Media Digest 6/7/2007 Reuters, WSJ, NYTimes, FT, Barron's

According to Reuters, same-store sales at Costco (COST) were up 7% to May.

Reuters writes that the game unit of Sony (SNE) is cutting jobs in the US and Europe as the PS3 faces poor sales.

Reuters writes that Microsoft (MSFT) and LG of Korea have entered a patent cross-licensing agreement.

The Wall Street Journal writes that one of the executive who took two Philadelphia papers private last year is interested in talking to Dow Jones (DJ).

The Wall Street Journal also writes that Vodafone (VOD) investors are pressuring the company for a restructuring plan to raise its stock price.

The Wall Street Journal also reports that the FDA wants a warning on the GlaxoSmithKline (GSK) drug Avandia warning about risks of heart failure.

The WSJ also reports that several large cell phone companies are launching handsets to compete with the Apple (AAPL) iPhone.

The New York Times writes that CEOs of the Big Three seem to be making progress in getting Congress to be less aggressive in raising emission standards.

The FT writes that Ford (F) showed advances in vehicle quality in the latest JD Power survey.

Barron's writes that BankRate (RATE) and The Knot (KNOT) may be takeover targets by larger internet companies.

Douglas A. McIntyre