And now this morning's worthy media business news...

News Corp sees a little jump in profits and the future looks bright [NYT] News Corp had their earnings call yesterday with News Corp number two Peter Chernin playing host where he told analysts and investors that the company isn't hurting from ad slumps, in fact Chernin said advertising sales are higher at News Corp's Fox News Channel and the Fox Broadcasting television network, which is offsetting a decline in its movie studio business. The company beat Wall Street revenue expectations of $8.3 billion by $300 million coming in at $8.6 billion. Oh yeah and Myspace is doing great too. Sun-Times Media Group looking at ways to make it's shareholders even richer. One option on the table? Slapping a big for sale sign on the company [NYT] Sun-Times Media Group is looking for an easy way out where all involved can cash out and go on about their business. The company is said to be weighing their options like entering a joint venture, strategic partnership or selling the whole company. Our money is on the latter. The question is who will drop the cash? Microsoft offers a shit load of cash for Yahoo! and what does Yahoo! do? They drop their music subscription business and will replace it with Realnetworks' Rhapsody [Reuters] We thought with the load of cash (over $40 billion) Steve Ballmer and Bill Gates are dangling in front of Yahoo! Founder and CEO Jerry Yang’s face he would be in the trenches with his sleeves rolled up trying to get Bill and Steve to go up to an even $50 Billion. Nope. Instead we get word that Yahoo! is dropping their subscription music service in favor of Rhapsody, a service from RealNetworks. The deal calls for Yahoo! to promote Rhapsody all over its website... DUH! The deal calls for both companies to come up with other music related digital ventures as well YAWN! Did we mention that if you're currently a Yahoo Music subscriber paying the $9 a month you will continue to pay that amount for the new Rhapsody service until Rhapsody dips in your pocket for $15 a month? Do you even care?