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Media giants Time Warner, Viacom and Fox News Corp announced their Q3 earnings this week. If we look at these as a collective weather report, I would say the hurricane has definitely moved off shore and is giving way to partly sunny skies, with scattered showers in some regions. Compared to the abysmal Q2 earnings, resulting from a down economy and significant reductions in advertising spending, the Q3 numbers look encouraging, especially from the cable and theatrical divisions. However, DVD sales continue to suffer across the board with more people getting their movies online and increased competition from services like Netflix. Newspapers and network television continue to face many obstacles, mainly decreased ad spending… (more…)