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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Written By: Charlotte Williams Publication Date: Thu, 02/06/2011 - 09:01 Weidenfeld & Nicolson has acquired a "definitive biography" of country music star, the "Man in Black", Johnny Cash. W&N publisher Alan Samson bought world English rights, excluding US and Canada, to the biography... Continue reading at The Bookseller
[ The Bookseller | 2011-06-02 00:00:00 UTC ]
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From Yahoo's The Cutline: At a panel during the TechCrunch conference in New York last week, Greg Clayman, publisher of News Corp.'s Daily iPad publication, said the application had "almost a million downloads" since its launch in February. "This puts us in the large pantheon of large apps,"... Continue reading at Folio Magazine
[ Folio Magazine | 2011-05-31 00:00:00 UTC ]
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Durham, North Carolina-based Food News Media, a b-to-b publisher serving the food and restaurant industry, has introduced Restaurant Management, a mobile magazine targeting full-service restaurateurs and executives. Continue reading at Folio Magazine
[ Folio Magazine | 2011-05-19 00:00:00 UTC ]
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Apple is winning over the big publishers. Last week, Hearst Corp. said it planned to start selling its magazines using Apple's new iTunes subscription service. Now rival Conde Nast is actually doing it, via the publisher's New Yorker title. Continue reading at AllThingsD
[ AllThingsD | 2011-05-09 00:00:00 UTC ]
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Written By: Benedicte Page Publication Date: Fri, 06/05/2011 - 11:28 Quercus has enjoyed "strong double-digit growth" across both its trade and contract divisions in the first four months of 2011, chief executive Mark Smith announced today (6th May) at the publisher's annual general meeting in... Continue reading at The Bookseller
[ The Bookseller | 2011-05-06 00:00:00 UTC ]
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Joining the line of publishers who are entering the e-commerce space is New York magazine and NY.com; theyve announced a New York City-specific online deals program that is set to launch in May. Continue reading at Folio Magazine
[ Folio Magazine | 2011-05-03 00:00:00 UTC ]
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An analysis of the digital e-reading market via a Codex Group survey kicks off this week's news section which is followed by a piece on what Rodale is now doing in the digital space. BOA Editions is celebrating 35 years of publishing poetry and other forms of literature largely ignored by... Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-04-29 00:00:00 UTC ]
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Written By: Charlotte Williams Publication Date: Thu, 28/04/2011 - 08:00 Viking has been scanning the local papers and choosing the most eyebrow-raising headlinesoften for all the wrong reasonsin a tribute to the quirky world of slow news days. Whitstable Mum in Custard Shortage . . And... Continue reading at The Bookseller
[ The Bookseller | 2011-04-28 00:00:00 UTC ]
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In deciding to launch the ABC Video Bookstore, Andrew Morse said the giant media company was looking for a product that could reach viewers who are attached to a digital reading device, be it an iPad, Kindle, or cellphone, and decided that an enhanced ebook was the right one. Continue reading at Publishers Weekly
[ Publishers Weekly | 2011-04-25 00:00:00 UTC ]
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The 99-cents a week-service looks like the kind of thing that could drive the New York Times and the Associated Press batty. Instead, they've signed on for a piece of the action. Continue reading at AllThingsD
[ AllThingsD | 2011-04-20 00:00:00 UTC ]
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Written By: Benedicte Page and Philip Stone Publication Date: Mon, 11/04/2011 - 09:40 Book sales have slumped on both sides of the Atlantic as the British and American markets experienced year-on-year declines in the first quarter of 2011. Book sales in the UK were down 3.1% to £324m, with... Continue reading at The Bookseller
[ The Bookseller | 2011-04-11 00:00:00 UTC ]
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Written By: Lisa Campbell Publication Date: Thu, 07/04/2011 - 16:03 Online retailer Play.com has announced it is seeking investment for European expansion. The internet bookseller and UKs market leader in online DVD sales revealed today (7th April) it has appointed Lazard to explore... Continue reading at The Bookseller
[ The Bookseller | 2011-04-07 00:00:00 UTC ]
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We continue to look at the events that made the Internet into what it is today. In this part we examine blogs, Napster, Skype, online books, Facebook, and more. Continue reading at PC World
[ PC World | 2011-04-04 00:00:00 UTC ]
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Written By: Benedicte Page Publication Date: Tue, 29/03/2011 - 08:51 Busy schedules and a strong presence from US publishers in an "upbeat" mood were reported on the first day of the Bologna Book Fair. Hodder Children's Books publishing director Anne McNeil said the fair was busier than it had... Continue reading at The Bookseller
[ The Bookseller | 2011-03-29 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Fri, 18/02/2011 - 08:15 Publishing staff at Cambridge University Press (CUP) have voted to reject a pay increase of 2%. The proposed pay increase, which CUP has described as reasonable and in line with other pay settlements, has led the Unite union to... Continue reading at The Bookseller
[ The Bookseller | 2011-02-18 00:00:00 UTC ]
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While its probably not surprising given the buzz around the launch of News Corp.s tablet-only publication, but The Daily is currently #1 in Top Apps and #1 in News Apps, according to topappcharts.com. Continue reading at Folio Magazine
[ Folio Magazine | 2011-02-09 00:00:00 UTC ]
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Written By: Lisa Campbell The highest number of shoppers since records began have "no spare cash" to spend, it has been revealed. Statistics released in the latest Consumer Confidence Survey today (2nd February) by the Nielsen Company have found that nearly a third of shoppers reported they... Continue reading at The Bookseller
[ The Bookseller | 2011-02-02 00:00:00 UTC ]
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TED, known for exclusive events and online videos of speeches by celebrities like Al Gore, Bono and Malcolm Gladwell, plans to publish its own short ebooks, beginning with three that went on sale Wednesday. Continue reading at The New York Times
[ The New York Times | 2011-01-26 00:00:00 UTC ]
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