Media Digest 5/20/2008 Reuters, WSJ, NYTimes, FT, Bloomberg

According to Reuters, Microsoft (MSFT) is proposing to buy Yahoo!’s (YHOO) search business.

Reuters writes that Barclays (BCS) is looking at a possible bid for Lehman (LEH).

Reuters reports that customer satisfaction with airlines is the lowest since 2001.

Reuters reports that Staples (SPLS) has launched a hostile bid for Corporate Express.

Reuters reports that the SEC has filed charges against eight ex-AOL employees.

Reuters reports that Wachovia (WB) and Fifth Third had losses in a Citigroup (C) hedge fund.

The Wall Street Journal writes that the auto industry turnaround is being threatened by the current slump which may spread to related industries.

The Wall Street Journal writes that the US has raised its estimate for food inflation in 2008 from 4.5% to 5.5%.

The Wall Street Journal writes that cellphone purchases in the US fell in the first quarter.

The New York Times writes that Napster has started an MP3 store to compete with Apple (AAPL) iTunes.

The New York Times writes that Google (GOOG) will offer a service for people to host personal health records on the internet.

The New York Times writes that NetFlix (NFLX) will offer a device for instantly watching movies on a customer’s TV set.

The FT writes that figures show the US breaking its addiction to foreign oil.

The FT reports that Goldman Sachs (GS), Morgan Stanley (MS), and UBS (UBS) are linking their private stock trading operations to improve liquidity.

Bloomberg writes that a $100 billion bet on mortgages lost $24 billion over nine months.

Bloomberg reports that as the subprime mortgage mess fades the US will have subpar growth for some time.

Bloomberg writes that banks, including Citigroup (C), hid $35 billion in write-downs by keeping them off their income statements.

Douglas A. McIntyre