Media Digest: Reuters, WSJ, NYT, FT, Bloomberg

Sony Corp. (NYSE: SNE) cuts forecasts for game console margins for the next several years. (MarketWatch)

Sony also cuts targets for smartphones and camera sales. (Reuters)

A complex Irish tax loophole helps Apple Inc. (NASDAQ: AAPL) save billions in taxes. (Reuters)

Merck & Co. Inc. (NYSE: MRK) sets a $5 billion share buyback through Goldman Sachs Group Inc. (NYSE: GS). (Reuters)

Sprint Nextel Corp. (NYSE: S) raises its offer for Clearwire Corp. (NASDAQ: CLWR), but many investors think the new sum is inadequate. (Reuters)

Jamie Dimon has a stronger position at J.P. Morgan Chase & Co. (NYSE: JPM) now that he will keep both the CEO and chairman jobs. (WSJ)

Prosecutors may use the Racketeer Influenced and Corrupt Organizations Act (RICO) to charge SAC Capital Advisors. (WSJ)

Ford Motor Co. (NYSE: F) will increase production by 200,000 vehicles this year. (WSJ)

ESPN, which is majority owned by Walt Disney Co. (NYSE: DIS), begins a series of large layoffs. (WSJ)

Phone companies start to sell subscriber data to marketers. (WSJ)

Vodafone Group PLC (NASDAQ: VOD) says it will use a dividend from Verizon Wireless to expand its main businesses in Europe. (WSJ)

Renault and Nissan aggressively invest to increase market share in India. (WSJ)

J.C. Penney Co. Inc.'s (NYSE: JCP) $2.25 billion loan, backed by real estate, will show how much leverage such assets hold. (WSJ)

The new Microsoft Corp. (NASDAQ: MSFT) Xbox will face rising competition from online games. (NYT)

The Bank of Japan decides not to increase its monetary easing plans. (FT)

Japan's trade deficit rises as high-priced imports offset the effects of a weaker yen. (FT)

Rumors surface that Sony may spin out its entertainment unit. (Bloomberg)

Filed under: 24/7 Wall St. Wire, Press Digest Tagged: AAPL, CLWR, DIS, F, GS, JCP, JPM, MRK, MSFT, S, SNE, VOD