Media Digest 5/5/2008 Reuters, WSJ, NYTimes, FT, Barron's

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According to Reuters. Warren Buffett says that US is in a recession and large banks will face more pain.

Reuters writes that Yahoo! (YHOO) may face lawsuits after rejecting an offer from Microsoft (MSFT).

Reuters writes that, because of FDA action, the future of several major cholesterol drugs is up in the air.

Reuters write that Alan Greenspan say that the US in in a "pale" mild recession.

The Wall Street Journal reports that Microsoft (MSFT) will have to find a new strategy for rapidly expanding its online operations, that AOL may still be bought by Yahoo!, and that Yahoo! will have a tough time reassuring skeptics.

The Wall Street Journal writes that Deutsche Telecom (DT) is looking at a possible buy-out of Sprint (S).

The Wall Street Journal reports that United (UAUA) is stepping up merger talks with US Air (LCC).

The Wall Street Journal writes that "Iron Man" produced by Marvel (MVL) brought in $100 million in the US over the weekend.

The Wall Street Journal writes that the dollar may be ready for a rally.

The New York Times writes that cellphone based mobile TV is spreading but it may not be able to make money.

The FT writes that United Air may ask creditors to revise terms of key lending agreements.

UBS (UBS) may cut 8,000 jobs after its first quarter loss.

Douglas A. McIntyre