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Posts Tagged ‘Chase Carey’

Time Warner Rejected $80B Takeover Bid From 21st Century Fox

time warnerShares of Time Warner were up sharply this morning on news that Rupert Murdoch‘s 21st Century Fox made an $80 billion takeover bid for the company in recent weeks. The New York Times reports that Time Warner’s board, after discussing the proposal at length, “sent a terse letter rejecting the offer, saying the company was better off remaining independent”:

As part of the proposal to buy Time Warner, people briefed on the proposal said, 21st Century Fox indicated that it would sell CNN to head off potential antitrust concerns since Fox News competes directly with CNN. Putting CNN on the auction block would likely stir up a bidding war for the news channel; both CBS and ABC, a unit of the Walt Disney Company, have long been viewed as interested suitors.

The company first approached Time Warner in early June, these people said. Chase Carey, the president of 21st Century Fox and a longtime top lieutenant to Mr. Murdoch, met privately with Time Warner’s chief executive, Jeff Bewkes, these people said. Later that month, the company delivered a formal takeover proposal worth $85 in stock and cash for each Time Warner share. Read more

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Aereo CEO to Katie Couric: Broadcasters Are Fairly Compensated

With just days to go before the Supreme Court takes up the Aereo case, CEO Chet Kanojia sat down with Yahoo! global anchor Katie Couric for a wide-ranging interview about the streaming TV service. Couric asked Kanojia to respond to comments from News Corp. COO Chase Carey, who said recently: “We need to be able to be fairly compensated for our content. We can’t sit idly by and let an entity steal our signal.”

“I think he’s absolutely right they have a right to be fairly compensated. And I think they are,” Kanojia responded. “The reason they are is because the deal between Congress and the broadcasters in exchange for free spectrum was to program in public interest and convenience. And they could make all the money they wanted in advertising. And in fact today, over 90% of the revenue does come from advertising, which is why they care about ratings. So they are fairly compensated.” Watch:

TVSpy has more on Couric’s interview with Kanojia.

We’ll be talking about all things Aereo at our TVNewser Show April 29. Click here for more information and to register.

The Morning Ticker: Wolf, Wolffe, Fox

  • CNN’s Wolf Blitzer and former CNN anchor Bernard Shaw are holding court in CNN’s DC bureau this morning. The chat, hosted by the CNN Diversity Council, is being beamed to employees in New York, Atlanta and LA too. Shaw was an anchor at CNN from 1980-2001.

  •’s Richard Wolffe interviewed MSNBC cable’s Thomas Roberts at SxSW Tuesday. Wolffe wouldn’t say how many people the new is reaching, joking “I’ve been told not to!” reports Barron’s.

  • Fox COO Chase Carey has concerns about the Comcast-TWC merger. “Probably the issue that will come out of it… is the broadband issue. Are you really headed toward every home having one broadband provider, and what are the implications of that?,” Reuters reports.

News Corp. Betting Big On ‘Fox Sports 1′

There is no denying that ESPN is the 800 pound gorilla of sports TV networks. Executives at Fox Sports know this.

“ESPN, quite frankly, is a machine,” says Billy Wanger, the head of programming for Fox Sports. “We are coming in trying to take on the establishment; it is no different than what happened with Fox News, or Fox Broadcasting back in the 80s. We are going to have to scratch and claw our way all the way to the top.”

Shanks was talking about Fox Sports 1, the upcoming national cable sports channel that News Corp. is launching in August. News Corp. COO Chase Carey called it “the worst kept secret in TV,” but it is no longer a secret. At a lavish upfront for media buyers in midtown yesterday afternoon and evening, executives at News Corp. formally unveiled the channel.

The beating heart of sports TV is live games, and FS1 will be coming out of the gate with the strongest lineup outside of Bristol, CT. Major League Baseball games–including playoff games–will be available on the channel, as will NASCAR races, UFC fights, college football and basketball and UEFA and World Cup soccer.

“We believe that right now the market for sports is–I don’t want to say vast–but it is,” News Corp. senior VP and Fox Sports founding president David Hill says. “There is a huge percentage of the population for whom sports is vitally important, for whom sports is the best entertainment there is.”

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News Corp. Splits Into Two: Fox News Now Part Of ‘Fox Group’

News Corp. has formally split itself into two.

The company’s newspaper and publishing businesses will become their own company, retaining the News Corp. name. Dow Jones editor in chief Robert Thomson will become CEO of the new News Corp. January 1. The company is also shutting down The Daily, its iPad-only newspaper.

News Corp.’s TV and film businesses, which include Fox News Channel, Fox Broadcasting and 20th Century Fox, will become part of what is now called “The Fox Group.” The Fox Group will be led by Rupert Murdoch as CEO, and Chase Carey as president and COO.

“At Fox Group, what began with the acquisition of a modest film studio over 25 years ago has grown into one of the world’s most successful media companies of all times, defying conventional wisdom at every turn by pursuing excellence in creativity and innovation,” said Murdoch in a statement. “Fox Group is perfectly positioned to deliver even more inspiring stories that engage audiences through film, television, sports and digital platforms, driving not only financial results but a lasting imprint on the millions of people who enjoy our various services, in every corner of the world.”

After the jump, Murdoch’s note to staff explaining the moves.

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Fox Business Turns Five

Five years ago this week, Fox Business Network launched in some 30 million homes, and with a big party at the Met. We thought it was time to take a look back.

Today, the channel is in nearly 60 million homes (although on digital tiers outside of New York City) Update: According to Nielsen, it is now in 68 million households, and according to News Corp. COO Chase Carey it is no longer losing money. Aside from a strong performance by Lou Dobbs at 7 PM, and some non-business specials like the political conventions, the network is far behind CNBC in just about every daypart. That said, many programs, like “Varney & Co.” have had some daily wins against the more widely-distributed CNBC competition.

While there have been stalwarts of the channel (Neil Cavuto comes to mind), there have been a flurry of changes too, as is typical in the TV universe. Alexis Glick, who was there from the beginning, left two years after it launched. “Imus in the Morning” was added to the lineup, but the relationship between the provocative radio host and FBN management has ranged from cool to sour, at least on-air. That said, Imus has never said anything negative about Roger Ailes on-air.

In 2010, the network launched a new slogan and branding campaign, promoting “The Power to Prosper.”

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As Fox Sports Channel Looms, News Corp. COO Also Talks Fees For Fox News

News Corp. COO Chase Carey spoke at a conference hosted by Goldman Sachs today, and while he didn’t break any big news, there were some interesting tidbits. As The Hollywood Reporter notes, Carey said that a new round of carriage negotiations would be beginning soon for Fox News, and that the company would once again be seeking big increases in fees.

“We aim to take that business closer to what we think reflects the value of that channel,” Carey said, according to The Hollywood Reporter. Carey has been speaking about how FNC is undervalued for years.

He  also addressed the long-rumored Fox Sports channel. Carey said coyly  ”We obviously haven’t announced anything,” according to B&C.

One source at News Corp. tells me that Fox is planning to move forward with the channel, which is being referred to internally as “Fox Sports 1″ or “The 1″ for short. A check of the US Patent & Trademark Office files show that Fox Sports filed for trademarks on “Fox Sports 1,” Fox Sports The 1″ and “The 1″ on September 14. Those filings do not prove that News Corp. plans to move forward with the project, but indicates that it is progressing to the point where the company wants to protect potential names for the channel.

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27 Fox Cable Channels May Be Pulled From DirecTV in Carriage Dispute

27 of News Corp.’s Fox cable channels may be pulled from DirecTV November 1, unless the two sides can come to a new carriage agreement. The channels include FX, National Geographic Channel, Speed, Fuel TV, Fox Soccer, Fox Soccer Plus, Fox Movie Channel, Fox Deportes and the 19 Fox regional sports networks.

Fox broadcasting network, Fox News Channel and Fox Business Network are not affected by these negotiations, but the contentious back and forth is representative of recent carriage disputes in which cable and satellite companies are fighting back against increased carriage fees. News Corp. is said to be seeking carriage fee increases for Fox News when its upcoming deals expire, so it may soon find itself in a situation similar to its sports and entertainment focused siblings.

News Corp. COO Chase Carey served as CEO of DirecTV before returning to his current role, so he is likely intimately familiar with that company’s processes.

The news comes the same day that Fox has achieved something of a coup in the sports world. Sports Business Daily‘s John Ourand reports that Fox Sports has won the English-language rights to broadcast the 2018 and 2022 World Cup. ESPN, which currently holds the rights, was believed to be the favorite. NBC-owned Telemundo won the Spanish-language rights.

Dueling statements from Fox and DirecTV, after the jump.

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SNL Kagan Looks at the Business of Fox Business

Research firm SNL Kagan has released a report focusing on Fox Business Network. The report examines the state of the cable channel’s business, and makes some predictions as to its growth potential.

While News Corp. COO Chase Carey said that FBN will be “cash break even” this year, SNL Kagan predicts that FBN will start generating real profits starting in 2012. That said, barring some unforeseen viewing or advertising shift, it will likely remain far behind CNBC in terms of profitability.

By 2015, SNL Kagan predicts that FBN will be available in 86.5 million households (compared to 67.7M in 2011) and will be bringing in an average monthly subscription fee of $0.14 a month (compared to $0.12 in 2011).

FBN also shares a substantial problem with CNBC: the inability to count out-of-home viewing, as noted by analyst Brad Adgate.

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Fox Business Network No Longer Losing Money

Nearly four years since it launched, Fox Business Network is finally no longer bleeding cash. On his quarterly earnings call yesterday, News Corp. CEO Rupert Murdoch said that FBN was “cash break even.”

Of course, not losing money and making money are not the same thing. FBN still has significant distribution issues–it is only available in just over half of the homes that CNBC is available in, and it earns a lower sub fee. In addition, while the channel saw significant ratings bumps during the financial turmoil over the last few weeks, CNBC saw them too.

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