Media Digest 8/21/2007

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According to Reuters, Countrywide (CFC) sought to calm investors about it future as it laid of mortgage workers.

Reuters reports that Nasdaq’s (NDAQ) failure to buy the London Stock Exchange makes it deal to buy the OMX crucial.

Reuters writes that Nokia (NOK) launched it new 3G handset, the 6555.

The Wall Street Journal reports that Bershire Hathaway may be interested in buying some parts of Countrywide.

The Wall Street Journal writes that KKR said that in a worst-case scenario it would put $100 million into KKR Financial, a real estate operation in which it has a minority piece.

The Wall Street Journal writes that Paramount and Dreamworks will drop the Blu-ray DVD format and only release HD movies on the HD DVD format backed by Toshiba and Microsoft (MSFT). The move is a blow to Sony (SNE), Blu-ray’s biggest supporter.

The Wall Street Journal writes that Viacom’s (VIA) MTV and RealNetworks (RNWK) will combine online music efforts to challenge the Apple (AAPL) iPod. Verizon Wireless and Vodafone (VOD) have agreed to offer mobile distribution.

The FT writes that GE (GE) plans to sell its Japanese finance unit.

The FT reports that the debt in The Tribune Company (TRB) was downgraded ahead of its LBO.

Barron’s writes that McAdams Wright intiated Clearwire (CLWR) as a buy with a price target of $36.

Douglas A. McIntyre