March 14, 2009 |
Like him or loathe him, Rupert Murdoch is the last of the great media swashbucklers, a throwback to the pirates, cutthroats and visionaries who used to run the business before it was engulfed and devoured by giant risk-averse corporate behemoths. The earthquake that rocked News Corp. this week was a typical Murdoch seismic event. As one of his top executives once told me: "Rupert is a gambler. He tolerates noble failure more than complacency."
February 25, 2009 |
Media Mogul Rupert Murdoch has a knack for corporate chess. Now he's contemplating how to advance his pieces. Murdoch plans to use the exit of his longtime lieutenant, Peter Chernin, to assume more direct involvement in operations and shuffle management at News Corp., which is expected to trigger the departure of some ranking executives, according to people familiar with the matter who asked not to be identified because of its sensitivity. News Corp.
February 13, 2009 |
Sumner Redstone, under pressure to restructure his family company's $1.6 billion in debt, said Thursday that "substantial progress" had been made in talks with banks. "An agreement acceptable to all parties is now within reach," the 85-year-old Redstone said during a conference call to discuss Viacom Inc.'s quarterly earnings.
December 8, 2008 |
NBC's sweeping shake-up of its entertainment division last week highlights the deep problems it and other networks face in continuing to produce high-quality shows as advertisers slash spending and viewers find alternate ways to watch TV. The General Electric Co.-owned network, which has seen its ratings plunge 14% this season, plans to announce this week that it will merge its two programming groups -- one at the NBC network and the other at its television production studio -- into one unit.
November 6, 2008 |
British drug maker GlaxoSmithKline is restructuring its U.S. operations, starting with reducing its U.S. sales force by 1,000, following many of its top competitors in eliminating sales jobs. The world's No. 2 drug maker by revenue also will switch from having dual U.S. headquarters, in Philadelphia and in Research Triangle Park, N.C., to operating just the North Carolina headquarters. Spokeswoman Mary Anne Rhyne said the headquarters change was meant to eliminate confusion and was largely symbolic.
November 5, 2008 |
Woodland Hills-based insurer Health Net Inc. announced a management realignment Tuesday amid weak profit and a downward revision of its earnings projections for 2008 that sent shares sliding. The company posted third-quarter earnings of 17 cents a share. Excluding charges, earnings would have been 35 cents a share -- well off the Thomson Reuters analysts' consensus of 88 cents a share and down from 99 cents a year earlier. Health Net's shares fell $2.44, or 18%, to close at $10.88.