10:28 AM EST - Magna Entertainment Corp. : is partnering with Churchill Downs after reducing its fourth-quarter loss to US$12.5 million from a year-earlier US$39.7 million amid asset sales. The firm said Monday it will team up with Churchill Downs of Louisville, Ky., to form a media management company called TrackNet Media Group LLC. In addition, Churchill Downs has bought a 50 per cent stake in Magna Entertainment's horse racing TV channel, HRTV. Magna Entertainment
shares T.MEC.A are trading down 5 cents at $4.75.
