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 ]
As part of an agreement to avoid a government shutdown, the new funding deal would add about $2 million to the budgets at both agencies through September 2017. Continue reading at Publishers Weekly
[ Publishers Weekly | 2017-05-02 00:00:00 UTC ]
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The National Endowment for the Humanities (NEH) has announced $79 million in grants for 290 humanities projects and programs across the United States, including more than $4 million to book-related projects. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-08-11 00:00:00 UTC ]
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At the 11th annual Thrillerfest banquet, held July 9 in New York City, John Lescroart won a charity award for helping to raise over $2 million for Sacramento’s libraries. Joyce Carol Oates picked up the Best Short Story honor for her story, 'Gun Accident.' Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-07-13 00:00:00 UTC ]
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Attorneys for the publishers argue that a recent Supreme Court decision in another high profile copyright case—Kirtsaeng v. Wiley—should take them off the hook for paying GSU's legal fees. Continue reading at Publishers Weekly
[ Publishers Weekly | 2016-07-01 00:00:00 UTC ]
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Rupert Murdoch’s News Group Newspapers pushed to loss as value of publishing rights falls and £50m is set aside to deal with continuing cost of hacking scandalThe publisher of the Sun has recorded a loss of more than £250m after making a huge write-down and paying out further costs associated... Continue reading at The Guardian
[ The Guardian | 2016-03-23 00:00:00 UTC ]
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The past week has been filled with great data points. Here are 14 of the more intriguing numbers we came across: 1. Airbnb is on track to make $900 million this year, The Wall Street Journal reported. That's more than triple what it made in 2013 ($250 million). Internally, the sharing-economy... Continue reading at AdWeek
[ AdWeek | 2015-06-22 00:00:00 UTC ]
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Bloomsbury has acquired a first book by engineer Roma Agrawal following an auction. Agrawal is a prize-winning engineer who began working on the Shard, western Europe's tallest building, aged just 23. Commissioning editor Natalie Bellos signed world rights to Building Storeys from Patrick... Continue reading at The Bookseller
[ The Bookseller | 2015-03-21 00:00:00 UTC ]
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Over the last year, Humble Bundle, the promotional site that lets readers pay what they wish for bundles of DRM-free content, released 18 bundles that generated $4.75 million in revenue. Continue reading at Publishers Weekly
[ Publishers Weekly | 2014-12-17 00:00:00 UTC ]
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Union pays Lucy Adams' legal costs after falsely accusing her department of being involved in a 'dirty tricks' campaignThe National Union of Journalists has apologised to the BBC's outgoing human resources director Lucy Adams and paid her legal costs after falsely accusing her department of... Continue reading at The Guardian
[ The Guardian | 2013-12-03 00:00:00 UTC ]
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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 ]
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Social media aggregation site Storify debuted a major aesthetic refresh to its Web site on Tuesday morning, revamping the main homepage and tweaking the site's search tools to better surface the most relevant media among the items from Twitter, Facebook, Instagram and others that are published... Continue reading at AllThingsD
[ AllThingsD | 2012-11-20 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Fri, 22/07/2011 - 11:03 Chatto & Windus has signed a book by the Guardian journalist who revealed the News of the World hacked the mobile phone of murdered schoolgirl Milly Dowler. Senior editor Poppy Hampson bought UK & Commonwealth rights to... Continue reading at The Bookseller
[ The Bookseller | 2011-07-22 00:00:00 UTC ]
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Written By: Graeme Neill Publication Date: Thu, 03/03/2011 - 07:34 Almost half of teenagers have read a book on a computer, according to a new survey to mark World Book Day. As hundreds of events get under way across the country today, 40.8% of teenagers said they had read a book on a... Continue reading at The Bookseller
[ The Bookseller | 2011-03-03 00:00:00 UTC ]
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