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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.
Posts Tagged ‘Chase Carey’
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Chase 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.
Chase 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.
The only thing keeping Murdoch going is probably the $274,531 he got for the use of News Corp.’s private plane and the $15,694 he got for the use of one of the company’s cars. Otherwise, really, it’s better to just hide your face in shame.
According to The Hollywood Reporter, Chase Carey — News Corp.’s president and COO — only raked in $27.05 million, so don’t expect to see him in public until at least next year.
This weekend kicks off the festivities for the 2013 Major League Baseball All Star Game, which will be played right here in New York City, at the New York Mets’ Citi Field.
Being in the City That Never Sleeps (as well as the corporate home of Major League Baseball, media companies and ad buyers), is driving a lot of advertising and media attention.
“I am probably biased, I am from New York, I think everything is bigger,” MLB executive VP of business Tim Brosnan tells FishbowlNY. “Everybody appreciates it being in their own backyard, I think there is a natural inclination to try to do better when you are at home.”
The game will be broadcast on Fox, MLB’s largest media partner. Fox also televises the World Series and the Saturday game of the week, and will be adding national games to its upcoming cable sports channel, Fox Sports 1.
“[Fox president] Chase Carey, who kind of created, crafted and still shepherds their whole sports scene, he is over on sixth avenue,” Brosnan said. “He is the one who back in the day started Fox Sports, or at least convinced Rupert [Murdoch] to start Fox Sports with David [Hill] and Ed [Goren] and those guys. He really understands the value of sports to their media empire, clearly when the CEO has that much affinity for sports, things happen.”
Succeeding DeVoe is John Nallen, who will be named senior executive VP and CFO of 21st Century Fox, the entertainment side of the News Corp. split. Nallen has been with News Corp. for 18 years. His appointment will be effective July 1 and he’ll report to Chase Carey and Rupert Murdoch.
In a statement, Murdoch said of DeVoe, “I would like to express my profound gratitude to Dave for his enormous contributions to News Corp. over nearly three decades in which he has played a pivotal role in building the Company into a global leader. He is a world-class executive whose stellar financial stewardship can be credited for the enviable financial position we’re in at this exciting time in the company’s evolution.”
First went the publishing industry. Now, it’s broadcast television watching its profits sink as the internet and the rise of cable TV eat away at its business model.
So, what’s a CBS or NBC or ABC to do? Disrupt its own model, argues Columbia Business School professor Rita Gunther McGrath.
In a post on the Harvard Business Review, she writes:
The basic problem is that the constraints which broadcasters have historically used to protect their profits have now been relaxed — or have even disappeared. Indeed, the New York Times recently noted that the profit model for broadcasters is under assault, citing “cracks in the citadel of TV profits.” The issue is that when you sell things in bundles you can charge for a whole bunch of things nobody really wants — customers will pay for the entire bundle in order to get the one or two things they actually want. This worked for years in cable television — give customers hundreds of channels they won’t watch but will pay for anyway in order to obtain ESPN or HBO.
The aftermath of the phone hacking scandal will be playing out in courts for years, but the now that News Corp. has announced its compensation packages for its 2012 fiscal year, we’re seeing how that situation financially impacted the company’s top dogs.
Bottom line? Their wallets barely felt the difference. Rupert Murdoch took a 10 percent pay cut, but still made $30 million; Chase Carey, News Corp.’s COO, made $24.8 million; Roger Ailes made $21.1 million; and James Murdoch grabbed a nice $16.8 million package.
Despite all of the execs — aside from Ailes, who saw his pay increase by 30 percent — taking a cut in pay, those are some healthy numbers. Imagine if the phone hacking scandal had never happened? We imagine they’d all be swimming in pools of $100s, not the shoddy $50 bills they must use now.
News Corp. reported a $1.6 billion loss in its fourth quarter earnings report this morning. The reason for the loss is that the phone hacking scandal and the overall decline of print forced the media behemoth to write down the value of its publishing side by $2.8 billion.
According to paidContent, News Corp.’s president and COO, Chase Carey, noted that the publishing ventures are in a transition mode as they’re prepared for the split from the company’s entertainment businesses.
“Publishing will continue to be mixed,” Carey admitted to Bloomberg News. “We certainly have initiatives to improve on execution, and we have an ongoing focus on being as efficient as we can be. There will be revenue growth.”
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