Arab Today, arab today news corp mulls media entertainment unit split
Last Updated : GMT 03:21:43
Arab Today, arab today
Arab Today, arab today

News Corp mulls media, entertainment unit split

Arab Today, arab today

Arab Today, arab today News Corp mulls media, entertainment unit split

New York - AFP

Rupert Murdoch\'s News Corp said Tuesday it was \"considering a restructuring\" that would split off its larger entertainment division from the struggling publishing businesses. The New York-based company confirmed reports earlier in the day and said the move would \"separate its business into two distinct publicly traded companies.\" The statement followed a report in the Wall Street Journal, one of the units of the global media-entertainment conglomerate, on the possible move. News Corp shares jumped 6.3 percent in New York to $21.56 on the news. Analysts said the move would separate the profitable film and television businesses from the news and media operations which have been tainted by the phone-hacking scandal in Britain. The carve-out would likely lead to one unit including 20th Century Fox movie studio, Fox broadcast network and Fox News channel, competing more directly against Disney, Time Warner and Comcast, which controls NBC Universal. The company\'s publishing assets include The Wall Street Journal, New York Post, the Times of London and The Australian newspaper, as well as the HarperCollins book publishing house. The Wall Street Journal report said the plan, if implemented, was not expected to change the Murdoch clan\'s effective control of any of the businesses, exercised through the family\'s roughly 40 percent voting stake in News Corp. The possible restructuring follows the phone-hacking scandal in Britain that resulted in the closure of its flagship News of the World tabloid and the resignation of several senior executives. In March, company president Chase Carey, seen as Murdoch\'s likely successor, acknowledged that some shareholders had talked to the company about spinning off the newspaper arm, but said it was \"not a path we are pursuing.\" Analyst Anthony DiClemente at Barclays said the publishing arm accounts for just seven percent of the value of the company and that a split could be positive. \"In our view, a spin-off would reduce the holding company discount in the stock and would allow investors to own a higher growth business without the slower growth publishing business and its associated liabilities,\" he said in a research note. But he added that it \"is unclear if spinning off the publishing business would ring-fence liabilities associated with the ongoing hacking investigation\" or allow the group to carry out its plan for a full takeover of satellite broadcaster BSkyB, in which News Corp has a 39 percent stake. \"It could make it easier for News Corp to try and acquire the public (BSkyB) stake at a latter date (but) we think common controlled ownership of both entities by the Murdoch family will remain an obstacle,\" the analyst said. David Joyce at Miller Tabak said that the spin-off could take a year, but that it \"would help Chase Carey focus on the entertainment assets and not be distracted by the lingering phone hacking scandal in the UK.\" In the most recent quarter ended March 31, News Corp profit was up 47 percent to $937 million, as revenues rose two percent to $8.4 billion. Cable operations and entertainment accounted for much of the profit. The company said revenues were hurt by advertising declines at the Australian and British newspapers, as well as the closing of The News of the World. For the fiscal year ended in June 2011, television and entertainment produced revenues of $23.5 billion, and publishing some $8.8 billion.

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today news corp mulls media entertainment unit split Arab Today, arab today news corp mulls media entertainment unit split

 



Arab Today, arab today
Arab Today, arab today Mohamed Bahari prepares new collection for spring 2017

GMT 06:15 2017 Monday ,27 February

Mohamed Bahari prepares new collection for spring 2017
Arab Today, arab today 17.4 million tourists visit UAE in 2016

GMT 00:47 2017 Monday ,27 February

17.4 million tourists visit UAE in 2016
Arab Today, arab today Sheds light on major steps in 12-year career

GMT 06:07 2017 Monday ,27 February

Sheds light on major steps in 12-year career
Arab Today, arab today UN envoy sets out framework

GMT 07:25 2017 Monday ,27 February

UN envoy sets out framework
Arab Today, arab today Ayat Abaza says state TV presented major stars

GMT 03:52 2017 Sunday ,26 February

Ayat Abaza says state TV presented major stars

GMT 19:03 2017 Friday ,24 February

PJD Slams Assabah Newspaper over Allegations

GMT 15:42 2017 Thursday ,23 February

Information Minister delivers lecture at RCSC

GMT 14:13 2017 Thursday ,23 February

International media conference concludes

GMT 19:28 2017 Tuesday ,21 February

McCain criticizes Trump over continued media attacks

GMT 10:17 2017 Tuesday ,21 February

Dh56,000 of fines for illegal adverts around Abu Dhabi

GMT 15:27 2017 Monday ,20 February

Trump calls media ‘enemy of American people’
View News in Arabic - Media: آخر الأخبار
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Penguins in the age of dinos

GMT 11:44 2017 Saturday ,25 February

Penguins in the age of dinos
Arab Today, arab today Pluto's unruly moons

GMT 06:31 2015 Thursday ,04 June

Pluto's unruly moons
Arab Today, arab today 'Constructive' Vauxhall talk with union

GMT 08:54 2017 Saturday ,25 February

'Constructive' Vauxhall talk with union
Arab Today, arab today Tesla back into red but revenue grows

GMT 07:27 2017 Thursday ,23 February

Tesla back into red but revenue grows
Arab Today, arab today Reasons for the delay 'On the Stairs of Servants'

GMT 06:42 2017 Saturday ,25 February

Reasons for the delay 'On the Stairs of Servants'
Arab Today, arab today Ex-yoga missionary unleashes rage

GMT 12:16 2017 Thursday ,23 February

Ex-yoga missionary unleashes rage

GMT 07:23 2017 Friday ,24 February

Ola Ghanem hopes to work with M.Ramadan

GMT 05:14 2017 Thursday ,23 February

UK appoints 1st Scotland Yard chief in 188 years

GMT 18:23 2017 Friday ,24 February

Fadi explains secrets of  Nancy Ajram's newlook

GMT 10:28 2017 Wednesday ,22 February

Milan laughs while Rome cries

GMT 19:45 2017 Monday ,20 February

Sarah Belamesh designs antiques of "ceramic"

GMT 10:51 2017 Saturday ,25 February

Pigs with edited genes show resistance

GMT 14:04 2017 Friday ,24 February

Messi visit will contribute in tourism

GMT 13:12 2015 Saturday ,09 May

Sheikh Sultan opens Sharjah Centre

GMT 01:04 2017 Tuesday ,28 February

Nokia 3310 is back — and so is 'Snake'

GMT 22:42 2017 Thursday ,23 February

Nasima Gamei revives heritage in jewelries
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday