Business Desk
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
NEWSPAPERS
MEDIANEWS OFFERS TO BUY THREE KNIGHT RIDDER PAPERS IN CALIFORNIA
MediaNews Group has offered to buy three Knight Ridder newspapers in California and one in Minnesota for as much as $1 billion, according to a published report yesterday. Completing a deal with the McClatchy Company, which is in the process of buying all of Knight Ridder, would give MediaNews a controlling interest in California’s San Jose Mercury News, the Contra Costa Times, and the Monterey County Herald, as well as the St. Paul Pioneer Press in Minnesota.
– Associated Press
SPORTS
YANKEES ARE FIRST BASEBALL TEAM TO BE WORTH $1 BILLION
The New York Yankees became the first baseball team valued at more than $1 billion in the annual estimates made by Forbes magazine.
The Yankees’ value increased 8% to $1.026 billion, the magazine estimated in its May 8 issue, which was released yesterday. New York had revenue of $354 million last year before paying $77 million in revenue sharing and $34 million in luxury tax. The Boston Red Sox were pegged with the second-highest value at $617 million, followed by the New York Mets ($604 million), Los Angeles Dodgers ($482 million), Chicago Cubs ($448 million), and Washington Nationals ($440 million).
– Associated Press
SEARCH ENGINES
GOOGLE PROFIT RISES 60% AS IT GAINS MARKET SHARE
Google said first-quarter profit rose 60%, exceeding analysts’ estimates, as the world’s most-used search engine extended its lead over Yahoo and Microsoft’s MSN. The shares rose 3.5%.
Google lured more users with new products such as a finance site and online video store. About 60% of Internet searches were made through Google in February, up from 50% a year earlier.
– Bloomberg News
INVESTIGATIONS
FCC STEPS UP PAY-FOR-PLAY INVESTIGATION OF RADIO COMPANIES
The Federal Communications Commission stepped up its investigation of allegations that four of the largest radio companies in America took money and gifts to play certain songs after settlement talks stalled.The FCC probe began last August following a $10 million settlement between New York Attorney General Eliot Spitzer and Sony BMG Music Entertainment.
– Bloomberg News
