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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Book Deals: Week of September 2, 2024

One Signal acquires ‘Science’ journalist Charles Piller’s book on the search for a cure for Alzheimer’s, former Lakers star James Worthy sells a memoir to Avid Reader Press, and more. Continue reading at Publishers Weekly

[ Publishers Weekly | 2024-08-30 04:00:00 UTC ]
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This Week’s Bestsellers: September 2, 2024

Jodi Picoult has the #3 book in the country with ‘By Any Another Name,’ a fictional exploration of the theory that poet Emilia Bassano ghostwrote Shakespeare’s works. Plus Adalyn Grace wraps her Belladona YA romantasy trilogy, and William Kent Krueger makes a ‘Spirit Crossing’ onto our list. Continue reading at Publishers Weekly

[ Publishers Weekly | 2024-08-30 04:00:00 UTC ]
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A Civic Education in YA: YA Book Talk and News, August 22, 2024

These YA books explore American civics and encourage readers to get involved in the democratic process. That, plus this week's YA book news. Continue reading at Book Riot

[ Book Riot | 2024-08-22 15:00:00 UTC ]
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In hard times for media companies, these people are working to bolster Indigenous news coverage in Sask.

Times are hard for print media in Saskatchewan. This is true for Indigenous-focused news outlets just like any other. But some are adapting to change and hoping to inspire the next generation of Indigenous journalists. Continue reading at CBC

[ CBC | 2024-08-19 10:00:00 UTC ]
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Good media news! The Onion is back in print.

Beloved comedy publication The Onion has started back up with a paper-and-ink print edition for the first time in over ten years. As announced on the comedy institution’s website and in a story in The New York Times, The Onion has decided to return to their roots as a newsprint, fish-wrappable,... Continue reading at Literrary Hub

[ Literrary Hub | 2024-08-16 17:57:49 UTC ]
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TikTok fights the DOJ on the First Amendment, compares itself to these American news outlets

TikTok argued that it should still have free speech protections like foreign-owned American news outlets Politico and Business Insider. TikTok on Thursday pushed back against U.S. government arguments that the popular social media platform is not shielded by the First Amendment, comparing its... Continue reading at Fast Company

[ Fast Company | 2024-08-16 12:30:37 UTC ]
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What Is Weeding and When Is It Not Actually Weeding?: Book Censorship News, August 16, 2024

What is weeding in libraries and when is it a disguise for banning books? That, plus this week's book censorship news roundup. Continue reading at Book Riot

[ Book Riot | 2024-08-16 12:30:00 UTC ]
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YA Women in Translation + YA Book News: August 15, 2024

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[ Book Riot | 2024-08-15 15:00:00 UTC ]
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Datura Will Start Reissuing Orphaned Polis Titles in November

The crime imprint of U.K.-based publisher Angry Robot will release more than two dozen books by 17 authors that it acquired from the recently shuttered Polis Books over the next three years. Continue reading at Publishers Weekly

[ Publishers Weekly | 2024-08-14 04:00:00 UTC ]
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How Houston Students Are Pushing Back On Censorship, and More Library News

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[ Book Riot | 2024-08-09 15:45:00 UTC ]
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Bible Publishers Spread the Good News

Publishers are incorporating commentary from global perspectives and contemporary presentations in forthcoming Bibles. Continue reading at Publishers Weekly

[ Publishers Weekly | 2024-08-09 04:00:00 UTC ]
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4+ YA Cover Makeovers: YA Book Talk and News, August 8, 2024

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[ Book Riot | 2024-08-08 15:15:00 UTC ]
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GMA Picks Silvia Moreno-Garcia’s THE SEVENTH VEIL OF SALOME for Book Club and More Book News!

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[ Book Riot | 2024-08-08 15:15:00 UTC ]
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The Biggest Book News of the Week

Sexual assault allegations against Neil Gaiman, Project 2025's impact on books & education, saying goodbye to an OG queen of YA, and more. Continue reading at Book Riot

[ Book Riot | 2024-08-03 15:00:00 UTC ]
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Portal Fantasies and New Books: Swords and Spaceships, August 2, 2024

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[ Book Riot | 2024-08-02 15:00:00 UTC ]
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The Week in Libraries: August 2, 2024

Among the week's headlines: a new EveryLibrary report explores the threat to libraries posed by the Heritage Foundation's Project 2025; Maggie Tokuda-Hall weighs in on book bans for 'Book Riot'; and a mother and TikToker in Idaho details her experience with the state's new harmful to minors law. Continue reading at Publishers Weekly

[ Publishers Weekly | 2024-08-02 04:00:00 UTC ]
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Straight to your inbox: meet the journalists shaking up local UK news

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[ The Guardian | 2024-07-28 07:00:48 UTC ]
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The Biggest Book News of the Week

Kamala Harris book sales, TikTok book awards, the Book of the Summer is here, and more. Continue reading at Book Riot

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Dive Into Some New YA Mysteries: YA Book Talk + News, July 25, 2024

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[ Book Riot | 2024-07-25 15:00:00 UTC ]
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