News Corp. is expected to announce as early as this week that it will buy SportsTime Ohio, a cable channel owned by the Cleveland Indians baseball team, for around $230 million, sources say, marking its second acquisition of a regional sports channel since late last month.
Rupert Murdoch and his son James Murdoch want an American class action lawsuit against them and News International over the U.K. phone hacking scandal dismissed. Not because they may have acted badly but, in a motion filed late last week, because they believe they didn’t break the Securities Exchange Act of 1934.
The News Corp. name will disappear from broadcasting as the company splits in two. The Fox name will be front and center with the new public company to be known as Fox Group.
News Corp. plans to name Wall Street Journal Managing Editor Robert Thomson as CEO of the publishing company that will be spun off. Meanwhile, Tom Mockridge, CEO of News Corp.’s U.K. newspaper unit, is resigning.
Britain’s Crown Prosecution Services said Tuesday that former tabloid editors Andy Coulson and Rebekah Brooks were among five people being charged with conspiracy to commit misconduct in public office.
The agreement values the Yankees regional sports channel at $3 billion now and $3.8 billion when News Corp. decides in three years whether to increase its stake. The Yankees also committed to stay on YES Network through 2042, subject to approval of the deal from Major League Baseball.
News Corp. is in negotiations with the New York Yankees to buy a minority stake in the team’s YES cable network, positioning the media company to gain a larger footprint in the increasingly lucrative realm of sports programming.
“At our broadcast business, our results were mixed this fall,” said President-COO Chase Carey in Tuesday’s conference call with Wall Street analysts. “On the positive side, we continue to be on track with our goal of building a dual revenue stream business through both retransmission and reverse compensation with our affiliates. However, our fall entertainment launches have been below our expectations and a four-game World Series was clearly not what we had hoped for.”
The News Corp. CEO is interested in acquiring the two big metro dailies as owner Tribune Co. finally emerges from backruptcy, according to a report in the Chicago Tribune. But News Corp. says the report is “wholly inaccurate.” One obstacle: regulations that limit ownership of TV stations and newspapers in the same markets. Through Fox, News Corp. owns two stations in Chicago and Los Angeles.
At Tuesday’s News Corp. shareholder meeting, Murdoch and others who voted in alignment with him defeated three reform measures including one that would have forced Murdoch to relinquish his role as board chairman. It was defeated by about 69% of the ballots.
News Corp. CEO Rupert Murdoch, still coping with a phone-hacking scandal that erupted at the company’s U.K. papers last year, faces renewed calls from shareholders today to step down as chairman. Investors have mounted a campaign to separate the chairman and CEO roles — both held by Murdoch — to increase accountability.
News Corp., which has historically followed Disney in the rankings of media/entertainment companies with the largest quarterly revenue and profits, saw its bottom line plummet in its fiscal fourth quarter, falling off SNL Kagan’s list of top 25 media earners altogether.
Criticized for his handling of the British phone-hacking scandal, the youngest son of media mogul Rupert Murdoch is expected to oversee much of News Corp.’s U.S. television businesses including the broadcast network. FNC and the Fox O&Os would still report To Roger Ailes.
No matter what News Corp. does as far as launching a national sports network, the intention is not to take on ESPN, COO Chase Carey said today. Carey didn’t offer anything definitive on the potential conversion of the Fuel or Speed networks into a general sports network, but said both offer options for transformation.
It seeks to have a lawsuit filed by company shareholders thrown out. The shareholders say the company ignored several red flags about the extent of the hacking, dating back several years, and failed to act until the scandal exploded last year. News Corp. says the plaintiffs had not met the standards under Delaware law for bringing the lawsuit or demonstrated that the board acted in bad faith.
In his new role, Paul Cheesbrough, previously News International’s chief information officer, will be responsible for setting News Corp.’s global technology strategy.
The stocks of several entertainment conglomerates continue to fly high.The shares of Walt Disney and News Corp. hit new 52-week highs on Thursday, while CBS Corp.’s stock closed near its high for the past year. The stock gains came as U.S. stock indices like the Dow hit multi-year highs as the European Central Bank approved new measures to fight the debt crisis in several Southern European countries.
Rupert Murdoch could be 84 years old before the British police complete multiple investigations into The News of the World phone-hacking scandal. Deputy assistant commissioner Sue Akers, who’s in charge of three overlapping probes into alleged criminal wrongdoing by journalists, said the task may continue through 2015.
News Corp.’s chief digital officer since 2009 is leaving at the end of September ahead of the company’s planned split into separate entertainment and publishing businesses.
Citizens for Responsibility and Ethics says the British phone-hacking scandel shows that the News Corp. subsidiary “lacks the requisite character to hold broadcast licenses here in the United States.’ The stations involved are WTTG-WDCA Washington and WUTB Baltimore.’
Netflix could make a big impression by acquiring Starz after its spin-off, but a deal seems unlikely
For its fiscal fourth quarter ending in June 2012, News Corp. said its Fox network unit had lower TV advertising, largely due to lower American Idol ratings. But revenues were offset by retrans revenues, which doubled versus the prior-year period.
LONDON (AP) — The Church of England says it has sold its shareholding in Rupert Murdoch’s News Corp. because of findings that the media giant was involved in phone hacking. The church says in a statement Tuesday it is not satisfied that News Corp. has shown, or is likely to show, a commitment to reform […]
British prosecutors are evaluating whether to bring charges against News Corp.‘s London-based publishing unit in connection with the phone-hacking scandal, according to a person familiar with the investigation who requested anonymity because of the sensitivity of the matter.
Roku, the maker of a nifty device that plays a variety of content over televisions, is getting $45 million in a new round of investment from News Corp. and British Sky Broadcasting.
Eight people, including former News of the World editors Rebekah Brooks and Andy Coulson, will face a total of 19 charges relating to phone hacking.
Hill was named senior executive vice president of the corporation after more than a decade running Fox Sports. Rice, who served as entertainment chairman at Fox Networks Group since 2010, has been named chairman and CEO of the division.
Murdoch stepped down this past week as a director of NI Group, Times Newspaper Holdings and News Corp. Investments in the U.K. The companies oversee The Sun, The Times and The Sunday Times.
News Corp. is donating $20 million to the Motion Picture & Television Fund, the media company said today. The gift will go toward the Hollywood charity’s $350 million capital campaign. The MPTF provides assistance, medical care and housing to TV and movie business retirees.
A year ago Wednesday, the world was shocked by that headline in the Guardian. It was the headline that turned Rupert Murdoch’s phone hacking scandal from a local irritant to an international catastrophe, and kicked off a crisis that has shown no signs of slowing down.
For years, the success of News Corp.’s lucrative cable and entertainment assets formed a buffer between its print properties and the downturn in the newspaper industry. Now, many journalists at those newspapers worry about what will happen as they become part of a much smaller company.
News Corp. CEO Rupert Murdoch long resisted any suggestion that the media conglomerate spin off the newspaper assets. But recently he became more receptive to the idea, and this week, he relented.
The global media conglomerate will be divided into two publicly traded companies. One entity will operate as a newspaper and book publishing firm. The other will be an entertainment company that includes the 20th Century Fox movie studio, the Fox broadcast TV network and the Fox News cable channel.
The Wall Street Journal reported late Wednesday that the News Corp. board voted unanimously to approve a plan splitting the global media conglomerate into two separate publicly traded companies. One will operate as a newspaper and book publishing firm. The other will be an entertainment company that includes the Fox News cable channel, the Fox broadcast TV network and the 20th Century Fox movie studio.
News Corp. said yesterday that it is considering splitting the $53 billion media company. After rising 8.3% on the news, News Corp. is still valued at an almost 10% discount to media stocks versus earning.
Rupert Murdoch is overseeing internal discussions on splitting his News Corp. media company into two, one focusing on publishing and the other on entertainment, according to two people familiar with the matter. The talks are at a late stage, one of the people said.