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Posts Tagged ‘21st Century Fox’

Morning Media Newsfeed: Sky Deutschland Slows Takeover | Vidra Named CEO of TNR

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Sky Deutschland: BSkyB Takeover Offer Too Low (THR)
BSkyB’s plans to build a European pay-TV empire hit some opposition on Wednesday. The supervisory and executive boards of 21st Century Fox-controlled German pay TV operator Sky Deutschland advised minority investors not to accept a multi-billion dollar takeover offer from BSkyB. NYT / DealBook The move comes after BSkyB, which is 39 percent owned by 21st Century Fox, agreed in July to acquire the 57 percent of Sky Deutschland that is owned by 21st Century Fox, for £2.9 billion, or $4.7 billion. As part of the deal, BSkyB, one of Europe’s largest pay-television providers, also offered to buy the shares of Sky Deutschland’s minority shareholders for €6.75, or $8.75, each, a small premium on the company’s current share price. Reuters But with only a small premium on the table, analysts have doubted that many will sell. Sky Deutschland would thus retain its stock market listing and BSkyB has not indicated any desire to squeeze out minority shareholders above and beyond the offer which it has set out. Management of the German company, advised by Bank of America Merrill Lynch, on Wednesday argued the offer fell short of its true value. WSJ On issuing its recommendation to minority holders on Wednesday, Sky Deutschland said its chief executive Brian Sullivan, the only executive board member holding shares, wouldn’t participate in the offer, which runs until Oct. 15. Two supervisory board members holding shares also don’t intend to accept the offer, the company said in a statement. Financial Times BSkyB has argued that it can implement its vision for Sky Europe, regardless of how many minorities tender their shares. Buying all minorities’ shares — 43 percent of the company — would cost the U.K. operator £2.1 billion, further increasing its leverage. The company raised £3.25 billion this month to help finance the acquisition of 21st Century Fox’s stakes in Sky Deutschland and Sky Italia. BSkyB said it welcomed Sky Deutschland’s “supportive comments on the strategic rationale for the transaction.” BSkyB shareholders are due to vote on the European deal on Oct. 6.

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Morning Media Newsfeed: Politico Expanding to Europe | Fox News Defeated in Fair Use Suit

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It’s Official: Politico’s Headed to Brussels (FishbowlDC)
A 12:44 p.m. ET email from Politico president Jim VandeHei confirmed expansion to Europe, joining with Berlin-based media company Axel Springer to cover European politics and policy. Capital New York The 50-50 joint venture will cover the European Union as well as “European politics and policy more broadly,” VandeHei and editor-in-chief John Harris told staff in the memo, confirming recent reports that the influential Beltway website and congressional newspaper was eyeing expansion abroad. HuffPost / Backstory Details have not yet been finalized for the new organization, though Politico‘s leadership has been working on the plan throughout the year. VandeHei, Harris and owner Robert Allbritton have met in Brussels with top European journalists and diplomats about the potential launch of Politico Europe, as the outlet is tentatively titled, according to sources familiar with the discussions. Politico / Dylan Byers on Media VandeHei and Harris called Axel Springer “Europe’s largest and most powerful media company.” “Axel Springer is a highly impressive, highly ambitious company that shares our obsession with building media companies that produce and can sustain nonpartisan journalistic excellence,” they wrote. “They do about $3.6 billion in annual revenue and house a number of digital start-ups in their Berlin-based offices. We are excited to join forces with them.” NYT Politico was founded in 2007 and rose quickly to become a player in the world of political reporting. It has recently been considering ways to grow and refine its journalism. Last year, it started a magazine that focused on deeper and more expansive stories. The site also hired an executive editor Rick Berke from The New York Times in October, but he resigned Sunday, citing differences with Harris and VandeHei. Axel Springer, which publishes Bild and Die Welt among others, said last year that it was selling two regional newspapers and several magazines to focus on digital media.

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Fox’s Chase Carey on Time Warner: ‘We’ve Moved On’

Chase Carey GChase Carey, president and COO of 21st Century Fox, wants everyone to know that his company is already healing from the heartbreak of not acquiring Time Warner. “We’ve moved on,” Carey said, during a London TV industry conference. “We don’t want to be revisiting something that is in the past or implying that we are continuing to be engaged.”

Carey and 21st Century Fox had tried to purchase Time Warner for $80 billion last month, but the offer was rejected. At the time, Rupert Murdoch put the blame squarely on Time Warner’s shoulders. “Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling,” he explained.

According to Variety, Carey added that for now, at least, there are no other companies worth pursuing. “We don’t have an acquisition list,” he said. “Time Warner was a unique opportunity for us.” Hey, buck up buddy. There’s other media companies in the sea.

Morning Media Newsfeed: Fox, Time Warner Issue Earnings | Coulson Charged With Perjury

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Fox, Time Warner Deliver Dueling Earnings Reports, Both Positive (NYT)
How dead is the Fox-Time Warner deal? So dead that Rupert Murdoch hopped on his company’s quarterly earnings call on Wednesday to drive home the point that his giant media company, 21st Century Fox, really is walking away. The collapse of the deal, which would have been the biggest media merger in a decade, set the stage for a day of dueling earnings reports and analyst conference calls on Wednesday, as both Fox and Time Warner sought to reassure investors that they were going to be just fine without each other. Capital New York “This is our resolute decision, which is why we formally withdrew our acquisition offer,” Murdoch said, citing Time Warner’s decision not to negotiate, the response from Fox’s board of directors, along with Fox’s stock price, which Murdoch said is “severely undervalued.” Variety Film and cable programming gains powered 21st Century Fox to strong earnings and revenue gains in the fiscal fourth quarter, despite a big decline at the Fox network from the collapse of American Idol. Fox reported revenue of $8.42 billion, a 17 percent gain over the year-ago quarter powered by stronger contributions from the film division. Operating income climbed 17 percent to $1.77 billion. THR During the regular session Wednesday, shares of 21st Century Fox rose 3 percent and another 4 percent after the closing bell. Shares of Time Warner, meantime, were crushed because of the failed merger attempt, falling 13 percent in regular trading Wednesday. HuffPost / AP Time Warner Inc. said Wednesday that its second-quarter net income rose 10 percent on strong results from its HBO and Turner properties. New York-based Time Warner, which owns TV channels like HBO and TBS as well as Warner Bros. studios, said profit increased to $850 million, or 95 cents per share, from $771 million, or 81 cents per share, in the same quarter a year earlier.

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Morning Media Newsfeed: Murdoch Withdraws Time Warner Bid | New Leaker Emerges

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After Pushback, Murdoch Abandons Fox’s Pursuit of Time Warner (NYT / DealBook)
At 4:07 p.m. Tuesday, the chief executive of Time Warner Inc., Jeffrey L. Bewkes, received an unexpected email. “On behalf of our board and senior management team, I am writing to inform you that we are withdrawing our offer to acquire Time Warner, effective immediately. Sincerely, Rupert Murdoch.” A hand-delivered letter bearing the same message arrived soon after. TVNewser In short, Murdoch’s 21st Century Fox withdrew its bid for Time Warner, CNN’s parent company. FishbowlNY Early last month, word leaked that Murdoch’s bid of $80 billion was rejected, which raised speculation that he’d try everything in his power to make it happen. Instead, the opposite has occurred. Politico / Dylan Byers on Media Subsequent reports speculated that Murdoch, dogged in his pursuit of an acquisition, would consider upping the offer by as much as $13.5 billion. Had such a deal gone through, it would have merged the country’s top-two cable providers, giving Murdoch control of several top-rated cable networks, including TNT, Fox News, TBS and Cartoon Network. WSJ Fox cited both Time Warner’s unwillingness to “engage with us” and a sharp drop in Fox’s stock price which made a deal “unattractive to Fox shareholders.” Fox’s stock had fallen about 11 percent since news broke last month that it had made a takeover offer for Time Warner, valued at $85 a share.

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Rupert Murdoch Gives Up Trying to Buy Time Warner

It’s over. Rupert Murdoch and his company, 21st Century Fox, have officially given up on trying to buy Time Warner. Early last month, word leaked that Murdoch’s bid of $80 billion was rejected, which raised speculation that he’d try everything in his power to make it happen. Instead, the opposite has occurred.

In a statement, Murdoch essentially blamed it all on Time Warner:

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Morning Media Newsfeed: Zakaria Joins The Atlantic | The Hill Names Cusack Editor-in-Chief

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Fareed Zakaria to Join Atlantic Media as Contributing Editor (FishbowlDC)
Atlantic Media announced Monday that Fareed Zakaria will join The Atlantic and Quartz as a contributing editor in September. In this role, he will write for The Atlantic and participate in AtlanticLIVE and Quartz events. FishbowlNY Zakaria will continue his current roles as host for CNN and a columnist for The Washington Post. HuffPost “I have read The Atlantic with pleasure for three decades,” Zakaria said. “It is the best forum for ideas in the world and I’m delighted to be a part of it and Quartz.” Poynter / MediaWire Zakaria will cover “pressing world matters and culture”, and his work will appear both in the magazine and on TheAtlantic.com, according to Atlantic Media. Politico / Dylan Byers on Media Zakaria’s first event with the company will be Quartz’s The Next Billion: A Connected World conference in New York in November.

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Morning Media Newsfeed: BuzzFeed Editor Fired for Plagiarism | Palin Launches Channel

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BuzzFeed Fires Staffer for 40 Instances of Plagiarism (FishbowlNY)
It looks like the magic number was 40. BuzzFeed has decided to fire its viral politics editor, Benny Johnson, after finding that many instances of plagiarism in his work. FishbowlDC A note to editorial staff sent Friday evening from BuzzFeed editor-in-chief Ben Smith announced that the website has parted ways with Johnson after identifying “40 instances of sentences or phrases copied, word for word, from other sites, many of them inappropriate sources in the first place.” Capital New York Earlier last week, a pair of Twitter users called into question several of Johnson’s posts that had taken phrases and sentences from sources including About.com and National Review. Smith said Friday that editors were reviewing Johnson’s work. Poynter / MediaWire In his note to readers, Smith wrote that the plagiarism constituted “an act of disrespect to readers” and that Johnson’s editors were “deeply embarrassed and sorry” for misleading BuzzFeed’s audience. HuffPost Smith said BuzzFeed would correct every post where plagiarism was found and add editor’s notes to them. Johnson was previously with Glenn Beck’s The Blaze and has also written for Breitbart News.

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Jane Fonda Doesn’t Want Murdoch to Buy Time Warner

jane fonda GGood news for those of you who desire more media commentary from Jane Fonda: She has given her thoughts on Rupert Murdoch potentially buying Time Warner. In short, she think it’s a bad idea.

“I think it would be a catastrophe,” the 76-year-old actress told The Wrap. “If that happens I’m going to be so angry at the FCC. They cannot let that happen.” FCC, you’re officially on notice.

Fonda wasn’t done there. She went on to explain that Murdoch uses his media outlets to spread bad politics. “It’s no secret that Rupert uses his media outlets for political reasons,” said Fonda. “And he is not neutral. And he, you know, his news outlets do things that are unconscionable. And it just cannot happen that he becomes that much of a dominant force in American media.”

We imagine Fonda and Murdoch won’t be getting together for afternoon tea anytime soon.

Morning Media Newsfeed: Time Warner Plays Defense | Netflix Hits 50 Million Subscribers

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Time Warner Cancels Shareholders’ Ability to Call Special Board Meeting, Guards Against Fox Acquisition (NYT / DealBook)
Time Warner is playing defense. On Monday, the company amended its corporate bylaws and removed a provision that allowed shareholders to call a special board meeting. In a filing with the Securities and Exchange Commission, Time Warner said the change was effective immediately. Variety The media company’s board approved a measure to temporarily prevent a fraction of shareholders, some 15 percent, from forcing a vote on 21st Century Fox’s $85 per-share offer, according to public filings. The so-called special meeting provision may be re-instated at the company’s 2015 shareholders meeting. Deadline Hollywood The fear was that Rupert Murdoch — or anyone — could have tried to stampede short-term investors into accepting a deal even if the board concluded that it would not serve their long-term interests. Time Warner shares were down 1.6 percent in post-market trading following disclosure of the change. THR Murdoch’s 21st Century Fox has bid about $80 billion to acquire Time Warner, but Time Warner’s board and CEO Jeffrey Bewkes have rejected the proposal. Some analysts predict that 21st Century Fox will eventually offer $100 a share for Time Warner. The conglomerate’s stock has climbed 23 percent in the past week on such speculation, and Monday it closed at $87.36. TVNewser People familiar with the original $80 billion proposal that was rejected said if 21st Century Fox took over Time Warner, it would sell CNN to prevent antitrust issues stemming from Fox News and CNN’s direct competitor relationship.

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