphi RoadyXT, and XM Sportscaster -- are three of its primary retail products. The company is instructing its manufacturers to resume production, and XM expects the devices to be available for the holiday shopping season.

Microsoft (NASDAQ:MSFT) has confirmed more details of its forthcoming Live Drive service, which will offer free online storage. The basic Live Drive was likely to include around 2 gigabytes of storage for free.

AOL Video (NYSE:TWX), which is owned by Time Warner, said films from 20th Century Fox (NASDAQ:NWS), Sony (NYSE:SNE), Universal Pictures (NYSE:GE) and Warner Brothers would be available for download for $9.99 to $19.99 a movie. The service also allows users to buy or watch free thousands of television shows from any of 45 video-on-demand channels, including programs licensed from MTV, the Nickelodeon and Comedy Central networks.