Belo to Refund &#36;23 Million to Advertisers
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Media company Belo Corp. on Monday said it would refund &#36;23 million to advertisers because of a circulation scandal at its Dallas Morning News newspaper, resulting in a charge against earnings in the current quarter.
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The following story contains the latest information known as of 23:30 CET on Monday, and will be updated as new information comes in.
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Belo Corp.  said on Wednesday it would cut more than 3 percent of its work force, mostly at its Dallas Morning News, which is grappling with a recent scandal into inflated circulation data provided to advertisers.
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The company has signalled profits of between Â£285 million and Â£295 million, down on Â£311 million a year ago, following a poor run of sales.
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Microsoft, Google, and Yahoo have agreed to pay a total of $31.5 million to resolve claims that they promoted illegal gambling, the U.S. Department of Justice announced Wednesday.Microsoft will pay $21 million, Google will pay $3 million, and Yahoo will pay $7.5 million, the DOJ said in a news release. The three companies neither contest nor admit that they promoted illegal online gambling by running advertisements for gambling Web sites between 1997 and this year.The settlements stem from an investigation into illegal online gambling by U.S. Attorney Catherine Hanaway of the Eastern District of Missouri, the Federal Bureau of Investigation, and the Internal Revenue Service. Hanaway&#39;s office indicted the founder of Betonsports.com, 10 other people, and four companies on charges of racketeering, conspiracy, and fraud in a crackdown on online gambling on June 1, 2006.Hanaway filed a new indictment against Betonsports, three other companies, and 12 people on June 28 of this year.Unregulated online gambling is illegal in the United States, the DOJ said. The three companies were accused of procuring participants via the advertisements they ran for illegal activity. Those actions fall under the U.S. aiding and abetting statute, the agency said.The Microsoft settlement includes a $4.5 million fine and a $7.5 million contribution to the International Center for Missing and Exploited Children. The company also agreed to create a $9 million online advertising campaign, focused on young people, saying that online gambling is illegal under U.S. law. The campaign will run for three years, beginning in early 2008, the DOJ said.Yahoo has paid $3 million to the U.S. government, and it will provide $4.5 million worth of online advertising to a public-service campaign designed to inform users that operators and participants in online or telephone-based sports and casino-type gambling in the United States may be subject to arrest and prosecution.&quot;These sums add to the over $40 million in forfeitures and back taxes this office has already recovered in recent years from operators of these remote-control illegal gambling enterprises,&quot; Hanaway said in a statement. &quot;Honest taxpayers and gambling industry personnel who do follow the law suffer from those who promote illegal online behavior.&quot;Google said, in a statement, that it has cooperated with the investigation. &quot;While we did not admit any wrongdoing, the Department of Justice has advised that online gambling is illegal in the United States and ads to promote it are improper,&quot; the company said. &quot;Google voluntarily discontinued running such ads, which were a very small part of our AdWords business, in April 2004.&quot;Yahoo said it stopped running ads for gambling sites &quot;years ago,&quot; according to a statement. &quot;After the U.S. Attorney&#39;s Office contacted Yahoo with its concerns, we worked cooperatively over several years to reach this settlement,&quot; the company said.Microsoft was preparing a statement Wednesday afternoon.
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The NHLPA said on Thursday that its 24 percent salary rollback would produce a $275.5 million profit for teams as opposed to a $568.5 million loss, as stated by the NHL.
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The company said it lost $3.36 billion in the fourth quarter because of accounting rules related to the purchase of Organon BioSciences.
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The boss of the American advertising group which was taken over last week by Sir Martin Sorrell&#39;s WPP will receive almost $30m (Â£18m) &quot;compensation&quot; for keeping his job.
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Shares of media company Belo Corp.  fell more than 4 percent on Thursday after an analyst downgraded the stock, citing the company's struggles with a circulation scandal at its Dallas Morning News newspaper.
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Japan's For-Side.com pays $36.5 million for provider of maps, news and other material for mobile devices.
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Media giant Time Warner Inc.  will pay fines of &#36;210 million under an agreement with the U.S. government to be announced on Wednesday to settle charges that its America Online unit inflated revenue, a Justice Department official said.
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CPW goes down under Carphone Warehouse has bought Newtel Communicaciones for Â£370,000.â¦
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The Bisys Group agreed to pay $25 million in restitution to settle accusations that it had violated financial reporting rules in a way that inflated earnings by $180 million over three years.
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The Cablevision Systems Corporation, the countryâs third-largest cable operator, reported a loss of $23.9 million last quarter.
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Shares of media company Belo Corp.  BLC.N fell more than 4 percent on Thursday after an analyst  downgraded the stock, citing the company's struggles with a  circulation scandal at its Dallas Morning News newspaper.
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$11.35bn by 2011, report says Worldwide advertising spend will reach $11.35bn by 2011 on mobile channels alone, according to a new report.â¦
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Belo Corp. BLC.N on Thursday said  quarterly profit rose 26 percent as political advertising  revenue at its TV stations during the presidential election  campaign outweighed weakness at its Dallas Morning News  newspaper.