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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The News Book Riot Covered This Week

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[ Book Riot | 2024-11-02 15:00:00 UTC ]
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Texas Library Re-Classifies Nonfiction Native American History Book as Fiction: Book Censorship News, November 1, 2024

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[ Book Riot | 2024-10-25 12:30:00 UTC ]
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[ Engadget | 2024-10-18 22:31:43 UTC ]
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[ Crains New York | 2024-10-17 09:48:11 UTC ]
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Sky News’ Sharri Markson tells Benjamin Netanyahu Labor is ‘hostile’ to Israel in ‘confidential’ meeting | The Weekly Beast

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[ The Guardian | 2024-10-11 00:31:16 UTC ]
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