TVNewser FishbowlDC AgencySpy TVSpy LostRemote PRNewser SocialTimes AllFacebook 10,000 Words GalleyCat UnBeige MediaJobsDaily

Posts Tagged ‘Chase Carey’

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.

Mediabistro Course

Freelancing 101

Freelancing 101Starting August 18, learn how to manage a top-notch freelancing career in our online boot camp, Freelancing 101! Through a series of weeklong webcasts, you'll hear from freelancing experts who will teach you the best practices for a solid freelancing career, from the first steps of self-advertising and marketing, to building your schedule and securing new clients. Register now! 

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

Click here to receive Mediabistro’s Morning Media Newsfeed via email.

Time__Inc_-logo-2ED06AA15C-seeklogo.com_

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.

Read more

Rupert Murdoch’s Pay Drops to $28.9 Million

For News Corp.’s latest fiscal year — which ended June 30 — Rupert Murdoch saw his compensation drop from $30 million to $28.9 million. We have to ask: Why even leave the house on that kind of pay?

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.

MLB Media Executive: ‘New York is as good a platform as you can have’ For All Star Game

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.”

Read more

David DeVoe to Retire from News Corp.

David DeVoe, CFO of News Corporation, will retire from the company after it splits, on June 28. He will retain his seat on News Corp.’s board of directors, a spot he has held since 1990.

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.”

Columbia Prof: To Survive, Broadcast TV Must Disrupt Its Own Business Model

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.

Read more

Rupert Murdoch Takes Pay Cut, Still Rakes in $30 Million So He’s Probably Fine With It

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. Posts $1.5 Billion Loss in 4Q

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.”

James Murdoch Resigns from BSkyB, Has Now Stepped Down from 7 Positions

James Murdoch can’t quit quitting. Just last week he stepped down from his sixth executive position, and now The Guardian is reporting that Murdoch is vacating his position as CEO and Chairman of BSkyB. Murdoch has held the position at the company since 2003, and his departure means there is now no family member holding a top spot at the broadcaster for the first time in several years.

Murdoch has now stepped down from seven executive positions. His BkyB departure is hardly surprising, and as the language of this joint statement from Rupert Murdoch and Chase Carey indicates, no one is exactly pleased about the ordeal:

We are grateful for James Murdoch’s successful leadership of BSkyB. He has played a major role in propelling the company into the market-leading position it enjoys today – and in the process has been instrumental in creating substantial value for News Corporation shareholders. We look forward to BSkyB’s continued growth under the leadership of Nicholas Ferguson and Jeremy Darroch and to James’ continued substantial contributions at News Corporation.

James Murdoch Steps Down from News International

The fallout from the phone hacking scandal finally claimed James Murdoch. We had been wondering for months when it would happen, and now that day is here: According to The Guardian, Murdoch is stepping down as Executive Chairman of News International.

Murdoch will, however, continue on at News Corp., but his days among newspapers are over. We’re guessing that Murdoch isn’t too upset about this move.

Tom Mockridge, CEO of News International, will be continuing on at News International, effectively taking James’ place.

News Corporation issued the following statement about Murdoch’s resignation:

Read more

NEXT PAGE >>