Media Digest 7/3/2007 Reuters, WSJ, NYTimes, FT, Barron's

According to Reuters, SAP (SAP) admitted that one of its divisions has inappropriately downloaded documents from rival Oracle (ORCL), but said the parent company never had access to them.

Larry Ellison’s company, NetSuite, a potential competitor to Oracle, has filed to go public leaving the executive with a tough balancing act.

The European Union is probing whether DVD format Blu-ray employed any anti-competitive practices to get relationships with Hollywood studios, according to the WSJ

The Wall Street Journal writes that Danone’s (DA) possible sale of its biscuit business to Kraft (KFT) could make the balance of the business a takeover target.

The Wall Street Journal says Blackstone (BX) is considering taking a stake in a state-owned chemical company in China.

The Wall Street Journal writes that a new study shows that Merck’s (MRK) Vioxx started to cause heart problems in some patients almost immediately after taking the drug. The research could hurt the company’s defense of product liability claims.

The Wall Street Journal writes that while GM (GM) has good short-term prospects due to cost-cutting, longer terms it still faces challenge on the revenue side of its business.

The Nokia-Siemens joint venture in the telecom equipment business will make a large investment in India to strengthen its foothold there as a provider of infrastructure, according to WSJ.

The New York Times writes that Och-Ziff Capital Management, a $26.8 billion hedge fund, filed for a $2 billion IPO.

Barron’s writes that Local.com rose sharply as investors speculated that its new patents could bring in millions in royalties.

Douglas A. McIntyre