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Posts Tagged ‘21st Century Fox’

Chase Carey Extends Contract with 21st Century Fox

Chase Carey GChase Carey is going to be the president and COO of 21st Century Fox through at least 2016. The Wall Street Journal reports that Carey has agreed to a two-year contract extension mere weeks before his original one ended.

Carey’s contract was set to expire June 30, and — according to the Journal — that ”had attracted some attention and speculation on Wall Street.” Well, we guess the rumors have officially been squashed.

Carey, who has held the roles of president and COO since 2009, won’t see much of a pay bump over the course of his new deal. Not that he really needs it. Last year Carey’s total compensation was $27 million. Not bad. Not bad at all.

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Morning Media Newsfeed: Time Inc. Struggles | Netflix Shareholders Back Hastings

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Time Inc. Stock Falls in Its Debut (NYT)
Shares of Time Inc., the magazine company that began trading Monday after being spun off from Time Warner, got off to a rough start, falling nearly 7 percent before recovering somewhat. Bloomberg The shares, trading under the ticker symbol TIME, slid less than 1 percent to $23.30 at the close in New York, after earlier dropping by as much as 6.7 percent. Shares of Time Warner, which owns the Warner Bros. movie studio and cable networks such as HBO and CNN, rose 1.2 percent to $68.99. FishbowlNY Last week, Time Inc.’s execs met with editors and asked them to begin the process of cutting 25 percent of editorial spending. That means staffing cuts are coming by the bunches. HuffPost Time Inc. laid off hundreds of employees in 2013 and earlier this year. Some titles, such as People, appear to have already started with their layoffs. Time Inc. is also set to leave its longstanding home, the Time-Life Building, for a cheaper downtown pad. THR Dealmaking could be on the agenda, but unlikely in the form of big acquisitions. Time Inc. was spun off with $1.3 billion in debt. Analysts have compared that to the lack of debt that Rupert Murdoch’s News Corp got when the mogul’s empire was split into two last year. Moody’s recently rated Time Inc.’s debt below investment grade, but other observers said the debt will also allow Time Inc. to show that it can be trusted financially.

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Morning Media Newsfeed: Walters Signs Off | Abramson/NYT Fight Unfolds | FCC Approves Proposal

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Two Dozen Women of TV News, Barbara Walters’ Legacy, Join Her on Her Final View (TVNewser)
Thursday afternoon, the legacy of Barbara Walters came to life in the finale of her final The View, taped at ABC’s Westside studios and set to air Friday. Mediaite All 11 current and former co-hosts of The View turned up to send off Walters. In an emotional segment, the hosts shared their fondest memories of the program’s founding member and some of the advice that they said guides them in their present careers. THR / The Live Feed Oprah Winfrey and Hillary Clinton were among the surprise guests who showed up to say goodbye. After more than 50 years in TV news, Walters is officially retiring, leaving her co-hosting gig on The View, but she’ll continue to serve as the show’s executive producer and contribute to ABC News on an as-needed basis. The Associated Press Walters brought the hour to a close with a heartfelt statement looking back with amazement on her career, then signing off with a pledge to “take a deep breath and enjoy my View.” But a more telling moment took place during a break, as the throng of women she had paved the way for posed with her for a group portrait. TheWrap The cadre of A-List media stars who gathered for the photo included Winfrey, Katie Couric, Joan Lunden, Robin Roberts, Connie Chung, Gayle King, Maria Shriver, Paula Zahn, Jane Pauley, Savannah Guthrie, Elizabeth Vargas, Lara Spencer, Tamron Hall, Diane Sawyer, Cynthia McFadden, Natalie Morales, JuJu Chang, Amy Robach, Deborah Norville and Hoda Kotb, as well as Walters’ co-hosts, Whoopi Goldberg, Joy Behar, Rosie O’Donnell, Elisabeth Hasselbeck, Debbie Matenopoulos, Lisa Ling, Star Jones, Jenny McCarthy and Meredith Vieira.

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Morning Media Newsfeed: NBC Secures Olympics | AOL Earnings Fall Flat | Horowitz to Today

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NBC Secures Olympics Through 2032 (TVSpy)
NBCUniversal has acquired the rights to the Olympic Games through 2032. The new deal, valued at $7.65 billion, is the longest U.S. Olympic sports rights agreement in history. TVNewser NBC adds to the three Olympics it secured in an earlier deal: 2016 in Rio, 2018 in Pyeongchang and 2020 in Tokyo, with six more Summer and Winter Olympics through 2032, the host cities of which have not yet been selected. Adweek The deal comes as a major surprise on the week before the broadcast upfront presentations, as rival media outlets appeared to have been altogether unaware that negotiations were in the works. In fact, several sources confirmed that no other networks were so much as invited to bid for the package. This was by design, said IOC president Thomas Bach. Reuters The IOC did not approach ESPN, a network spokesman said, and neither were Fox nor CBS. The agreement includes media rights across broadcast television, cable TV, Internet and mobile platforms. NBC and rival networks have been stocking up on live sports content, which are popular with advertisers because large audiences watch in real-time and do not skip the TV commercials. Mashable NBC has become a player in the live sports industry in recent years, signing deals for the U.S. rights to the English Premier League, the National Hockey League and Sunday night NFL games. The Olympics are an expensive property, but NBC claims that it has been able to turn a profit on them. The price tag for the most recent deal is $1.4 billion more than the previous one.

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Morning Media Newsfeed: Murdoch Ups Sons | Twitter Ban Overturned | NYT Adds Digital Subs

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Rupert Murdoch Elevates Eldest Son to Be His News Corp. Co-Chairman (The Guardian / Greenslade Blog)
Rupert Murdoch’s eldest son, Lachlan, has been promoted to the role of non-executive co-chairman on the News Corp. board. It means that the two will work alongside each other. Rupert, the executive chairman, described the appointment as “recognition of Lachlan’s entrepreneurial leadership and passion for news, digital media and sport.” TVNewser Lachlan has been named non-executive chairman at both News Corp. and 21st Century Fox. The 42-year-old has been a director of both companies, but effectively left the media empire in 2005 where he had been deputy chief operating officer directly responsible for News Corp.’s U.S. television stations group and publishing assets. After Lachlan left News Corp., Roger Ailes, the co-founder and chairman of Fox News Channel, was named chairman of News Corp.’s (now 21st Century Fox’s) television stations group. FishbowlNY The promotion means that Lachlan is all but guaranteed to take over News Corp. when Rupert steps down. In the past, it was believed that James Murdoch was the heir apparent, but no more. James was promoted as well — to co-chief operating officer at 21st Century Fox. Financial Times James’ elevation comes two years after he was embroiled in the U.K. phone hacking scandal as the former head of News Corp.’s U.K. newspaper business. His new position gives him a more central executive role at one of America’s most global media companies, in contrast to Lachlan’s non-executive position, keeping him in contention in a succession race that has seen numerous twists. James will share his new title with Chase Carey, a trusted adviser and second-in-command to Rupert, to whom he had reported in his previous role as deputy chief operating officer. Reuters Each son has at various times been seen as heir apparent, and it is unclear how well they will work together when Murdoch finally hands over the companies. The Murdoch family controls both Fox and News Corp. through a trust that has a 38 percent ownership stake of Class B shares with voting rights. A source familiar with the companies said that the plan to elevate Lachlan and James had been in the works for a while and that a tussle over control would be unlikely.

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James Murdoch Sells 18 Percent of Stake in 21st Century Fox

James MurdochJames Murdoch, deputy chief operating officer of 21st Century Fox, has sold about 18.5 percent of his stake in the company. The Wall Street Journal reports that the transaction was valued at $15 million. The sale was for 455,000 Class A shares, at an average of $32.97 per share.

News of the sale is interesting, if only because it comes about two weeks after 21st Century Fox reported first-quarter profits plummeted by 44 percent. However, a spokesperson for 21st Century Fox said young Murdoch sold the stake for “financial planning purposes.”

Feel free to interpret that however you want.

Rupert Murdoch Isn’t Going Anywhere

RupertMurdoch_FeaturedSome people won’t like it, but Rupert Murdoch is here to stay. Reuters reports that Murdoch has been re-elected as chairman of 21st Century Fox, despite the latest round of protests from shareholders.

The opposition to Murdoch was led by Christian Brothers Investment Services and Investment Management Corporation in Canada. They recommended that 21st Century Fox have an independent chair because of “the level of family control, and the influence this may bring to the impending reorganization.”

“Our new company deserves a fresh start” said Timothy Schaler, an adviser for Christian Brothers, at a shareholder meeting. “For the board to ignore such a mandate shows disregard for corporate governance.”

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Morning Media Newsfeed: Greenwald Partner Held | Fox Buys Vice Stake | 480 Out at Patch


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Glenn Greenwald’s Partner Detained at Heathrow Airport for Nine Hours (The Guardian)
The partner of the Guardian journalist who has written a series of stories revealing mass surveillance programs by the US National Security Agency was held for almost nine hours on Sunday by UK authorities as he passed through London’s Heathrow airport on his way home to Rio de Janeiro. David Miranda, who lives with Glenn Greenwald, was returning from a trip to Berlin when he was stopped by officers at 8:05 a.m. and informed that he was to be questioned under schedule 7 of the Terrorism Act 2000. The controversial law, which applies only at airports, ports and border areas, allows officers to stop, search, question and detain individuals. The Guardian / Comment Is Free Greenwald: “This was obviously designed to send a message of intimidation to those of us working journalistically on reporting on the NSA and its British counterpart, the GCHQ. Before letting him go, they seized numerous possessions of his, including his laptop, his cellphone, various video game consoles, DVDs, USB sticks, and other materials. They did not say when they would return any of it, or if they would.” NYT The Guardian had paid for the trip, Greenwald said, and Miranda was on his way home to Rio de Janeiro. London’s Metropolitan Police Service, which had jurisdiction over the case, said in a statement that Miranda had been lawfully detained under the Terrorism Act and later released, without going into detail. Amnesty International “It is utterly improbable that David Michael Miranda, a Brazilian national transiting through London, was detained at random, given the role his husband has played in revealing the truth about the unlawful nature of NSA surveillance,” said Widney Brown, senior director of international law and policy at Amnesty International. AndrewSullivan.com My obvious question is: What could possibly lead the British security services to suspect Miranda of such ties to terror groups? I have seen nothing anywhere that could even connect his spouse to such nefarious contacts. Unless Greenwald is some kind of super-al-Qaeda mole, he has none to my knowledge and to suspect him of any is so close to unreasonable it qualifies as absurd.

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It’s News Corp. Split Day

Today News Corporation splits in two. On one side we have News Corp., which will oversee the publishing businesses, including The Wall Street Journal and The New York Post. The other side is 21st Century Fox, which will control the movie studio and TV properties, such as Fox Entertainment Group.

So, how are you celebrating the split? In the past, we’ve suggested a double ice luge shaped like Rupert Murdoch, but what about pin the tale on the new logos?

We’re excited to hear what you have in store. If nothing else, at least crack open a Zima and reminisce.

Revolving Door: USA Today, Better Homes and Gardens, 21st Century Fox

Below are a few moves that we wanted to point out, in addition to the ones we already mentioned today. Enjoy.

  • Rem Rieder is joining USA Today full-time as its media editor. Rieder had been contributing a column for the past few months. He was most recently American Journalism Review’s editor. Rieder joins USA Today July 15. The full memo announcing the move can be found at Jim Romenesko.
  • Amy Brightfield has been named health and features editor of Better Homes and Gardens. She comes to BHG from Woman’s Day where she served as health director. This is Brightfield’s second stint with Meredith, as she was a senior health editor with Fitness from 2001 to 2007.
  • Julie Henderson has been promoted at News Corporation. Hollywood Reporter notes that Henderson was just named executive VP of corporate communications for 21st Century Fox, the entertainment side of News Corp., which splits Friday.

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