News Corporation (NWSA) - NASDAQ
  • 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.
    | Mon, Jun. 6, 5:36 PM | 3 Comments
  • Wed, May 18, 5:40 PM
    • In a response to today's rulings in its trade-secrets case against Zillow, Move Inc. (NWS, NWSA) says it's pleased with the actions and is looking forward to presenting evidence to a jury June 6.
    • That, despite the fact that the company would have preferred a more declaratory judgment to end the case in its favor.
    • The judge allowed an instruction that allows the jury to infer that destroyed evidence could have helped Move's case, or hurt Zillow's. Curt Beardsley -- who left Move along with Errol Samuelson for Zillow -- had testified that he had erased files from Zillow computers to cover up viewing of pornography, in what Zillow chief Spencer Rascoff called a "knucklehead" move.
    • "This important ruling validates our claim that one of Zillow's top executives, Curt Beardsley, acted with 'willfulness and bad faith' in destroying evidence, and his actions have 'prejudiced plaintiffs' ability to prosecute their case,' " Move says. It adds that the case has cost Zillow more than $40M, "making the two poached executives among the most expensive in corporate history."
    • Meanwhile, Zillow (NASDAQ:Z), which declined as much 6.6% in the ruling's aftermath, recovered quickly to close up 2.8% on the day, and has added another 0.8% in gains after hours.
    • Updated 7:25 p.m.: Zillow looks forward to the trial as well: "We applaud the Court’s decision with respect to Zillow and Errol Samuelson, which validates what we already knew: that during the pre-trial hearing, News Corp did not offer evidence that Zillow or Errol did anything wrong or that the we failed to live up to our obligations in this case. ... Ultimately this comes down to News Corp. trying to win in the courts, since they aren’t winning in the court of consumer opinion."
    • Now read Dual Share Class Arbitrage Opportunity With News Corp. »
    | Wed, May 18, 5:40 PM | 4 Comments
  • Tue, Feb. 16, 5:49 PM
    • News Corp. (NWS +2.4%, NWSA +1.8%) is staying in the fray when it comes to conservative digital media. The media giant plans to launch Heat Street, a site catering to center-right and conservative audiences.
    • Former UK Conservative Party MP Louise Mensch will lead the effort, with the help of former TV producer Noah Kotch. It's coming out under the company's reorganized Dow Jones Media Group.
    • "Disagreement will be encouraged," Mensch tweeted about the stance of the site, which she also described with the word "libertarian."
    • The field is crowded. Verizon and Hearst have been talking about a digital media brand that a source described as "Vice for the red states"; meanwhile, the Fox News website claims 54.7M monthly visitors, and sites like the Independent Journal Review (19.7M), Glenn Beck's The Blaze (14.3M), and Daily Caller (6.5M) also draw sizable monthly audiences among conservatives.
    • Previously: Verizon, Hearst in talks to team up for mobile video channels (Jan. 22 2016)
    | Tue, Feb. 16, 5:49 PM
  • Fri, Feb. 12, 6:40 PM
    • Move Inc. (NWS +3.5%, NWSA +3.4%), owner of Realtor.com, fired back at Zillow and its chief Spencer Rascoff, who said on CBNC today that Move owner News Corp. and Rupert Murdoch were acting "out of desperation" in litigation between the companies.
    • Zillow's net GAAP loss of $25.7M was affected by $8.1M in costs over litigation with News Corp. In the conversation, which covered key earnings highlights, Rascoff was asked: When will the legal overhang stop?
    • "You'd have to ask Rupert Murdoch that question," Rascoff said. "We're focused on innovating; News Corp. is focused on litigating. Unfortunately you see this all too often in business, where companies that lose on the business battlefield resort to the courtroom out of desperation ... It's vindictive, it's baseless."
    • The litigation was filed by Move before News Corp. and Murdoch bought in, Move says, and notes that Zillow acknowledges a "reasonable possibility" it will lose the suit.
    • "It's understandable why Mr. Rascoff said today of the litigation, he's 'tried to put it out of my mind,' " Move's statement reads. "Just last week, the judge ordered defendants to appear for a two-day evidentiary hearing on April 13 and 14 into Move's claims that important evidence has been destroyed by some or all of the defendants in this case."
    • Digital real estate has become a business of key focus for News Corp. as it grows faster than legacy businesses.
    • Previously: Realtor.com reports record growth year (Feb. 05 2016)
    • Previously: News Corp. reports fourth straight quarter of revenue decline (Feb. 04 2016)
    | Fri, Feb. 12, 6:40 PM | 1 Comment
  • Fri, Feb. 5, 8:03 PM
    • Realtor.com -- part of Move Inc. (NWS -6.7%, NWSA -9.1%) -- said after a record year of growth that its site drew 50M unique users in January.
    • Unique visitors via desktop and mobile grew more than 40% Y/Y in 2015, the year in which News Corp. made investments in rapid expansion of the real-estate service. It had previously peaked at 48M uniques in July.
    • The January total was also 34% bigger than the company's previous biggest January: 37M uniques a year ago.
    • Digital real estate services was the only revenue gainer among segments in News Corp.'s earnings report yesterday, growing 35% to bring $208M in sales (by comparison, Cable Network Programming drew just $106M in revenue). CEO Robert Thomson calls News Corp. the world's largest player in digital real estate.
    • News Corp. shares tumbled today after its results showed overall revenue dropping for the fourth quarter in a row, amid continuing declines in core advertising.
    • Previously: News Corp. reports fourth straight quarter of revenue decline (Feb. 04 2016)
    | Fri, Feb. 5, 8:03 PM | 1 Comment
  • Wed, Jan. 20, 2:23 PM
    • Down double-digits not long ago, Twitter (TWTR +4.2%) has moved well into the green on rumors News Corp. (NWSA -2.8%) is interested in a purchase.
    • News Corp. has denied the rumors.
    | Wed, Jan. 20, 2:23 PM | 61 Comments
  • Fri, Jan. 15, 5:08 PM
    • News Corp. (NWS -2.1%, NWSA -1.6%) and Twenty-First Century Fox (FOX -2.3%, FOXA -1.7%) are reversing course on a plan to become the anchor tenants at 2 World Trade Center, a new 99-story building, and will be staying at their midtown manhattan home.
    • That's from a memo sent by James and Lachlan Murdoch sent to company employees: “We have concluded that a relocation project of this scope could be distracting in the near-term and, given the scale of investment in a relocation of this size, that our resources would be better directed elsewhere."
    • “Make no mistake: it won’t be long before we find a great company to anchor 2 World Trade Center,” said developer Larry Silverstein. “Downtown’s momentum is palpable and unstoppable.”
    • The two companies had signed a non-binding letter of intent to lease 1.3M square feet at the new building, including a ground-level studio space. But real estate brokers told The New York Post that the companies got a "compelling" offer to stay put.
    • Fox and News Corp. have leases at their Sixth Avenue home that run through 2020, with "extension options that could continue our occupancy on Sixth Avenue through 2025."
    • Previously: News Corp., Fox up for millions in incentives for WTC 2 move-in (Dec. 08 2015)
    • Previously: Fox, News Corp. to build joint HQ in World Trade Center tower (Jun. 02 2015)
    • Previously: News Corp., Fox in talks to move HQ to World Trade Center (Apr. 10 2015)
    | Fri, Jan. 15, 5:08 PM | 4 Comments
  • Dec. 8, 2015, 4:00 PM
    • The Port Authority of New York and New Jersey is weighing millions of dollars in incentives for News Corp. (NWS -2.7%, NWSA -2.6%) and Twenty-First Century Fox (FOX -1.7%, FOXA -2%) -- key anchor tenants in the planned World Trade Center 2 building.
    • That would mark a reversal from a stance that there wouldn't be public sector support for the building. The agency has the incentives on its Thursday agenda.
    • The companies could receive a reduction in rent amounting to $43M, some of which would eventually be repaid after move-in. That would be offset by $15M from New York state and a tax credit valued at $10M.
    • The Port Authority wants to get construction started on World Trade Center 2, which it believes could generate $500M for future transportation.
    • Previously: Fox, News Corp. to build joint HQ in World Trade Center tower (Jun. 02 2015)
    • Previously: News Corp., Fox in talks to move HQ to World Trade Center (Apr. 10 2015)
    | Dec. 8, 2015, 4:00 PM
  • Nov. 30, 2015, 5:56 PM
    • Tribune Publishing (NYSE:TPUB) finished today up 9.6%, but went on the record to dispute a claim from no less than Rupert Murdoch that the company was in talks to split and sell itself.
    • “Tribune Publishing remains committed to its strategy and transformation plan and is not engaged in discussions or a process to sell the company,” it said in a memo to staff.
    • Murdoch ([[NWS] +0.6%], NWSA +0.7%) had used his Twitter account to say there was "strong word" that a "big Wall Street firm" would buy Tribune and the Los Angeles Times would be sold to a group led by Eli Broad.
    • Apollo Global Management (NYSE:APO) has reportedly told Tribune Publishing's chairman, Eddy Hartenstein, that it was interested in buying the company, though Tribune has declined to schedule meetings.
    | Nov. 30, 2015, 5:56 PM
  • Nov. 27, 2015, 7:19 PM
    • The media M&A world is full of hot rumors, but it's a little notable that Rupert Murdoch decided today to get into the gossip game (or at least the trolling game).
    • The mogul tweeted today about "strong word" that Tribune Publishing (TPUB -1.6%) was going to be bought by a "big Wall Street firm," and that the Los Angeles Times would be bought by Eli Broad and a local group.
    • As Jason Abbruzzese points out, Murdoch could just have sour grapes, as News Corp. (NWS -1.6%, NWSA -1.3%) was rumored to be preparing a bid for the company last year before Murdoch said ownership laws "from another age" prevented that.
    • “I am not sure this amounts to ‘case closed,' ” Poynter’s Rick Edmonds said at that time. “My read is that Mr. Murdoch still wants the L.A. Times, still opposes the cross-ownership ban and might seek an exception or repeal.”
    • News Corp. A shares moved up 1.1% in postmarket trading after the abbreviated session.
    | Nov. 27, 2015, 7:19 PM
  • Nov. 27, 2015, 11:22 AM
    • News Corp. (NWS -1.6%, NWSA -1.3%) says its Australian unit has secured five-year rights to the National Rugby League in an $1.8B deal.
    • In conjunction with Nine Entertainment and Telstra (TLSYY +0.4%), Fox Sports secured the rights to show all games ad-free in 2016, and in 2017 will launch a dedicated NRL channel.
    • Fox Sports package subscribers will also have access to the games and related coverage on tablets and smartphones.
    | Nov. 27, 2015, 11:22 AM
  • Oct. 30, 2015, 3:45 PM
    • The Sun, the UK's biggest-selling newspaper, is dismantling its online paywall after subscriber uptake disappointed expectations.
    • The tabloid, owned by News Corp. (NWS +1.8%, NWSA +1.7%), launched the paywall in 2013. It's the first key move for Rebekah Brooks since she returned to News Corp. last month to oversee its British newspaper operations.
    • The paper will largely be going free on its website, though a few paid products will be retained, Reuters said. The Sun's sister publication, the Times of London, has had more success with its paywall and will be keeping it.
    • Previously: News Corp. confirms Brooks role, leadership changes (Sep. 02 2015)
    • Previously: FT: Brooks set to return to helm of News Corp. UK (Aug. 28 2015)
    | Oct. 30, 2015, 3:45 PM
  • Oct. 26, 2015, 4:39 PM
    • The Australian pay TV unit of News Corp. (NWS -2%, NWSA -1.9%) and Telstra (OTCPK:TLSYY -1.3%) is putting A$77M into broadcaster Network Ten, as the latter announced a heavy fiscal-year loss of A$312M.
    • Ten is raising that amount from existing shareholders as well by offering shares at A$0.15 each, compared to its share price of A$0.19 before a halt.
    • Ultimately, Foxtel -- which was established in 1995 as a joint venture -- will achieve a 15% stake in Ten. Its original bidding partner, Discovery, dropped out of the deal.
    | Oct. 26, 2015, 4:39 PM
  • Oct. 9, 2015, 2:53 PM
    • Fresh off a data breach at Experian that exposed the information of T-Mobile applicants, Dow Jones -- part of News Corp. (NWS -0.6%, NWSA -1.5%) and publisher of The Wall Street Journal -- has suffered a breach that exposed data as well.
    • An intruder gained information, and possibly payment card info, for fewer than 3,500 people at certain times between August 2012 and July 2015.
    • The company said law enforcement officials informed it about the prospect of a breach in late July, and that the focus of the attack appeared to be on obtaining contact information.
    | Oct. 9, 2015, 2:53 PM
  • Sep. 30, 2015, 6:00 PM
    • News Corp. (NWS +3.1%, NWSA +2.9%) says it's closed on a planned sale of its Amplify digital education businesses, to a management team backed by private investors.
    • Financial terms were undisclosed, though the company had invested more than $1B into the business since 2010.
    • Just earlier, news broke that it had fired 40% of staff at the unit.
    • Beginning in fiscal Q1 2016, News Corp. will reflect results at the unit as discontinued operations.
    • After-hours action: NWS +0.1%, NWSA flat.
    | Sep. 30, 2015, 6:00 PM
  • Sep. 30, 2015, 5:46 PM
    • News Corp. (NWS +3.1%, NWSA +2.9%) has fired about 40% of staff at its Amplify digital education unit, suggesting the wind-down is progressing. The company had said in August it's in the "final phase" of discussions to sell it.
    • The cuts represent about 500 of the unit's 1,200 employees.
    • The parent company took a $371M writedown on the Amplify unit in August and signaled it was abandoning the business -- a costly failure after a $1B-plus bet.
    • Updated: News Corp. says it's sold the business to a management team.
    • Previously: News Corp. up nearly 8% as it exits digital-education bet (Aug. 13 2015)
    | Sep. 30, 2015, 5:46 PM
Company Description
News Corp. is a media and information services company, which focuses on creating and distributing authoritative and engaging content to consumers throughout the world. It comprises businesses across a range of media, including: news and information services, book publishing, cable network... More
Sector: Services
Industry: Entertainment - Diversified
Country: United States