Key Developments: News Corp (NWS.O)
33.25USD
24 May 2013
$0.18 (+0.54%)
$33.07
$32.68
$33.40
$32.65
3,826,257
2,909,346
$34.12
$18.52
Latest Key Developments (Source: Significant Developments)
News Corp Updates On Separation Of Businesses; Authorizes $500 Million Stock Repurchase Program
News Corp announced the separation of News Corporation into two distinct publicly traded companies, 21st Century Fox and the new News Corporation, has been formally approved by the Company's Board of Directors. The Company announced appointments to the Boards of Directors of both companies, effective upon the completion of the separation, which is expected to occur on June 28, 2013. In connection with the separation, the Company's Board has approved the distribution of all shares of the new News Corporation to the Company's stockholders in a ratio of one share of the new News Corporation for every four shares of News Corporation. Furthermore, the Board authorized a $500 million stock repurchase program for the new News Corporation following completion of the separation. The Company also announced that Board of Directors has authorized a stock repurchase program for the new News Corporation in the amount of $500 million of new News Corporation's shares of Class A Common Stock, to be initiated on an opportunistic basis following the completion of the separation. Timing for purchases under the program will be dependent on the new News Corporation's available liquidity and cash flow as well as consideration of general market conditions. The repurchase program may be executed through various methods, including open market repurchases. Full Article
Guggenheim Advises On Hulu Sale, May Also Bid; Hulu, Jointly Controlled By Walt Disney Co and News Corp-Reuters
Reuters reported that Walt Disney Co and News Corp's Hulu has hired Guggenheim Partners to advise on a sale of the Company, even as the financial services firm is considering making its own bid for the video streaming service. A spokesman of Guggenheim, Terry Fahn, declined to comment, as did Hulu spokeswoman Elisa Schreiber, News Corp spokesman Dan Berger and Disney spokeswoman Zenia Mucha. Full Article
News Corp's Fox Threatens To Become Cable Channel Amid Aereo Dispute-Reuters
Reuters reported that News Corp's Fox TV network raised the stakes in its battle with Web startup Aereo Inc on Monday, threatening to remove itself from the free airwaves entirely and become a cable channel if courts do not shut down the online TV service. The comments by News Corp's Chief Operating Officer, Chase Carey, were the strongest sign yet of network industry opposition to Aereo, which offers a cut-rate TV subscription for consumers by capturing broadcast signals over thousands of antennas at one time. Full Article
News Corp Announces Filing Of Amendment To Registration Statement For Planned Separation Of Businesses
News Corp announced that the new News Corporation filed an amendment to Form 10 Registration Statement with the U.S. Securities and Exchange Commission (SEC). The filing is in connection with the Company's previously-announced intention to separate businesses into two independent, publicly-traded companies. The filing builds on the initial Form 10 Registration Statement, filed with the SEC on December 21, 2012. The Form 10 has been amended to provide additional financial information about the new News Corporation, including capital structure and pro-forma combined financials. The new News Corporation will comprise a range of brands in news and information services, integrated marketing services, digital real estate services, book publishing, and digital education, as well as sports programming and pay-TV distribution in Australia. Full Article
News Corp's Subsidiary Divests 44% Interest In SKY Network Television Limited
News Corp announced that its News Limited subsidiary will divest its 44% stake in SKY Network Television Limited, New Zealand's pay television broadcasting service. Full Article
News Corporation Declares Dividend
News Corp announced that the Company has declared a dividend of $0.085 per Class A and Class B share. This dividend is payable on April 17, 2013 with a record date for determining dividend entitlements of March 13, 2013. Full Article
J2 Global Inc's Subsidiary Acquires News Corporation's IGN Entertainment
J2 Global Inc announced that Ziff Davis, Inc. subsidiary has acquired IGN Entertainment, from News Corporation. Terms of the transaction were not disclosed. Full Article
Four Studios Including News Corp's 20th Century Fox Sued Over Royalties On Home Video Revenues-Reuters
Reuters reported that four Hollywood studios were named on Wednesday in lawsuits brought by two directors and a representative for late actor Charles Bronson claiming what could be up to hundreds of millions of dollars in back royalties on films distributed to the home video market. News Corp's 20th Century Fox, Viacom Inc's Paramount Pictures, Comcast Corp's Universal Pictures and Sony Corp's Sony Pictures were sued in Los Angeles Superior Court. The four lawsuits - described in a release as a class action - were also filed on behalf of others who might be added later, said Neville Johnson, an attorney representing the plaintiffs. He said the amounts owed talent on such contracts could total hundreds of millions of dollars. Full Article
News Corp To Grab Control Of Sky Deutschland AG-Reuters
Reuters reported that News Corp tightened its grip on Sky Deutschland AG on Monday, saying it would raise its stake in the German pay-TV company to 54.5% from just under half in a capital increase. The move comes as media conglomerate News Corp separates its publishing and entertainment assets into two publicly traded companies following shareholder pressure to sell its troubled newspaper business and put a greater focus on the faster-growing TV companies. Financial terms of the deal were not disclosed. Full Article
News Corp To Raise Stake In Sky Deutschland AG After Capital Increase-Reuters
Reuters reported that News Corp will increase its stake in Sky Deutschland AG to 54.5% following a capital increase by the German pay-TV company. Sky Deutschland on Monday said it was raising gross proceeds of EUR347 million ($463.1 million) by issuing 77.9 million shares to News Adelaide, an indirect subsidiary of News Corp, at EUR4.46 apiece. Full Article
News Corp to take charge of up to $1.4 billion this quarter
- News Corp said on Friday it will write down the value of its Australian and U.S. publishing assets by up to $1.4 billion, as the company prepares to split its business between its newspaper and entertainment operations.
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Thomson Reuters is the world's largest international multimedia news agency, providing investing news, world news, business news, technology news, headline news, small business news, news alerts, personal finance, stock market, and mutual funds information available on Reuters.com, video, mobile, and interactive television platforms. Thomson Reuters journalists are subject to an Editorial Handbook which requires fair presentation and disclosure of relevant interests.
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