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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‘Mrs Dan’ called a ‘mean girl’ for liking positive tweets about her husband. Plus, AM and PM escape the big cities“A ban from Mrs Dan” were the words on the front page of the Australian on Thursday, pointing to a column inside that took issue with Catherine Andrews, the wife of the Victorian... Continue reading at The Guardian
[ The Guardian | 2020-09-11 02:08:51 UTC ]
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Former PM’s warning comes as competition watchdog says it will be closely watching News Corp’s rival service The former prime minister Kevin Rudd has called on the Morrison government to intervene to support the philanthropically funded newswire service, Australian Associated Press 2.0, warning... Continue reading at The Guardian
[ The Guardian | 2020-09-07 21:35:18 UTC ]
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The Daily Telegraph and Sky News summit was designed to help reinvigorate rural towns but some councillors unhappy they were asked to help fund itThe Daily Telegraph and Sky News asked the Snowy Monaro regional council for $15,000 in cash and services to help pay for the newspaper’s “bush... Continue reading at The Guardian
[ The Guardian | 2020-09-04 20:00:35 UTC ]
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Sky News UK host calls former Australian PM a ‘homophobic misogynist’. Plus: David Gonski’s remarkable revelation about Rupert Murdoch They may share a name but there is nothing similar about Sky News UK and Sky News Australia, at least where Tony Abbott is concerned.The Australian Sky is wholly... Continue reading at The Guardian
[ The Guardian | 2020-09-04 01:09:29 UTC ]
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Analysis: Murdoch was considered a dissenting voice at the rightwing company. Now his brother Lachlan could see his influence growJames Murdoch’s resignation from the board of News Corp confirms divisive splits in the publishing arm of his family’s media empire and removes a powerful dissenting... Continue reading at The Guardian
[ The Guardian | 2020-08-01 18:24:26 UTC ]
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Covid-19 has hit publishers especially hard, from lost revenue due to keyword blocking and changing consumer news preferences. News Corp has been deeply affected, suffering a net loss of $1 billion in the third quarter of 2020. Stephanie Layser, vp of advertising technology at News Corp, spoke... Continue reading at AdWeek
[ AdWeek | 2020-07-15 19:21:32 UTC ]
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Australian Associated Press customers will be prevented from signing a deal with News Corp Australia’s newswire for six months under Continue reading at Editor & Publisher
[ Editor & Publisher | 2020-06-30 19:00:13 UTC ]
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Scores of jobs lost across Daily Telegraph, Herald Sun and the Australian. Plus, Nine corrects record on slaveryThe Australian had the scoop about a major restructure at News Corp in an exclusive interview on Monday with Peter Blunden, former Herald Sun editor and chairman of the News editorial... Continue reading at The Guardian
[ The Guardian | 2020-06-12 01:17:54 UTC ]
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News Corp has made more job cuts, this time to its metropolitan mastheads, as the company again signals it is Continue reading at Editor & Publisher
[ Editor & Publisher | 2020-06-09 21:44:49 UTC ]
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Herald Sun, Daily Telegraph and Australian newsrooms to be reshaped as the company moves away from print to focus on digitalNews Corp has made more job cuts, this time to its metropolitan mastheads, as the company again signals it is moving away from print to become “much more focused on... Continue reading at The Guardian
[ The Guardian | 2020-06-09 09:47:40 UTC ]
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Of the 112 printed newspapers shut down by News Corp this week, 76 will survive as digital-only publications but the Continue reading at Editor & Publisher
[ Editor & Publisher | 2020-05-29 21:38:27 UTC ]
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Suburban and regional papers won’t have standalone websites. Plus: ABC reposts tweet after backlashOf the 112 printed newspapers shut down by News Corp this week, 76 will survive as digital-only publications but the devil is in the detail.The suburban and regional papers – such as the Inner West... Continue reading at The Guardian
[ The Guardian | 2020-05-29 01:07:11 UTC ]
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Readers and former staff decry a terrible day for journalism and express grief at job cutsDevoted readers and former staff of Australia’s local newspapers have expressed their grief at News Corp Australia’s announcement of significant job cuts and the print closure of more than 100 local and... Continue reading at The Guardian
[ The Guardian | 2020-05-28 03:36:58 UTC ]
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Australia’s largest newspaper publisher says most of its suburban and regional mastheads across the country will become digital-only next month Continue reading at ABC News
[ ABC News | 2020-05-28 03:22:47 UTC ]
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Print editions of dozens of regional newspapers to finish, with sweeping job cuts feared‘Gutting’: News Corp Australia’s newspaper print closures will leave ‘thousands of stories’ untoldNews Corp Australia has confirmed that more than 100 local and regional newspapers will become digital only or... Continue reading at The Guardian
[ The Guardian | 2020-05-27 23:38:41 UTC ]
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News Corp Australia is poised to cut hundreds of jobs as it moves towards digital-only publishing for many of its Continue reading at Editor & Publisher
[ Editor & Publisher | 2020-05-27 14:51:01 UTC ]
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Publisher of the Australian, the Daily Telegraph and the Herald Sun is expected to stop publishing as many as 100 titles News Corp Australia is poised to cut hundreds of jobs as it moves towards digital-only publishing for many of its local and regional papers and more copy sharing among its... Continue reading at The Guardian
[ The Guardian | 2020-05-27 10:53:51 UTC ]
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No one will be charged in connection with the leak of plans to extend spying powers, Australian federal police sayThe Australian federal police has ruled out pursuing charges against the News Corp journalist Annika Smethurst or anyone else for her story revealing plans to extend the Australian... Continue reading at The Guardian
[ The Guardian | 2020-05-27 04:33:28 UTC ]
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A Murdoch media exclusive about China covering up the origin of Covid-19 appears to be based on an unclassified US state department reference paper It was touted as a world exclusive – a “bombshell dossier” that exposed China’s “batty science” and backed up Donald Trump and US claims that... Continue reading at The Guardian
[ The Guardian | 2020-05-26 09:08:59 UTC ]
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Exclusive: ACCC chair says any ‘inappropriate impediments to sale’ would ‘raise concerns’, as consortium puts in bid for newswire serviceThe chair of the competition and consumer watchdog, Rod Sims, says any attempt by News Corp and Nine to block a potential sale of Australian Associated Press... Continue reading at The Guardian
[ The Guardian | 2020-05-24 03:58:08 UTC ]
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