Jun. 18, 2015, 2:00 PM
- News Corp. (NWS, NWSA) is launching a big reorganization at its Dow Jones unit which will result in jobs cut and bureaus closed at The Wall Street Journal, as well as change in investment to focus on digital media.
- A few dozen positions are being cut today, but in coming weeks cuts could be well over 100. Along with bureau closures in Europe and Asia, the company will close the New York economics team and the small-business coverage group as well as reducing personal finance coverage.
- Meanwhile, it intends to hire up in areas like mobile, interactive graphics and data journalism, as part of an effort to refocus what had been some extensive operations.
- On the move: NWS +1.9%; NWSA +2%.
- Previously: News Corp. initiates cash dividend, extends poison pill to 2018 (Jun. 18 2015)
May 11, 2015, 2:41 PM
- News Corp. (NASDAQ:NWSA) is up 4.4% following news last night that it plans to start buybacks ahead of the schedule that it set when dividing Twenty-First Century Fox from the company in 2013.
- Meanwhile, after the stock missed earnings expectations on lower ad sales last week, Zacks has downgraded shares to a Sell rating, from Hold.
- Jefferies this weekend had reiterated an in-line rating for the stock with a price target of $20. Shares are trading currently at $15.81.
Feb. 23, 2015, 12:33 PM
- Discovery Communications (NASDAQ:DISCA) gives back much of its morning surge (shares were up 9%; now back to +5%) as the company joins FOX in denying a story (Fox says "categorically untrue") that the two companies talked merger.
- Maybe the rumor comes from a misunderstanding about a joint bid Discovery has put in with Foxtel (NASDAQ:NWSA) for Australia's Ten Network?
- Sanford's Todd Juenger says if the companies are telling the truth and they're not talking, then maybe they should be: "We believe a merger between Fox and Discovery would make strategic sense on a number of levels ... We still love the idea of Discovery as Fox’s next best alternative" to its failed tie-up with Time Warner.
Sep. 30, 2014, 6:46 AM
- News Corp (NWS, NWSA) is acquiring Move Inc. (NASDAQ:MOVE) for $950M, or $21/share, a 37% premium over MOVE's Monday close.
- News Corp will own 80% of Move (MOVE); REA Group, which is 61.6% owned by News Corp, will take the other 20%.
- Move had 2013 revenue of $227M. News Corp says the acquisition will provide a "significant marketing platform for our media assets."
- Back in April, SA contributor Michael Ranalli called the bottom in MOVE (sub. req'd) when it was trading around $10/share.
Sep. 4, 2013, 10:35 AM
- Newcastle Investment (NCT -2.2%) acquires Dow Jones Local Media Group from News Corp. (NWS, NWSA) for $87M.
- Local Media operates 33 local publications in 7 states. The business will now be managed by GateHouse Media (GHSE.PK), an affiliate of Fortress Investment (FIG), which is Newcastle's manager.
- Newcastle owns about 52% of GateHouse's $1.2B in debt and it and other creditors have agreed on a prepackaged Chapter 11 filing in which Newcastle expects to convert its debt holdings into equity of GateHouse.
- Presentation and conference call at 2:30 ET.
Jul. 1, 2013, 5:30 PM
Jun. 19, 2013, 2:03 PM
Analysts weren't surprised by the when-issued trading in Australia of the new companies emerging from the split of News Corp. (NWS, NWSA). In their debut in Sydney, 21st Century Fox (Fox movie, pay TV and free TV busines, Sky Deutschland, Sky Italia, part of BskyB ) rose over 5% while the new News Corp. (Wall Street Journal, The Sun, Barron's, Australian media assets) dropped 3%.| Jun. 19, 2013, 2:03 PM
Jun. 19, 2013, 5:05 AM
Shares in new News Corp. (NWS), which will hold the company's publishing assets when it splits on June 28, fell 3% to $14.55 on their trading debut in Sydney after opening at a lower-than-expected $15. The non-voting stock slumped over 8% to $14.30. Due to the split, shares in 21st Century Fox, the entertainment business that comprises the other half of News Corp and is still trading under the parent company's name for now, dropped 6.9% to $30.53.| Jun. 19, 2013, 5:05 AM | 1 Comment
May 9, 2013, 9:03 AM
Sep. 17, 2012, 10:53 AM
News Corp. (NWSA +1%) says its chairman and chief executive of Fox Filmed Entertainment, Tom Rothman, is going to step down at year-end. Jim Gianopulos, Chairman and CEO of Twentieth Century Fox Film, will takeover the duties as head of the film unit.| Sep. 17, 2012, 10:53 AM
Aug. 8, 2012, 5:06 PM
More on News Corp (NWSA): Q2 was mixed, coming in line on EPS estimates but missing on its top line. Total revenue declined Y/Y, hit by pre-tax impairment and restructuring charges primarily related to the company's publishing businesses, as well as $15M of other pre-tax losses. Shares -3.4% AH.| Aug. 8, 2012, 5:06 PM | 1 Comment
Jun. 26, 2012, 8:01 AM
Shares of News Corp. (NWS) move up 2.8% in premarket trading off of reports tipping off that the company may be split in two. Liberum Capital's Ian Whittaker speculates Rupert Murdoch's motivation behind a potential spinoff of the company's publishing division is that it would enable a freed-up News Corp. to make another run at British Sky Broadcasting (BSYBY.PK).| Jun. 26, 2012, 8:01 AM
May 14, 2012, 9:58 AM
May 10, 2012, 9:53 AM
News Corp. (NWS, NWSA) trades 3.2% higher after its FQ3 report showed that strong results for its cable TV division were able to overcome the headline-grabbing scandal in the U.K. The company says it will extend an existing stock buyback by $5B, with the goal for it to be completed by the end of FY13.| May 10, 2012, 9:53 AM
Oct. 19, 2011, 6:50 AM
BSkyB (BSYBY.PK) reports (.pdf) FQ1 profit fell 1.3% as revenue jumped 9% higher to £1.66B ($2.62B) - boosted by a breakaway fee associated with News Corp.'s (NWS) takeover bid. The media concern increased its total client base to 10.4M, led by demand for its broadband, phone, and HDTV services. Shares +3.6% in London trading.| Oct. 19, 2011, 6:50 AM
Oct. 12, 2011, 12:21 PM