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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Emily Townsend’s reply-all email to executive chairman calls the company’s coverage ‘irresponsible’ and ‘dangerous’A senior News Corp employee has accused the company of “misinformation” and diverting attention from climate change during the bushfire crisis in an explosive all-staff email... Continue reading at The Guardian
[ The Guardian | 2020-01-10 02:32:52 UTC ]
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U.K. newspaper The Sun quietly launched a free U.S. website on Wednesday morning as News Corp tries to take advantage Continue reading at Editor & Publisher
[ Editor & Publisher | 2020-01-08 22:45:38 UTC ]
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Tremor International is to buy video advertising platform Unruly from News Corp, with the international publishing giant set to take Continue reading at Editor & Publisher
[ Editor & Publisher | 2020-01-07 22:43:20 UTC ]
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Since Boxing Day, as bushfires raged across Victoria, New South Wales and South Australia, the ABC has handled more than Continue reading at Editor & Publisher
[ Editor & Publisher | 2020-01-06 15:52:50 UTC ]
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Tremor International is to buy video advertising platform Unruly from News Corp, with the international publishing giant set to take a minority stake as part of the transaction. The deal will see News Corp take a 6.91% stake in Tremor, with the ad-tech company to receive the exclusive rights to... Continue reading at AdWeek
[ AdWeek | 2020-01-06 14:18:42 UTC ]
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News Corp, which will get small stake in Tremor, has also entered into three-year partnership for outstream video. Continue reading at Media Week
[ Media Week | 2020-01-06 09:49:13 UTC ]
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Murdoch was responding to a question at AGM about time given to ‘climate deniers’ by News Corp outlets in AustraliaNews Corp executive chairman Rupert Murdoch has said “there are no climate change deniers around I can assure you” after he was asked at the corporation’s AGM why his company gives... Continue reading at The Guardian
[ The Guardian | 2019-11-21 01:47:18 UTC ]
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Application for injunction preventing the publisher from repeating meanings in defamatory material dismissedActor Geoffrey Rush, who was awarded $2.9m in his defamation case against Nationwide News, has lost his bid to prevent the newspaper publisher from repeating the substance of its... Continue reading at The Guardian
[ The Guardian | 2019-08-28 07:48:07 UTC ]
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Former social affairs reporter Rick Morton attacked in print and online. Plus: Rowan Dean ignores police over Sydney stabbing attacksIt doesn’t take long for a top reporter at the Australian, with a regular presence on page one, to become the target of a front-page story in the combative... Continue reading at The Guardian
[ The Guardian | 2019-08-16 01:49:59 UTC ]
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Commissioner Andrew Colvin tells MPs the investigation is ‘ongoing’The Australian federal police commissioner has not ruled out prosecuting the News Corp journalist Annika Smethurst, telling parliament’s intelligence and security committee the investigation into leaked material remains... Continue reading at The Guardian
[ The Guardian | 2019-08-14 00:57:26 UTC ]
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Rupert Murdoch’s Australian mastheads and Foxtel suffer drop in revenue although global profits increase after huge loss in 2018Revenue at the Australian mastheads run by Rupert Murdoch’s News Corp fell by 6% last year, and the company’s pay TV operation, Foxtel, has also been hit by falling... Continue reading at The Guardian
[ The Guardian | 2019-08-09 01:33:05 UTC ]
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Today, Google announced that Youngstown, Ohio, will be the first city in its Compass Experiment, a joint venture with newspaper publishing company McClatchy to revive local news. The announcement couldn't be more timely, as Youngstown's long standing... Continue reading at Engadget
[ Engadget | 2019-07-18 17:49:00 UTC ]
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New Writing North and Michael Morpurgo’s Farms for City Children are among seven charities sharing £100,000 donated by HarperCollins UK parent company News Corp UK, via the annual News Corp Giving programme. Continue reading at The Bookseller
[ The Bookseller | 2019-06-18 09:16:53 UTC ]
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Bill Shorten is just like the rest of us (if we came from the boredom factory) and the election has finally got interestingSign up here to get an email whenever First Dog cartoons are publishedGet all your needs met at the First Dog shop if what you need is First Dog merchandise and prints... Continue reading at The Guardian
[ The Guardian | 2019-05-10 00:00:00 UTC ]
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Media giant tells Australian inquiry Google’s search engine and advertising platform should be separatedGoogle should be broken up to restore a level playing field for media companies swamped by its “overwhelming” market power, News Corp has told the competition regulator.Rupert Murdoch’s... Continue reading at The Guardian
[ The Guardian | 2019-03-12 00:00:00 UTC ]
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Facebook announced that it has begun the process of indexing news pages in order to determine which publishers should be included in the Ad Archive that it introduced in June. The Ad Archive, which is available globally, gives people the ability to search for ads related to politics or issues of... Continue reading at AdWeek
[ AdWeek | 2018-09-19 00:00:00 UTC ]
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Tabloid rails against ‘PC world’, republishing ‘infamous’ caricature by Mark KnightNews Corp in Australia has doubled down on a cartoon published by its Melbourne paper that has been widely derided as a racist caricature of Serena Williams.The cartoon by Mark Knight made international headlines... Continue reading at The Guardian
[ The Guardian | 2018-09-12 00:00:00 UTC ]
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JK Rowling and daughter of Martin Luther King Jr criticise cartoonist Mark Knight’s caricature of tennis star News Corp has come under global condemnation for publishing a racist, sexist cartoon depicting Serena Williams in its Melbourne paper.The cartoon by Mark Knight, published in Rupert... Continue reading at The Guardian
[ The Guardian | 2018-09-11 00:00:00 UTC ]
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Chief executive Robert Thomson highlights growth at UK mastheads Times and Sunday Times, and Australian digital subscriptions rise 12%Rupert Murdoch’s News Corp has shrugged off its latest annual loss with an upbeat assessment of its digital news and real estate assets.The worldwide publishing... Continue reading at The Guardian
[ The Guardian | 2018-08-10 00:00:00 UTC ]
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Rupert Murdoch’s Australian arm tells government inquiry there is ‘a lack of a level playing field’ for online newsNews Corp Australia has called on the government to review the charters of the ABC and SBS and to restrict the public broadcasters from unfairly competing with its newspapers,... Continue reading at The Guardian
[ The Guardian | 2018-07-23 00:00:00 UTC ]
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