News Corp. spinoff to start with $2.6B in cash

News Corp.'s publishing spinoff will be armed with $2.6 billion in cash and no debt, demonstrating Chairman Rupert Murdoch's passion for print even as the new company confronts an industry in decline.The cash pile could come in handy for acquisitions or just to shore up the publishing business, which includes the Wall Street Journal in the U.S. and the Sun newspaper in the U.K. The unit, which will become a separate publicly held business in June, will also have access to a revolving credit line, New York-based News Corp. said today in a filing.Mr. Murdoch, News Corp.'s founder and chief executive officer, is breaking off the division from the company's entertainment operations, which will be called Fox Group Inc. News Corp. agreed to the spinoff last year, bowing to pressure from shareholders who wanted the company to focus on its more valuable television and film businesses.News Corp. rose 1% to $30.25 at 10:20 a.m. The stock had increased 17% this year through yesterday, compared with an 8.3% gain for the Standard & Poor's 500 Index.The publishing spinoff will have $18.6 billion in total assets. Its debt-free balance sheet puts it far ahead of publishers such as New York Times Co., with $163 million in net debt; Gannett Co., with $1.26 billion; and McClatchy Co., with $1.78 billion, according to data compiled by Bloomberg.The parent company will give $1.82 billion in cash to the new publishing business, pushing its total to $2.6 billion, according to today's... Continue reading at 'Crains New York'

[ Crains New York | 2013-03-08 00:00:00 UTC ]
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Other news stories related to: "News Corp. spinoff to start with $2.6B in cash"

News Corp. spinoff to start with $2.6B in cash

News Corp.'s publishing spinoff will be armed with $2.6 billion in cash and no debt, demonstrating Chairman Rupert Murdoch's passion for print even as the new company confronts an industry in decline.The cash pile could come in handy for acquisitions or just to shore up the publishing business,... Continue reading at Crains New York

[ Crains New York | 2013-03-08 00:00:00 UTC ]
More news stories like this | All news stories tagged with: #$2 million #$4 million #began working #legal fees #mobile phone

News Corp. Spinoff Pegs Value of Publishing at $9.1 Billion (2)

News Corp. (NWSA)’s publishing spinoff began trading today at a market value of about $9.1 billion, one-seventh the size of the entertainment side of the media empire, underscoring the business’s growth challenges. The &ldqu ... Continue reading at Editor & Publisher

[ Editor & Publisher | 2013-06-20 00:00:00 UTC ]
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News Corp. publishing firm to start with $2.6 billion in cash

News Corp.'s soon-to-be publishing company will begin life with no debt and about $2.6 billion in cash -- illustrating the parent company's attempt to provide the new entity with solid financials and money for acquisitions. Continue reading at Los Angeles Times

[ Los Angeles Times | 2013-03-09 00:00:00 UTC ]
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News Corp goes all-in on Matildas – but tries to waltz away with fans’ cash | The Weekly Beast

Matildas fans hit paywall as part of News Corp subscription drive. Plus: AFR retracts piece after confusion about Bridget McKenzieFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastChannel Seven enjoyed historic... Continue reading at The Guardian

[ The Guardian | 2023-08-18 01:59:54 UTC ]
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We didn't start the fire: News Corp defends false arson claims that spread worldwide | Weekly Beast

‘We never overplayed the arson story,’ Campbell Reid protests. Plus: Virginia Trioli punches backCampbell Reid came armed with facts and figures to defend the Murdoch empire from accusations of climate denialism.News Corp’s corporate affairs executive was part of a Judith Neilson Institute... Continue reading at The Guardian

[ The Guardian | 2020-03-13 02:26:57 UTC ]
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News Corp Tabloid the Herald Sun Offers Journalists Cash Bonuses for Clicks

The News Corp tabloid newspaper the Herald Sun is offering journalists a financial bonus of between $10 and $50 for Continue reading at Editor & Publisher

[ Editor & Publisher | 2019-06-24 15:22:05 UTC ]
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News Corp tabloid the Herald Sun offers journalists cash bonuses for clicks

Reporters to be financially rewarded if readers subscribe to site and reach certain number of page views The News Corp tabloid newspaper the Herald Sun is offering journalists a financial bonus of between $10 and $50 for driving digital subscriptions and traffic through their own stories.If... Continue reading at The Guardian

[ The Guardian | 2019-06-24 06:04:56 UTC ]
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News Corp. returns to black in final year before spinoff

News Corp., the publishing company that owns The Wall Street Journal, reported $506 million in net income for the fiscal year ended June 30, the last year before its split from Rupert Murdoch's entertainment operations.The profit, which amounted to 87 cents a share, compared with a loss of $2.08... Continue reading at Crains New York

[ Crains New York | 2013-09-21 00:00:00 UTC ]
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Fox stock up 2%; News Corp. holds its own in first day of trading

On the first day of trading as separate companies, Rupert Murdoch's television and movie empire, 21st Century Fox, gained nearly 2% while the publishing company ended the day down 5%.     Continue reading at Los Angeles Times

[ Los Angeles Times | 2013-07-02 00:00:00 UTC ]
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News Corp. Spinoff Forces Publishing Arm to Prove Growth

Rupert Murdoch bowed to investor pressure to split his six-decade-old publishing business from the rest of News Corp. (NWSA)’s media empire. Now it’s time for the newspaper unit to prove it can make it on its own. The publishing ... Continue reading at Editor & Publisher

[ Editor & Publisher | 2013-06-28 00:00:00 UTC ]
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New News Corp gets $2.5b cash injection

Rupert Murdoch's News Corp will start its largely print-based publishing company with no debt and $2.5 billion in cash when it completes the spinoff. Continue reading at The Sydney Morning Herald

[ The Sydney Morning Herald | 2013-03-09 00:00:00 UTC ]
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Australia to Play Big Role in News Corp.'s Publishing SpinOff

In splitting News Corp. into two companies, Rupert Murdoch is creating something he hasn't had in years: an Australian media company. By some measures, the publishing company to emerge from the division of News Corp. sometime next year will have ... Continue reading at Editor & Publisher

[ Editor & Publisher | 2012-10-17 00:00:00 UTC ]
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News Corp finds someone to blame after pulling the plug on AAP (hint: it's not News Corp) | Weekly Beast

Murdoch mastheads point finger at ABC, Facebook and the Guardian, among others. Plus: what KFC and bidets say about the state of journalismThe demise of AAP has unexpectedly ignited a war of words between media companies over who is to blame.According to News Corp – one of the major shareholders... Continue reading at The Guardian

[ The Guardian | 2020-03-06 02:34:45 UTC ]
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News Corp says misinformation bill might restrict its news sites because of comment sections

Contentious proposed bill would exclude professional news content, but News Corp worried that it would be considered a media serviceFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastNews Corp has raised concerns the federal... Continue reading at The Guardian

[ The Guardian | 2024-10-17 06:17:31 UTC ]
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News Corp cuts driven by Murdoch’s mission to prop up news assets

Weeks after Fox merger scrapped investors say market value languishing because of underperforming businesses in portfolioThe shrinking of Rupert Murdoch’s News Corporation by 1,250 roles after a plunge in profits of almost a third serves as a stark reminder that the billionaire mogul’s abortive... Continue reading at The Guardian

[ The Guardian | 2023-02-10 16:37:18 UTC ]
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Peter Gleeson leaves News Corp’s Courier-Mail and Sky News after multiple instances of plagiarism

In one case the Courier-Mail columnist and Sky News presenter filled almost half a column with the unattributed reporting of a regional ABC journalistGet our morning and afternoon news emails, free app or daily news podcastThe Sky News presenter and Courier-Mail columnist Peter Gleeson has left... Continue reading at The Guardian

[ The Guardian | 2022-11-24 07:57:58 UTC ]
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News Corp again scoops the pool at News Awards as Walkleys reveal nominations | Weekly Beast

Story nominated for News gong branded ‘national disgrace’ by Indigenous reporters. Plus: SMH all wrapped up in The EverestFollow our Australia news live blog for the latest updatesGet our free news app, morning email briefing or daily news podcastThere’s one thing guaranteed at the annual... Continue reading at The Guardian

[ The Guardian | 2022-10-14 03:11:42 UTC ]
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James Murdoch resigns from news publisher News Corp's board

James Murdoch, son of News Corp founder Rupert Murdoch, is resigning from the family-controlled newspaper publisher’s board Continue reading at ABC News

[ ABC News | 2020-07-31 22:55:44 UTC ]
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James Murdoch's attack on News Corp and Fox News 'not discussed by board'

Director Peter Barnes says board has not talked about attack on Fox News and News Corp’s climate coverageThe lead independent director of Rupert Murdoch’s News Corp, Peter Barnes, says the media group’s board has yet to discuss James Murdoch’s attack on the company over its stance on the climate... Continue reading at The Guardian

[ The Guardian | 2020-01-15 07:29:48 UTC ]
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News Corp Answers Big Tech by Exploring its Own News Distribution Site

In a response to most news publishers’ checklist of needs from a digital conduit to their content, News Corp is Continue reading at Editor & Publisher

[ Editor & Publisher | 2019-09-12 18:30:12 UTC ]
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