Thu, Nov. 17, 1:46 PM
- The election's been very good to The New York Times (NYT +0.4%). The paper says it's added a net 41,000 subscriptions in the week since Donald Trump was elected U.S. president.
- That dramatic uptick comes in both print and digital subs, the largest one-week increase since it debuted its digital pay model five years ago.
- Unsurprisingly, the NYT set new traffic records on Nov. 8-10, with readers spending five times longer than usual in the paper's coverage.
- The NYT has added more than 100,000 net new digital subs so far this quarter.
- Meanwhile, in what's seen as a response to Trump's press-bashing this year, subscriptions are also up this week at The Wall Street Journal (NWS, NWSA +0.1%) as well as The New Yorker (10,000 new subs in the three days after the election), liberal standby Mother Jones, and The Atlantic. Nonprofit investigative operation ProPublica has seen a dramatic rise in donations over the same period.
Mon, Nov. 7, 5:07 PM
Mon, Nov. 7, 4:34 PM
- News Corp. (NWS +2.9%, NWSA +2.8%) logged mixed fiscal Q1 earnings that beat revenue expectations and narrowly missed consensus expectations for a break-even quarter.
- Revenues declined to $1.97B from the prior year's $2.01B, and adjusted EPS fell to -$0.01 from last year's $0.05. Total EBITDA of $130M dropped from the prior year's $165M but beat an expected $124.3M.
- “News Corp made real progress as it continued to drive higher digital revenues and position the company for long-term growth," said CEO Robert Thomson. "While the quarter presented some obvious challenges, particularly in print advertising and the weakness of the Pound Sterling, our revenues were relatively stable, underscoring the strength and scale of our portfolio and shift to digital."
- Revenue by segment: News and Information Services, $1.22B (down 5%); Book Publishing, $389M (down 5%); Digital Real Estate Services, $226M (up 18%); Cable Network Programming, $128M (up 3%).
- EBITDA by segment: News and Information Services, $46M (down 45%); Book Publishing, $48M (up 14%); Digital Real Estate Services, $67M (up 18%); Cable Network Programming, $14M (down 50%).
- Conference call to come at 5 p.m. ET.
- Press release
Sun, Nov. 6, 5:35 PM
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Mon, Oct. 31, 12:29 PM
- Twenty-First Century Fox (FOX +0.7%, FOXA +0.5%) has brought News Corp's Paul Cheesbrough over to be its new chief technology officer.
- Cheesbrough served in the same role since 2012 for News Corp. (NWS +0.4%, NWSA +0.3%), another company run by the Murdoch family. At Fox, he'll report to CEO James Murdoch and Executive Chairman Lachlan Murdoch.
- He'll oversee the enterprise technology leaders from the company units: Fox Networks Group, Twentieth Century Fox Film and Fox News Channel.
Fri, Oct. 21, 1:14 PM
- A day after reports showed a substantial revamp coming to The Wall Street Journal (NWS -0.4%, NWSA -0.6%) as part of a cost-cutting review, Reuters reports a memo from Editor in Chief Gerard Baker is offering buyouts to all news employees, with a goal of a "substantial" number taking them.
- Dow Jones' "WSJ2020" plan was set to rebalance revenue streams and focus on the newsroom, ad sales and overall efficiency improvements. But in particular, the newspaper was set to consolidate sections and was likely to reduce headcount.
- Offering buyouts to everyone suggests the company is seeking deep cost cuts in news.
- "We are seeking a substantial number of employees to elect this benefit, but we reserve the right to reject a volunteer based on business considerations," Baker's memo says.
Wed, Oct. 19, 7:22 PM
- Dow Jones (NWS +0.7%, NWSA +1%) says it's planning a substantial revamp at The Wall Street Journal as part of a review to better address costs, amid an ongoing decline in print advertising.
- The "WSJ2020" plan will look to rebalance the news organization's revenue streams as its customers flock to digital formats, and a revised version of the print newspaper will launch in the next few weeks with some sections consolidated.
- “The new product will be a livelier, sharper and more concise newspaper that is an engaging counterpart to our digitally delivered news,” says a memo from Editor in Chief Gerard Baker. “It will also present a more coherent organization of our coverage in print, and will involve some consolidation of sections of the paper and the teams that produce it.”
- That likely means headcount reductions as well. A memo from Dow Jones CEO William Lewis says WSJ2020 will focus on three area: the newsroom, ad sales, and areas to improve efficiency.
Wed, Oct. 12, 4:50 PM
- In its definitive proxy statement filed ahead of its annual general meeting, News Corp. (NWS -1.8%, NWSA -1.5%) noted total compensation for Executive Chairman Rupert Murdoch rose modestly, about 5.5%, to $5.34M.
- That follows on last year's decline, to total compensation of $5.07M from 2014's $8.7M.
- Murdoch's base salary got a $19K bump (to $1,019,231), while stock awards rose to $2.19M and non-equity incentive compensation rose to $2.133M.
- CEO Robert Thomson got a bigger raise, to $11.34M from 2015's $10.29M (up 10.1%). Chief Financial Officer Bedi Ajay Singh saw total comp rise to $4.96M from $4.64M. Andj General Counsel David B. Pitofsky's total comp rose to $2.72M from a previous $2.05M.
- The company is set for its annual meeting Nov. 10 at 6 p.m. ET, in Los Angeles.
- After hours: NWS +1.8%, NWSA +1.5%.
Wed, Sep. 21, 2:13 PM
- Raju Narisetti is departing a role as senior VP of strategy for News Corp. (NWS +0.9%, NWSA +0.8%) to take over as CEO at the remnant Gawker Media Group.
- The company -- which holds all of the former Gawker sites except for Gawker.com, and which was acquired out of bankruptcy by Univision (Pending:UVN) last month -- will be renamed "Gizmodo Media Group," now named after the network's lead tech blog.
- In a statement, Narisetti says: "As part of Univision, we will now be more ambitious in deepening, broadening and sensibly scaling the passionate digital communities ... by offering accurate, responsible, edgy and engaging journalism, as well as through relevant, related content and commerce."
- The new Gizmodo Media Group consists of Gizmodo, Deadspin, Jezebel, Jalopnik, Kotaku and Lifehacker.
Mon, Sep. 12, 7:58 AM
Mon, Aug. 8, 5:26 PM
- News Corp. (NWS, NWSA) saw mixed results in its fiscal Q4 earnings, with revenues making a surprising gain and beat, but profits missing on a per-share basis.
- Comps were affected by the quarter including 14 weeks vs. last year's 13 weeks. HarperCollins showed an upturn, and the company pointed to fast growth in its digital real estate services (including Realtor.com growth).
- Revenue by segment: News and Information Services, $1.42B (up 1%); Book Publishing, $433M (up 11%); Digital Real Estate Services, $229M (up 21%); Cable Network Programming, $147M (up 11%).
- EBITDA gained in all segments except News and Information Services, where it fell 5%.
- Digital revenues continue to take up space, making up 23% of revenues in the News and Information Services segment vs. a year-ago 19%. The Wall Street Journal hit 948,000 digital-only subscribers in the quarter; The Times and The Sunday Times neared 182,500 digital-only subs.
- Press release
Mon, Aug. 8, 4:47 PM
Sun, Aug. 7, 5:35 PM
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Fri, Jul. 15, 10:10 AM
- Wells Fargo ticks off 20 S&P 500 stocks with the most upside potential vs. consensus, and the 20 with the most downside risk vs. consensus.
- The list is compiled by comparing the midpoint of Wells Fargo Securities valuation ranges to consensus fair value estimates, volatility adjusting the percentage difference, and ranking the resulting score.
- Upside: AEE, BEN, CCL, DVA, EIX, ES, EXC, FTR, HUM, INTC, JNJ, LNT, PEG, PNW, SCG, T, WEC, WU, XEL, XOM.
- Downside: ANTM, C, CI, COF, EQT, FOXA, FSLR, GS, KIM, LH, MON, MSI, MYL, NVDA, NWSA, SLG, TIF, TSO, UA, WLTW.
Thu, Jun. 30, 9:02 AM
Mon, Jun. 6, 5:36 PM
- Zillow (Z, ZG) has settled a lawsuit filed by News Corp.-owned (NWS, NWSA) Move Inc., the National Association of Realtors (NAR), and three related entities for $130M. The settlement doesn't contain any admission of wrongdoing. (8-K filing)
- Move had sued Zillow for trade secret theft over its hiring of two former Move execs - chief industry development officer Errol Samuelson and MLS partnerships VP Curt Beardsley - and had claimed $2B in damages. Zillow sold off last month after receiving a mixed ruling in the suit regarding allegations the hired execs destroyed evidence that could've helped Move's case.
- Z +8.5% after hours to $32.90. ZG +4% to $32.00. Legal costs related to the lawsuit have had a big impact on Zillow's bottom line.