Seeking Alpha

News Corporation (NWS)

  • 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. 30, 2014, 6:46 AM | 1 Comment
  • Jun. 26, 2014, 8:09 AM
    • "We view News Corp. (NWS, NWSA) as a classic media value play, as its individual pieces are undervalued, but provide downside protection for the stock," says analyst John Janedis, initiating with a Buy and $22 price target.
    • "We expect fundamentals to improve, which should translate to multiple expansion in the stock ... Longer-term, similar to other media companies, we think NWSA could spin off assets to create value. In our view, NWSA is not the newspaper value trap of years past due to the value of REA, Foxtel, Harper Collins, and cash balance."
    • "Given valuation of the stock, we think a successful outcome [of strategic initiatives] is currently priced into the stock at current levels," he says, starting New York Times (NYT) with a Hold and $15 price target.
    • "We think the combination of tepid ad growth and the regulatory overhang will continue to slow the acquisition pipeline and constrain multiple expansion," he says, starting Nexstar Broadcasting (NXST) at Hold with $48 price target. "While 2014 will be a big year for political advertising, we do not see significant upside to our estimates."
    • Gannett (GCI) is initiated with a Buy.
    • Previously: Jefferies launches coverage on media names
    | Jun. 26, 2014, 8:09 AM | Comment!
  • Jun. 23, 2014, 1:16 PM
    • News Corp. (NWS, NWSA) says it will sell a group of 11 local newspapers held in its Community Newspaper Group business.
    • The deal, which includes The Brooklyn Paper and Bronx Times Reporter, is expected to close next week.
    • Financial terms weren't disclosed.
    | Jun. 23, 2014, 1:16 PM | Comment!
  • May 2, 2014, 10:03 AM
    • News Corp. (NWS, NWSA) buys Harlequin Enterprises from Torstar Corporation for C$455M ($414M).
    • The romance publisher pushes out more than 110 titles a month.
    • The company plans to accelerate Harlequin's digital presence.
    • Execs with News Corp. expect a lift to earnings from the acquisition.
    | May 2, 2014, 10:03 AM | 1 Comment
  • Mar. 26, 2014, 5:23 AM
    • Lachlan Murdoch has been appointed non-executive co-chairman at Fox (FOXA) and at News Corp. (NWSA), while brother James has been promoted to the role of co-COO at Fox to work alongside Chase Carey.
    • Lachlan Murdoch's double appointment comes seven years after he left the family business following disagreements with father Rupert and other executives.
    • Away from what looks suspiciously like a Murdoch succession battle, Peter Rice, Chairman and CEO at Fox Networks Group, has agreed to extend his employment agreement.
    • Fox PR
    • News Corp. PR
    | Mar. 26, 2014, 5:23 AM | Comment!
  • Feb. 17, 2014, 5:35 AM
    • News Corp (NWS) has received a rebate of A$882M ($796.62M) from Australia’s tax authorities after it won a legal battle over A$2B in forex losses that it suffered during a restructuring in 1989.
    • The Australian Tax Office had refused to allow the deduction but was defeated in the country's Federal Court in July.
    • The payment has only just come to light, although News Corp received the money at the end of last year.
    • The ATO's defeat exacerbates country's budget deficit, which is forecast at A$47B for FY 2013-14.
    | Feb. 17, 2014, 5:35 AM | 3 Comments
  • Feb. 7, 2014, 9:10 AM
    • Shares of News Corp (NWS, NWSA) move higher after the company beats profit estimates with its FQ2 report.
    • Deep cost-cutting helped make up for declining advertising revenue at the publishing conglomerate.
    • NWS +6.1% premarket
    | Feb. 7, 2014, 9:10 AM | Comment!
  • 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,, and financial news service Factiva.
    | Jan. 21, 2014, 5:30 PM | 1 Comment
  • Dec. 14, 2013, 10:23 AM
    • The Hobbit: The Desolation of Smaug is on a pace to earn $68M-$72M this weekend in the U.S. to fall short of the haul the first Hobbit movie delivered last year. A tough weather mix may have been a small factor.
    • The film has done very well in global markets, earning the top spot in box office rankings in several markets and staying well-ahead of the international pace of its predecessor. The film's strong tally in Mexico and Germany shocked analysts.
    • Warner Bros. (TWX) is rolling the film out in international markets at a slower pace for strategic reasons. At the end of its protracted opening, media watchers expect Smaug to top the $1B global box office mark due to the strong global appeal it's displaying so far.
    • Hobbit spillover: Companies which might see a boost from the film's performance include  IMAX (IMAX), Dolby (DLB), and RealD (RLD) as moviegoers indicate a willingness to pay up for premium viewing. News Corp (NWS), which owns the Tolkien rights through HarperCollins Publishers, doesn't mind a little Hobbit fever as well.
    | Dec. 14, 2013, 10:23 AM | 12 Comments
  • Nov. 11, 2013, 4:26 PM
    • News Corporation (NWS): FQ3 EPS of $0.05 misses by $0.02.
    • Revenue of $2.07B misses by $0.11B. (PR)
    | Nov. 11, 2013, 4:26 PM | Comment!
  • Oct. 1, 2013, 10:50 AM
    • News Corp (NWS -1.5%) property HarperCollins launches an e-book subscription service with partner Scribd.
    • The link-up is interesting with Scribd boasting 80M users, although demand for many of the startup's titles could be underwhelming.
    • The Netflix-type model has been tried before with e-books, but the HarperCollins-Scribd version of new media meets old media is a fresh spin.
    | Oct. 1, 2013, 10:50 AM | Comment!
  • 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. 11, 2013, 4:00 AM | Comment!
  • Sep. 10, 2013, 4:41 PM
    • Southeastern Asset Management reports an 11.9% passive stake in News Corp. (NWS, NWSA).
    • SEC Form 13G.
    | Sep. 10, 2013, 4:41 PM | Comment!
  • 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. 4, 2013, 10:35 AM | Comment!
  • Sep. 4, 2013, 7:14 AM
    • News Corp (NWS) sells Dow Jones Local Media Group to an affiliate of Fortress Investment Group for an undisclosed amount.
    • The unit operates 33 local papers across the U.S.
    | Sep. 4, 2013, 7:14 AM | Comment!
  • 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).
    | Sep. 3, 2013, 1:57 PM | Comment!
NWS vs. ETF Alternatives
Company Description
News Corp is a diversified media and information services company focused on creating and distributing authoritative and engaging content to consumers and businesses.