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AirMedia Rises on Upgrade, Contract

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By AP
12 March 2008 @ 01:24 pm EST

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NEW YORK - AirMedia Group Inc.'s stock edged upward Wednesday after a Susquehanna Financial Group analyst upgraded the company and the company inked a deal with Shanghai Media Group.

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AirMedia operates 2,000 televisions in airports and on airplanes that show programs and advertisements. AirMedia signed a deal for Shanghai Media Group to provide news and theme programs for AirMedia's TVs.

By showing better programming, the TVs are more likely to attract viewers when advertisements are being shown, AirMedia said.

AirMedia will show Shanghai Media Group's content from March 2008 through February 2010.

Separately, Susquehanna Financial Group analyst C. Ming Zhao upgraded AirMedia to "Positive" from "Neutral."

He said his research indicates results are tracking well so far for the quarter on strong capacity, utilization and prices.

Shares of AirMedia climbed 42 cents, or 2.4 percent, to $17.92.

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