June 14, 2013 |
Rupert Murdoch's divorce from his third wife is likely to test the strength of his prenuptial agreement but not the control of his sprawling media empire. On Thursday, Murdoch filed for divorce from Wendi Deng Murdoch - just two weeks before the media baron is scheduled to divide his global media empire into two companies. News Corp. said the divorce would not affect operations or control of his company. The 82-year-old media titan filed the petition in state court in New York, where the Murdochs maintain their primary residence and where their two preteen daughters attend school.
June 13, 2013 |
David F. DeVoe, chief financial officer of News Corp. for the last 15 years, is stepping down. DeVoe, who has been part of Rupert Murdoch's inner circle for more than 25 years, will exit his executive role after the company completes its split into two separately traded companies. At the end of this month, News Corp. plans to spin off its TV and movie entertainment assets into a new company named 21st Century Fox. The other company, made up of the Wall Street Journal, New York Post and HarperCollins book publishing, will take the News Corp.
June 12, 2013 |
News Corp. has moved closer to its historic breakup that is expected to test whether investors share Chairman Rupert Murdoch's confidence that there is a solid future for newspapers. On Tuesday, shareholders approved measures that will allow Murdoch's sprawling media empire to be cleaved into two separate publicly traded companies. The most profitable assets - Fox News Channel, the Fox broadcast TV network, Fox regional sports networks, FX and the 20th Century Fox movie studio - will form 21st Century Fox Inc. The publishing assets, including the Wall Street Journal, Times of London, New York Post, the Australian, HarperCollins book publishing house and several Australian television properties, will form a separate company.
June 12, 2013 |
After the coffee. Before the flight back to Los Angeles. The Skinny: It's been fun here in D.C. but it's time to head home. Hope my cats didn't leave me any welcome home gifts! Wednesday's roundup includes the latest on News Corp.'s plans to split the company in two and WME's punking rival agency CAA. Daily Dose: News Corp.'s Fox International Channels (FIC) has promoted Ward Platt to chief operating officer of the unit and chief executive of National Geographic Channels International.
June 12, 2013 |
The Fox broadcast network, which suffered a prime-time ratings free-fall during the just completed TV season, has closed out its upfront advertising sales with its total haul falling short of last year's auction. Despite its ratings woes, Fox was able to hike its ad rates by 5% to 7% for prime-time commercials for the 2013-14 television season, according to a person familiar with the negotiations. The News Corp. network secured commitments from advertisers totaling $1.75 billion to $1.8 billion, which represents about an 8% decline from its year-ago amount.
June 11, 2013 |
Representatives for Rupert Murdoch's News Corp. say there is no truth to rumors that the media giant is poised to pay huge fines in order to settle allegations that it bribed foreign officials. News Corp. has been plagued by talk that it violated federal laws that prohibit U.S.-based companies from bribing foreign government officials since the company's phone hacking scandal exploded in Great Britain two summers ago. News Corp. has spent several hundreds of millions of dollars in the last two years on legal fees and settlements with dozens of phone hacking victims. In recent months, there have been reports the company has been in discussions with the U.S. Department of Justice to potentially pay a fine should federal prosecutors determine that News Corp.
June 10, 2013 |
News Corp. shareholders will be asked Tuesday to approve three amendments designed to facilitate the corporate breakup later this month of Rupert Murdoch's media empire. One amendment authorizes the company to change its name to 21st Century Fox, enabling the publishing division, which is preparing to spin off into a stand-alone entity, to claim the News Corp. name. The other two measures provide a structure for the separation and allow for the distribution of equity for the proposed new corporate entity.
CALIFORNIA | LOCAL
June 7, 2013 |
President Obama jokingly praised Los Angeles' famously camera-friendly mayor about "his natural reticence, his shyness" at a local political fundraiser Friday. Mayor Antonio Villaraigosa, who campaigned heavily for Obama's reelection, and his successor, mayor-elect Eric Garcetti, met the president at Santa Monica Airport and were later in the crowd at a luncheon fundraiser at the home of Megan and Peter Chernin. Obama nodded to Villaraigosa and Garcetti. "We've got your current mayor, who has been able to overcome his natural reticence, his shyness, to become one of the finest leaders we have in this country.