Thu, Feb. 5, 5:07 PM
Wed, Feb. 4, 3:51 PM
- Kingdom Holding Co. -- the publicly listed investment vehicle of Saudi Arabia's Prince Al-Waleed bin Talal -- is selling most of its 6.6% stake in B shares of News Corp. ((NWS -0.3%), (NWSA -0.4%)), leaving it with 1%, and generating about $188M.
- The company, however, is maintaining its 6.6% share of Twenty-First Century Fox ((FOX +0.2%), (FOXA)). It says the sale was part of a general portfolio review.
- Al-Waleed publicly supported Rupert Murdoch through the phone-hacking scandal and investigations and took pains to do so again: "We remain firm believers in NewsCorp’s competent management, led by CEO Robert Thomson, and are fully supportive of Rupert Murdoch and his family."
- The Murdoch companies report earnings over the next 24 hours.
Wed, Feb. 4, 5:35 AM
- Saudi Arabia's Kingdom Holding, owned by Saudi billionaire Prince Alwaleed Bin Talal, has cut its stake in Rupert Murdoch’s News Corp. (NASDAQ:NWS), reducing its shareholding in Class B shares to 1% from 6.6%.
- The bourse statement announcing the news stated that the sale generated "705M riyals ($187.9M)", which will be used for other investments.
Mon, Feb. 2, 7:22 PM
- The Justice Dept. wraps a lengthy probe of News Corp. (NWS, NWSA) and Twenty-First Century Fox (FOX, FOXA) by deciding not to prosecute the companies in relation to the U.K. phone hacking/bribery scandals of 2011.
- The companies still face a number of probes as well as litigation in Great Britain.
- The U.S. case included looking into possible violations of the Foreign Corrupt Practices Act.
Dec. 19, 2014, 4:55 PM
- News Corp. (NASDAQ:NWS) has bought BigDecisions.com, a site that "aims to help Indian consumers make smarter financial decisions through interactive, decision-making tools powered by sophisticated algorithms and data." Terms are undisclosed.
- With News Corp. stating BigDecisions.com has "helped some 40,000 users," the site appears to have a fairly small base as of now. Last month, News Corp. spent $30M to take a 25% stake in Indian real estate site PropTiger.com.
Dec. 15, 2014, 9:42 AM
Nov. 24, 2014, 6:55 PM
- News Corp. (NASDAQ:NWS) is spending $30M to buy a 25% stake in PropTiger.com, a leading Indian real estate site.
- The investment comes on the heels of News Corp.'s $950M purchase of Realtor.com owner Move. The company also had a 61.6% stake in REA Group, which owns leading Australian real estate site realestate.com.au.
Nov. 14, 2014, 8:40 AM
Nov. 5, 2014, 6:43 PM
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.
Aug. 7, 2014, 4:58 PM
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. 23, 2014, 1:16 PM
May 8, 2014, 4:36 PM
May 2, 2014, 10:03 AM| 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.
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