Headquarters of News Corp in Manhattan, New York
|Predecessor||News Corporation (1980–2013)|
|Headquarters|| 1211 Avenue of the Americas, |
New York City, New York, U.S.
|Owner||Murdoch family (39% voting power)|
Number of employees
|Subsidiaries||List of subsidiaries|
News Corporation (officially referred to and trading as News Corp) is an American mass media and publishing company, formed as a spin-off of the original News Corporation (as founded by Rupert Murdoch in 1980) focusing on newspapers and publishing.
A corporate spin-off, also known as a spin-out, or starburst, is a type of corporate action where a company "splits off" a section as a separate business.
The original incarnation of News Corporation was an American multinational mass media corporation operated and owned by media mogul, Rupert Murdoch, headquartered in New York City. Prior to its split in 2013, it was the world's fourth-largest media group in terms of revenue, and News Corporation had become a media powerhouse since its inception, almost dominating the news, television, film and print industries.
Keith Rupert Murdoch, is an Australian-born American media mogul who founded News Corp.
It is one of two companies which succeeded the former News Corporation, alongside 21st Century Fox—which consisted of the old News Corporation's broadcasting and media properties, such as Fox Entertainment Group.The spin-out was structured so that 21st Century Fox would be the legal successor and continuation of the old News Corporation, with the new News Corp being an entirely new company formed by a stock split. Following the acquisition of 21st Century Fox's motion picture, television and cable assets by The Walt Disney Company on March 20, 2019, Fox Corporation, which is the News Corp's sister company and the successor of former 21st Century Fox that focused on American broadcasting, news and sports businesses, also owned and controlled by the Murdoch family.
Twenty-First Century Fox, Inc., doing business as 21st Century Fox (21CF), was an American multinational mass media corporation that was based in Midtown Manhattan, New York City. It was one of the two companies formed from the 2013 spin-off of the publishing assets of News Corporation, as founded by Rupert Murdoch in 1980.
Fox Entertainment Group was an American entertainment company specialized in filmed entertainment owned by 21st Century Fox. Following the acquisition of 21st Century Fox by Disney, the group's assets were folded into various Disney units. The film studios 20th Century Fox, Fox Searchlight Pictures and Blue Sky Studios were transferred to Walt Disney Studios, whilst Fox Star Studios transferred to Walt Disney Direct-to-Consumer & International.
A stock split or stock divide increases the number of shares in a company. The price is adjusted such that the before and after market capitalization of the company remains the same and dilution does not occur. Options and warrants are included.
Its notable assets include Dow Jones & Company (publisher of The Wall Street Journal ), News UK (publisher of The Sun and The Times), News Corp Australia, Realtor.com as well as book publisher HarperCollins.
Dow Jones & Company is an American publishing and financial information firm that has been owned by News Corp. since 2007.
The Wall Street Journal is a U.S. business-focused, English-language international daily newspaper based in New York City. The Journal, along with its Asian and European editions, is published six days a week by Dow Jones & Company, a division of News Corp. The newspaper is published in the broadsheet format and online. The Journal has been printed continuously since its inception on July 8, 1889, by Charles Dow, Edward Jones, and Charles Bergstresser.
News Corp UK & Ireland Limited, is a British newspaper publisher, and a wholly owned subsidiary of the American mass media conglomerate News Corp. It is the current publisher of The Times, The Sunday Times and The Sun newspapers and its former publications include the Today, News of the World and The London Paper newspapers. Until June 2002, it was called News International plc. On 31 May 2011 the company name was changed from News International Limited to NI Group Limited, and on 26 June 2013 to News UK.
On June 28, 2012, Rupert Murdoch announced that News Corporation's publishing operations would be spun off to form a new, publicly traded company.Murdoch stated that performing this split would "unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division". The move also came in the wake of a series of scandals that had damaged the reputation of multiple News Corporation-owned properties. Robert James Thomson, editor of The Wall Street Journal , was announced as the initial chief operating officer for the company; while Murdoch would not serve as CEO, he remained chairman and a shareholder of the new News Corp. Thomson promised that the new company would "cultivate a start-up sensibility even though we already work for the world's most established and prestigious diversified media and information services company", and would emphasize building new business models around its properties and content. The logo of the new News Corporation was unveiled at an investor presentation on May 28, 2013; the handwritten logo uses script based on Murdoch's own handwriting.
In mid-2011, out of a series of investigations following up the News of the World royal phone hacking scandal of 2005–2007, a series of related scandals developed surrounding other News Corporation properties—where initially the scandal appeared contained to a single journalist at the News of the World, investigations eventually revealed a much wider pattern of wrongdoing. This led to the closure of the News of the World on 10 July 2011, an apology by Rupert Murdoch in an advertisement in most British national newspapers, and the withdrawing of News Corporation's bid to take over the majority of BSkyB shares it did not own.
The chief operating officer (COO), also called the chief operations officer, is one of the highest-ranking executive positions in an organization, comprising part of the "C-Suite". The COO is responsible for the daily operation of the company, and routinely reports to the highest-ranking executive, usually the chief executive officer (CEO).
A startup or start up is a company or project initiated by an entrepreneur to seek, effectively develop, and validate a scalable business model. Hence, the concepts of startups and entrepreneurship are similar. However, entrepreneurship refers to all new businesses, including self-employment and businesses that never intend to grow big or become registered, while startups refer to new businesses that intend to grow beyond the solo founder, have employees, and intend to grow large. Start ups face high uncertainty and do have high rates of failure, but the minority that go on to be successful companies have the potential to become large and influential. Some startups become unicorns, i.e. privately held startup companies valued at over US$1 billion.
News Corp's board approved the split on May 24, 2013, while shareholders approved the split on June 11;Preliminary trading on the Australian Securities Exchange of the new News Corp's class B stock began on June 19, 2013, at around $15 per share; a value slightly lower than expected by some analysts. The shares fell in price by 3% to $14.55 per share, valuing the new company at around $7.9 billion US. The corporate split was finalized on June 28, 2013; during the stock splitting process, one share of the new News Corp was given to shareholders for every four shares they owned in the former News Corp. The new News Corp began trading on the NASDAQ stock exchange under the symbol "NWS" on July 1, 2013; at the same time, the former News Corporation (now consisting purely of media properties, such as Fox Entertainment Group and 20th Century Fox) was renamed 21st Century Fox.
The Australian Securities Exchange is Australia's primary securities exchange. It is owned by the Australian Securities Exchange Ltd, or ASX Limited, an Australian public company. Prior to December 2006 it was known as the Australian Stock Exchange, which was formed on 1 April 1987, incorporated under legislation of the Australian Parliament as an amalgamation of the six state securities exchanges. It merged with the Sydney Futures Exchange in 2006.
The United States dollar is the official currency of the United States and its territories per the United States Constitution since 1792. In practice, the dollar is divided into 100 smaller cent (¢) units, but is occasionally divided into 1000 mills (₥) for accounting. The circulating paper money consists of Federal Reserve Notes that are denominated in United States dollars.
A stock exchange, securities exchange or bourse, is a facility where stock brokers and traders can buy and sell securities, such as shares of stock and bonds and other financial instruments. Stock exchanges may also provide facilities for the issue and redemption of such securities and instruments and capital events including the payment of income and dividends. Securities traded on a stock exchange include stock issued by listed companies, unit trusts, derivatives, pooled investment products and bonds. Stock exchanges often function as "continuous auction" markets with buyers and sellers consummating transactions via open outcry at a central location such as the floor of the exchange or by using an electronic trading platform.
On September 4, 2013, News Corp announced that it would sell the Dow Jones Local Media Group, a group of 33 local newspapers, to Newcastle Investment Corp.—an affiliate of Fortress Investment Group, for $87 million. The newspapers will be operated by GateHouse Media, a newspaper group owned by Fortress. Robert Thomson indicated that the newspapers "were not strategically consistent with the emerging portfolio" of the company.GateHouse then filed for prepackaged Chapter 11 bankruptcy on September 27, 2013, to restructure its debt obligations in order to accommodate the acquisition. then GateHouse emerged from bankruptcy on November 26, 2013.
Fortress Investment Group is an investment management firm based in New York City. Fortress Investment Group LLC was founded as a private equity firm in 1998 by Wesley R. Edens, Rob Kauffman, and Randal Nardone. When Fortress launched on the NYSE on February 9, 2007, it was the first large private equity firm in the United States to be traded publicly. As of June 30, 2016, the firm managed approximately $70.2 billion alternative assets in private equity, liquid hedge funds and credit funds.
GateHouse Media Inc., now owned by holding company New Media Investment Group, former symbol on OTC Markets Group's OTCQB tier GHSE, is one of the largest publishers of locally based print and digital media in the United States, headquartered in the town of Perinton, New York. As of April 2018, GateHouse Media publishes 144 daily newspapers, 684 community publications, and over 569 local-market websites in 38 states. In addition to publishing content, GateHouse Media offers commercial services including a digital marketing agency (ThriveHive), event production company, and creative services.
On December 20, 2013, News Corp announced its acquisition of Mark Little's Storyful, a news agency specializing in verifying and distributing user-generated content relating to news events from social networking services, for $25 million, marking News Corp's first acquisition since the split. Robert Thomson stated that the service had "become the village square for valuable video, using journalistic sensibility, integrity and creativity to find, authenticate and commercialise user-generated content", and that with the purchase, News Corp would "define the opportunities that the digital landscape presents, rather than simply adapt to them".
On May 2, 2014, News Corp acquired romance novel publisher Harlequin Enterprises from Torstar for $415 million.The deal closed on August 1; it is now operated as a subsidiary of News Corp's HarperCollins. On September 30, 2014, News Corp announced its acquisition of Move, Inc., a real estate listings company and owner of Realtor.com. A 20% stake is owned by REA Group, a publicly traded subsidiary of News Corp Australia.
News Corp also began making multiple investments in India, such as a $30 million investment in real estate site ProTiger in November 2014,the December 2014 purchase of BigDecisions.com, a financial planning website, and the acquisition of Indian media firm VCCircle in March 2015.
In October 2015, News Corp sold its digital education brand Amplify to a management team supported by a group of private investors for an undisclosed sum.In June 2016, News Corp acquired Wireless Group (formerly UTV Media), a British radio broadcaster, for $296 million
The company consists primarily of the former News Corp's newspaper and book publishing assets, and includes:
Sky Limited is a British media and telecommunications conglomerate owned by Comcast and headquartered in London. It has operations in the United Kingdom, Ireland, Germany, Austria, Switzerland, Italy and Spain. Sky is Europe's largest media company and pay-TV broadcaster by revenue, with 23 million subscribers and more than 31,000 employees as of 2019. The company is primarily involved in satellite television and broadband services.
Tribune Media Company is an American conglomerate headquartered in Chicago, Illinois, United States.
Gannett Co., Inc. is a publicly traded American mass media holding company headquartered in McLean, Virginia in Greater Washington DC. It is the largest U.S. newspaper publisher as measured by total daily circulation.
James Rupert Jacob Murdoch is a British-American businessman, the younger son of media mogul Rupert Murdoch, the former chief executive officer (CEO) of 21st Century Fox. He is the former chairman and CEO of News Corp and Sky plc, Europe and Asia, where he oversaw assets such as News International, publisher of The News of the World newspaper, SKY Italia, Sky Deutschland, and STAR TV.
Local Media Group, Inc., formerly Dow Jones Local Media Group and Ottaway Newspapers Inc., owned newspapers, Web sites and niche publications in California, Maine, Massachusetts, New Hampshire, New York, Oregon and Pennsylvania. It was headquartered in Campbell Hall, New York, near Middletown, New York, and its flagship was the Times Herald-Record.
Lachlan Keith Murdoch is an Australian-British-American businessman and mass media heir. He is the executive chairman of Nova Entertainment, co-chairman of News Corp, executive chairman and CEO of the Fox Corporation, the founder of Australian investment company Illyria Pty Ltd, and a director of Sydney's Museum of Contemporary Art.
Fox Television Stations, LLC, is a group of television stations located within the United States which are owned-and-operated by the Fox Broadcasting Company, a subsidiary of the Fox Corporation.
News Corp Australia is one of Australia's largest media conglomerates, employing more than 8,000 staff nationwide and approximately 3,000 journalists. The group's interests span newspaper and magazine publishing, Internet, subscription television, market research, DVD and film distribution, and film and television production trading assets. News Pty Limited is the holding company of the group.
Peter Chernin is an American businessman and investor. He is the chairman and CEO of The Chernin Group (TCG), which he founded in 2010. TCG manages, operates and invests in businesses in the media, entertainment, and technology sectors. Specifically, the company focuses on three areas: making investments in technology and media companies in the US, developing premium content for film and television, and capitalizing on strategic business opportunities in emerging markets.
Wireless Group Limited is a radio and digital broadcasting network with its headquarters based in Belfast, Northern Ireland and with radio operations in the Republic of Ireland and the United Kingdom. It currently operates five stations in Ireland and 18 in the UK. The company was formerly known as UTV Media owned by UTV Television however, its television broadcasting services were sold to ITV plc in February 2016 and its radio, sales services and websites were spun-off into a new company called Wireless which was later purchased by News Corp.
Fox Sports Digital Media, formerly known as News Corp. Digital Media and Fox Interactive Media, is a subsidiary of Fox Sports Media Group which operates Fox Sports' online properties in the United States.
Hathaway Publishing was a subsidiary of The Local Media Group Inc.. Hathaway published five weekly newspapers in the South Coast region of Massachusetts.
David Montgomery is a Northern Irish media executive, proprietor and media investor. He has also edited two tabloid newspapers during the course of his career.
Fox Corporation is an American television broadcasting company headquartered in Midtown Manhattan, New York City. It was formed from the 2019 acquisition of 21st Century Fox by The Walt Disney Company. Fox Corp. was spun off from 21st Century Fox and its stock began trading on March 19, 2019. It is owned by the Murdoch family via a family trust with 39% interest; Rupert Murdoch is co-executive chairman, while his son Lachlan Murdoch is chairman and CEO.