Jan. 21, 2014, 5:30 PM
- Lex Fenwick, the CEO of News Corp.'s (NWS, NWSA) Dow Jones unit for the last two years, is leaving the company. Chief creative officer William Lewis has been named interim CEO. (PR)
- News Corp. adds it's "reviewing the institutional strategy of Dow Jones." Among other things, it's planning "improvements" for the nascent DJX information service (still in beta mode), and asserts it's "redoubling" its efforts to "develop the Wall Street Journal and its digital properties globally."
- In addition to the Wall Street Journal, Dow Jones owns Barron's, Marketwatch.com, and financial news service Factiva.
Dec. 20, 2013, 9:59 AM
- Expanding its push into the digital realm, News Corp (NWSA +1.2%) acquires social news start-up Storyful for €18M (~$25M).
- The Dublin-based Storyful, which dubs itself "the world's first social news agency," mines social media platforms to discover user-generated content with a focus on images and photos. In 2013, videos have generated 750M views for partners.
Nov. 25, 2013, 3:55 PM
- Apple (AAPL), Google (GOOG), and AIG are the most popular (long) holdings of hedge funds, according to Goldman's latest hedge fund monitor, which analyzed the positions of 783 hedge funds with $1.7T of gross assets. Hedge fund holdings of AIG, however, account for 14 of the company's float compared to negligible amounts for Apple and Google.
- The 20 most concentrated hedge fund holdings as defined by the percent of equity cap owned by the funds has consistently been a significant outperformer, according to Goldman. In order: AN, STZ, JCP, FDO, THC, HRB, BEAM, MU, NWSA, VRSN, CBG, NFLX, GT, TSO, ETFC, MSI, WPX, WYN, HES, CCI. The top 20 last quarter is here.
- Overall, the studied hedge funds' performance leaves a bit to be desired, with average return of 6% YTD. Fewer than 5% outperformed the S&P 500, and 20% of funds posted an absolute loss.
Sep. 23, 2013, 6:43 AM
Sep. 11, 2013, 4:00 AM
- Southeastern Asset Management bought 11.9% of News Corp's (NWS, NWSA) voting rights, representing a 4.1% economic interest. Based on yesterday's closing price of $16.72, the stake is worth around $397M.
- The investment firm has the second-largest holding behind Rupert Murdoch, who owns 39% of News Corp.'s voting stock, or a 14% economic interest.
- Southeastern said it has no plans to influence News Corp. and is known for value investing. However, it's worth noting that Southeastern joined with Carl Icahn to oppose Michael Dell's buyout of Dell, and in a shareholder revolt at Chesapeake Energy. (Previous)
Sep. 10, 2013, 4:41 PM
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.
- Press release.
Sep. 3, 2013, 1:57 PM
- Along with Permira, KKR is selling an 11 stake in German broadcaster ProsiebenSat.1. The value of the shares is about $1.05B and the two P-E partners will retain a combined stake of 33%.
- It was reported back in February that the two were considering options for their stake in the broadcaster. Potential suitors mentioned then included Time Warner (TWX), Comcast (CMCSA), and News Corp (NWS, NWSA).
Aug. 16, 2013, 4:22 PM
- News Corp (NWSA -0.8%) dips into the close on reports that Scotland Yard is investigating Rupert Murdoch as a 'corporate suspect' in its hacking and bribery investigation.
- The investigation could have serious implications for the ability of its parent company News Corp to operate in the United States.
Aug. 15, 2013, 9:40 AM
- Third Point (TPRE) files its Q2 13-F.
- Key increases: TIBX +400%. BID +400%. LBTYK +344%. LBTYA +275%. TMO +92%. COG +10%.
- Key reductions: TIF -38%. NWSA -38%. IP -31%. AIG -25%. STZ -25%. APC -20%.
- Key exits: DLPH, AGU, CIM, LPX, NXPI, HES, EQIX, TDG, ST, MUR, LNG, ABBV, VMED, LYB.
- Key initiations: MPC ($89M). WMB ($57M). ELN ($120M). DIS ($114M). CF ($145M). CCE ($35M).
Aug. 11, 2013, 1:25 AM
- U.S. District Judge Denise Cote is considering restricting the kind of ebook deals that Apple (AAPL) can formulate with five publishers for five years, including preventing the company from discounting ebooks for at least two years.
- Cote may also prevent Apple from negotiating with publishers at the same time in order to prevent the kind of price collusion that Cote has found them liable for.
- However, Cote may not impose a court-appointed external monitor on Apple, as requested by the DOJ.
- The publishers involved include News Corp's (NWS) HarperCollins, CBS's (CBS) Simon & Schuster and Penguin Random House (PSO).
- Cote has also started scheduling proceedings that could lead to a damages trial. While states and consumers haven't yet put a price on the amount suffered, an Apple layer said the figure could reach the "hundreds of millions of dollars." (previous)
Aug. 7, 2013, 2:05 AM
- Twenty-First Century Fox (FOX): FQ4 adjusted EPS of $0.31 misses by $0.03. Revenue of $7.21B (+16% Y/Y) beats by $70M.
- Losses narrow to $371M from $1.55B a year ago.
- Income from continuing operations +64% to $977M.
- Fox's pay TV channel revenues +16% to $2.95B, boosted by fee increases and a 10% rise in ad revenues.
- Revenue from local Fox broadcast TV stations flat at $1.1B.
- Movie studio revenue +3% to $2.04B
- Revenue from European satellite TV ops +45% to $1.38B
- Fox to spend $200M launching new TV channels, including a new national sports network next week, and $150M on Fox broadcast network.
- Operating loss from discontinued operations - ie News Corp. (NWS) - $1.35B vs $2.15B a year ago.
- Fox expects adjusted operating income to increase by a "high single- to low double-digit" percentage in FY 2014 from $6.26B in the year just completed. (PR)
Jul. 26, 2013, 4:42 AMNasdaq (NDAQ) is one of a number of companies that fell victim to an East European hacking group that stole at least 160M payment-card numbers and caused combined losses of over $300M. Federal prosecutors yesterday charged five men in the largest cyber-crime case in U.S. history. Other victims include a Visa (V) licensee, J.C. Penney (JCP), JetBlue (JBLU), Heartland Payment Systems (HPY), Dow Jones (NWS) and Wet Seal (WTSL). Many of the breaches were known about, although prosecutors disclosed an attack on Nasdaq that wasn't previously publicized. | Jul. 26, 2013, 4:42 AM | Comment!
Jul. 14, 2013, 1:33 AMRupert Murdoch could face criminal charges in the U.S. over a secret recording in which he indicated that payments to public officials for information was part of the culture of U.K. journalism, says New York lawyer Bradley Simon. The tape raises two issues: firstly, Murdoch implied he may have known about bribery at News Corp.'s (NWS) U.K. operations; secondly, the recording may undermine his testimony to regulators, with lying to law enforcers a crime under Title 18, Section 1001. | Jul. 14, 2013, 1:33 AM | 8 Comments
Jul. 10, 2013, 4:23 AMNews Corp. (NWS) Chairman Rupert Murdoch has agreed to testify for a second time to the U.K. Parliament following the emergence of a secret recording last week in which he indicated that payments to public officials for information was part of the culture of U.K. journalism. Murdoch's sentiments were somewhat contrary to his tone at a parliamentary hearing last year, when he said, "Paying police officers for information is wrong." | Jul. 10, 2013, 4:23 AM | 2 Comments
Jul. 7, 2013, 2:05 AMBritish police have made a formal request to the Exaro News Web site to hand over a secret recording in which Rupert Murdoch indicated that payments to public officials for information was part of the culture of U.K. journalism. While Murdoch didn't admit knowledge of the practice at News Corp.'s (NWS) news outlets in the recording, legislator John Whittingdale said Murdoch might have committed contempt of parliament with what may have been misleading testimony last year. | Jul. 7, 2013, 2:05 AM | Comment!
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