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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News Corp said it would not take a cut of ad revenue generated by articles from Knewz.com. Continue reading at Media Week
[ Media Week | 2019-08-23 08:34:39 UTC ]
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News Corp wants to give people an alternative to Google News and Apple News. The media company that owns Dow Jones Newswires and HarperCollins is working on its own news aggregation service, reported The Wall Street Journal. The service will be calle... Continue reading at Engadget
[ Engadget | 2019-08-22 21:14:00 UTC ]
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News Corp. said it is evaluating options for its News America Marketing business that could include a sale, which would leave the publisher of the Wall Street Journal and New York Post more purely focused on media while removing what’s been a troubled unit. The review of News America, which... Continue reading at Advertising Age
[ Advertising Age | 2019-06-18 20:05:16 UTC ]
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general counsel blamed internet platforms for hurting the news business by siphoning off profits and promoting less reliable news for readers in his prepared remarks for a congressional panel... To view the full story, click the title link. Continue reading at Crains New York
[ Crains New York | 2019-06-11 20:09:08 UTC ]
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By Joe Wilcox, Betanews Every single person I know with an iPad who has used News Corp.'s "The Daily" complains about persistent crashes and really, really, really, slow update times. Now PaidContent reports that the initial two-week free introduction promotion is going on and on and on, kind of... Continue reading at Betanews
[ Betanews | 2011-02-24 00:00:00 UTC ]
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‘Good riddance to woke,’ Peta Credlin says, while Tim Blair urges country to ‘Drill, Australia. Drill’Andrew Bolt admits to gloating but says he is “gloating for a good cause”.“We have to shame the lies and the hysterics who came far too close to getting the empty head of Kamala Harris elected... Continue reading at The Guardian
[ The Guardian | 2024-11-08 01:22:10 UTC ]
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Daily Telegraph talks up chances Charles will attend the Everest. Plus: ABC splashes cash on redesignFollow our Australia news live blog for latest updatesGet our breaking news email, free app or daily news podcastWith King Charles and Queen Camilla arriving on Friday for the couple’s first... Continue reading at The Guardian
[ The Guardian | 2024-10-18 01:06:28 UTC ]
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Exclusive: Former News Corp CEO says Murdoch company’s obsession with the public broadcaster is ‘fairly unhinged’ and should largely be ignoredFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastKim Williams, the current... Continue reading at The Guardian
[ The Guardian | 2024-08-10 20:00:05 UTC ]
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New mysteries and thrillers out this week, as well as multi-cast audiobook mysteries to check out. Continue reading at Book Riot
[ Book Riot | 2024-08-02 15:15:00 UTC ]
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Making Banned Books Week about action will bring us one step closer to curtailing book censorship. That, plus this week's book censorship news. Continue reading at Book Riot
[ Book Riot | 2024-08-02 13:30:00 UTC ]
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A preliminary inquiry threatens to reopen a tumultuous chapter in U.K. news media history. It could entangle The Washington Post’s publisher and other former News Corp figures. Continue reading at The New York Times
[ The New York Times | 2024-07-31 21:53:11 UTC ]
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Murdoch’s Australian arm has quietly slashed tens of millions of dollars in costs to counter a slow advertising market and loss of revenue from Meta dealFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastSome of News... Continue reading at The Guardian
[ The Guardian | 2024-07-24 08:18:25 UTC ]
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Apology from Sky News was published at 7pm on Friday – a time when very few would see it, complainants say. Plus: speculation over Paul Barry’s replacementGet our morning and afternoon news emails, free app or daily news podcastMiriki Performing Arts has gracefully accepted an apology from News... Continue reading at The Guardian
[ The Guardian | 2024-06-14 15:00:54 UTC ]
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Murdoch’s empire down under has been quietly reorganised – with a long, slow cull of journalists expected to followNews Corp Australia has been laser focused on the travails of rival media entities Nine Entertainment and the ABC lately, while largely ignoring the major restructure in its own... Continue reading at The Guardian
[ The Guardian | 2024-05-31 03:38:19 UTC ]
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Asked by Greens senator Sarah Hanson-Young whether ABC political journalist Laura Tingle had been subjected to a 'News Corp pile-on' after her comments on racism in Australia, the national broadcaster's managing director, David Anderson, said she had. At the Senate estimates hearing, the senator... Continue reading at The Guardian
[ The Guardian | 2024-05-31 01:55:16 UTC ]
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David Anderson says News Corp is ‘obsessed’ with the ABC after Tingle faces backlash over ‘racist country’ commentsGet our morning and afternoon news emails, free app or daily news podcastThe ABC managing director, David Anderson, has told Senate estimates he believes the attack on the political... Continue reading at The Guardian
[ The Guardian | 2024-05-30 09:34:48 UTC ]
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Staff told some people will ‘regrettably leave our business’ as media empire is reorganised into three divisionsFollow our Australia news live blog for latest updatesGet our morning and afternoon news emails, free app or daily news podcastRupert Murdoch’s Australian media empire has been... Continue reading at The Guardian
[ The Guardian | 2024-05-29 06:04:26 UTC ]
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OpenAI and News Corp, the owner of The Wall Street Journal, MarketWatch, The Sun, and more than a dozen other publishing brands, have struck a multi-year deal to display news from these publications in ChatGPT, News Corp announced on Wednesday. OpenAI will be able to access both current and well... Continue reading at Engadget
[ Engadget | 2024-05-22 21:46:16 UTC ]
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The deal gives OpenAI’s chatbots access to new and archived material from The Wall Street Journal, The New York Post, MarketWatch and Barron’s, among others. Continue reading at The New York Times
[ The New York Times | 2024-05-22 21:41:26 UTC ]
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