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Posts Tagged ‘Lachlan Murdoch’

Morning Media Newsfeed: Big Changes at TNR | CBS, Dish Deadline Passes Without Blackout

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Big Changes at The New Republic (FishbowlNY)
In this, the New Republic’s 100th year, a new direction. FishbowlDC Franklin Foer, editor of TNR, sent out a staff email Thursday announcing his resignation from the magazine. Capital New York Literary editor Leon Wieseltier is also out. Gabriel Snyder, a former editor of The Atlantic Wire and most recently a digital adviser at Bloomberg, has been tapped to succeed Foer, TNR chief executive Guy Vidra wrote in an email to staff. Furthermore, the magazine will be reducing its frequency from 20 to 10 issues a year, moving from Washington D.C. to an office in New York City’s Union Square and “making some changes to staff structure,” Vidra added. HuffPost Speculation had run rampant that Foer might leave the magazine, which he returned to edit in 2012 following its sale to Facebook co-founder Chris Hughes. Some staffers fear that Hughes and chief executive Vidra are too focused on increasing Web traffic, and that such a strategy could pull the magazine away from its legacy of narrative journalism and criticism. In his memo to staff Thursday, Foer acknowledged the competing plans for the magazine’s future. “Chris and Guy have significant plans for this place,” he wrote. “And their plans and my own vision for TNR meaningfully diverge.” Politico / Dylan Byers on Media Hughes bought TNR in 2012 at the age of 28 with ambitions of restoring its esteemed place in Washington media. Instead, TNR failed to hire marquee names, struggled to attract advertisers and failed to gain a prominent place in the conversation.

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Rupert Murdoch: NY Post ‘Likely’ Going All Digital in 10 Years

Rupert Murdoch has finally opened up. The 83-year-old media mogul sat down with Fortune and discussed his divorce from Wendi Deng; how he convinced Lachlan Murdoch to come back to News Corp. (“It was a question of how we would work together”); Hillary Clinton as the next President (“We have to live with who we get”); and more. But the section that stood out to us was Murdoch saying the New York Post is on its way to becoming an all digital publication.

Murdoch was asked why he kept the Post going, but he didn’t really answer at first. Instead he simply confirmed that yes, the paper had lost about $40 million in 2012. Then, after being prodded again, Murdoch replied, ”We’re looking at various plans for the Post. We are working very hard on the digital edition.”

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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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Lachlan Murdoch Gets Top Spot on News Corp Board

The future of News Corp just landed in the lap of Lachlan Murdoch. The New York Times reports that Lachlan — most recently a director of News Corp and 21st Century Fox — has been promoted to non-executive co-chairman, the top spot on News Corp’s board. Lachlan’s father, Rupert Murdoch, owns 40 percent of the company, and will remain executive chairman.

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. In what seems like a “Oh, I’ve got a present for you too, son” move, James was promoted as well — to co-chief operating officer at 21st Century Fox.

In a statement, Rupert said Lachlan’s promotion was “a sign of confidence in the growth potential of News Corporation and a recognition of Lachlan’s entrepreneurial leadership and passion for news, digital media and sport.”

News Corp. to Officially Split June 28

At the risk of beating a dead multi-billion dollar company, let’s talk about that News Corp. split again. The board voted to move the plan forward, and made June 28 the official separation date. The two new companies will be News Corp. (publishing) and 21st Century Fox (movies and TV).

Aside from the official date, the other thing to note is that there’s more information about the boards of each company. Forbes reports that Rupert Murdoch, Lachlan Murdoch and James Murdoch will have seats on both. News Corp.’s board will also feature John Elkann (former Fiat chairman); Ana Paula Pessoa (partner at Brunswick Group, a PR firm); and Masroor Siddiqui (an investor). At 21st Century Fox there’ll be Delphine Arnault (deputy general manager at Christian Dior); Jacques Nasser (former Ford CEO); and Robert Silberman (executive chairman at Strayer Education).

Now, who wants to have a News Corp. Split Party on the 28th? We’re thinking jello shooters and an ice sculpture of Rupert giving a thumbs up. We’re flexible though.

News Corp. Shareholders Vote Against Murdochs, Murdochs Shrug

(Via Reuters)

That News Corporation meeting happened just the way FishbowlNY thought it would: A lot of shareholders voted against the Murdochs (especially James) and in the end nothing happened. According to Businessweek, one third of the investors voted against the election of James Murdoch and Lachlan Murdoch to the board:

James Murdoch, deputy chief operating officer and son of the chief executive officer, received the most votes against his election, at 35 percent, according to figures released by the company yesterday… Thirty-four percent of shareholders voted against Lachlan Murdoch, 40, while 14 percent voted against Rupert.

While this might — just maybe, be enough to get Rupert to throw James under the bus for the hacking scandal, as you can see, three-quarters of the shareholders still favored keeping the elder Murdoch in place. And if he’s there, nothing beyond James’ removal will change.

Elisabeth Murdoch Rumored to Join News Corp. Board

Despite claims from News Corporation shareholders that there is rampant nepotism taking place, it looks like the Murdoch family will not be stopped. According to Bloomberg, the next move is to name Elisabeth Murdoch a member of the company’s board.

The board was expected to meet today and discuss her joining the ranks. Add that to James Murdoch‘s recent promotion, and the fact that Lachlan Murdoch is still on News Corp.’s board, and you get the feeling the Murdoch family is going to be calling the shots for a long, long time.

Shareholders might be complaining for decades.

No Matter How Murdoch Feels, Fox News’ Roger Ailes Makes Bank

murdoch1112.jpgA profile of Roger Ailes in The New York Times yesterday highlighted the tension between the Fox News chief and his boss, Rupert Murdoch.

The profile includes a quote from inside the Murdoch family that speaks harshly about Ailes and his work at Fox News. Says Matthew Freud, great-grandson of Sigmund who is married to Murdoch’s daughter Elisabeth:

“I am by no means alone within the family or the company in being ashamed and sickened by Roger Ailes’s horrendous and sustained disregard of the journalistic standards that News Corporation, its founder and every other global media business aspires to.”

Of course, this is not how Murdoch officially feels about his company’s Fox News division. He told the Times, “I’m proud of Fox News and what it is accomplishing, and I am grateful to Roger and his team for creating such a great asset for News Corporation.”

He also offered Ailes a contract that earned him $23 million, plus bonuses and additional income, more than Murdoch made himself last year, the Times reported. If Fox News really is as successful as the profile claims — said the article: “Fox News is believed to make more money than CNN, MSNBC and the evening newscasts of NBC, ABC and CBS combined” — then Ailes earned it. And that’s something he can take to the bank, no matter how Murdoch and his family really feel about him.

Read More: A Fox Chief at the Pinnacle of Media and PoliticsNew York Times

Previously: Ailes and Obama Called Truce?

Investor Group Buys Eight Nielsen Brands Including Hollywood Reporter, Billboard

THR.jpgAfter weeks of speculation over the deal, an investor group formed by media private equity partnership Pluribus Capital Management and financial services company Guggenheim Partners just announced that it has purchased eight brands from The Nielsen Co., including the pubs The Hollywood Reporter, Billboard, Mediaweek, Adweek and Brandweek.

The new company, called e5 Global Media LLC, is said to have paid $70 million for the publications and events, which include the ShoWest and other trade shows. Pluribus was founded by James A. Finkelstein, whose family owns the “Who’s Who” series of books; George Green, the former president of Hearst Magazines International; and Matthew Doull. The New York Post‘s Keith Kelly reported today that another rumored partner in the deal, Rupert’s son Lachlan Murdoch, was replaced by former Bear Stearns chief Alan Schwartz, who runs Guggenheim. Finkelstein will serve as chairman of e5, the company said.

Meanwhile, Nielsen maintains that it will remain committed to its remaining brands. “Divesting these titles allows Nielsen to focus its investment on its core businesses and those parts of our portfolio that have the greatest potential for growth, including our leading trade show group,” Nielsen Business Media president Greg Farrar said.

Full release, after the jump

Billboard buying group changesNew York Post

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Sun Valley Media Mogul Report

Ron Mwangaguhunga reports:

It’s July, so that means that the chattering class big guns are out and about in Sun Valley, Idaho, at investment banker Herb Allen‘s mogul retreat for a little “deep think” interspersed with rounds of golf. There is always, lurking in the green, the possible dramatic tension of the merger-subplot-scenario. Heather Godchild, chief media analyst at Standard and Poor’s credit rating service, told the Seattle Times: “Bucolic it may be, but this is a chessboard. You’ve got major, major players there thinking through some big questions.”

Much of the reporting coming out of Sun Valley appears to revolve around four themes:

  • 1. Rupert Murdoch Watching, which is a form of media-driven spectator sport involving the parsing of Mr. Murdoch’s every utterance for a cue as to when — or if — there will be a satisfying resolution to the $60-a-share deal for Dow Jones
  • 2. What is the future of media distribution?
  • 3. What will be the effect of private equity on the media entertainment industry?
  • 4. No one can get enough of Facebook, which most recently has been featured in both Time and Howie Kurtz‘s Reliable Sources last Sunday.

    The runner-up?

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