By Jennifer Saba and Tanya Agrawal
(Reuters) – Shares of CBS Outdoor Americas Inc (CBSO.N: Quote, Profile, Research, Stock Buzz) rose 9 percent in their trading debut, valuing the company carved out of broadcaster CBS Corp (CBS.N: Quote, Profile, Research, Stock Buzz) at $3.65 billion as it steps up its efforts to grab more advertising dollars for its billboards.
CBS Outdoor’s shares touched a high of $30.42 in early trading on the New York Stock Exchange on Friday after its initial public offering was priced at $28 per share, the top end of the expected price range.
NEW YORK, March 28 (Reuters) – CBS Outdoor Americas’ top
executive says he plans to convince top advertisers to move more
of their dollars toward billboards and other displays as the
company splits from media broadcaster CBS on Friday.
Jeremy Male, the chief executive of CBS Outdoor Americas,
said in an interview that in the U.S. outdoor media represents
less than 5.0 percent share of advertising dollars, while in
rest of the world that number is 8.0 percent.
(Reuters) – AOL Inc on Wednesday unveiled a new advertising platform aimed at changing the media buying process for digital advertising by becoming a one-stop shop.
The new platform, dubbed One, will knit together AOL’s various ad technology offerings like its recent acquisition of Adap.TV, an electronic trading platform for video advertising.
LONDON/NEW YORK (Reuters) – Rupert Murdoch has returned eldest son Lachlan to the leadership of his media empire and promoted younger son James, setting them up to succeed the 83-year-old tycoon.
Lachlan, 42, will become non-executive co-chairman of both entertainment company 21st Century Fox and publishing operation News Corp, sharing both roles with his father. He rejoins the company after quitting as deputy chief operating officer nearly 10 years ago amid friction with other News Corp executives.
March 26 (Reuters) – A new wave of funding by
technology-savvy investors into U.S. media companies is driving
momentum in journalism, even as news organizations continue to
face challenges, according to a report issued on Wednesday.
The level of media investing activity is forging the
underpinnings of “game-changing” developments for the industry,
according to the Pew Research Center’s State of the News Media
2014 report, which cited funding from entrepreneurs like
Amazon’s Jeff Bezos and eBay founder Pierre
(Reuters) – Readers of some of the top U.S. news sites are more engaged when they go directly to the website rather than through Facebook, according to a study from the Pew Research Center released on Monday.
The research found that users who come directly to a news site spend about three times as long per visit, or almost five minutes on average. Those who find the news by searching or through Facebook spend about two minutes.
March 6 (Reuters) – Media executive Jack Griffin was
appointed on Thursday as chief executive of Tribune Co’s
forthcoming spinoff newspaper company, Tribune
Griffin has served as an adviser to Tribune through
Empirical Media Advisors, the media consulting firm he
NEW YORK, March 5 (Reuters) – Business Insider raised $12
million in another round of capital from investors including
Amazon’s Jeff Bezos, Institutional Venture Partners,
RRE Ventures and former Wall Street Journal publisher Gordon
Crovitz, according to a Wednesday post by its founder Henry
The latest infusion of capital values the media company at
about $100 million – about five times its 2013 revenue,
according to a source familiar with the company.
(Reuters) – News reader company Flipboard said on Wednesday it has bought rival app Zite from CNN and struck a content partnership with the cable news network.
The deal is valued at $60 million, according to the CNN Money website. A CNN spokesman called the valuation “inaccurate” but declined to give details.
(Reuters) – News Corp’s education division Amplify on Monday unveiled a digital curriculum aimed at middle school students in a move to kick-start growth in the unit after years of investment.
The curriculum is for English Language Arts aimed at sixth-, seventh-, and eight-grade students, and features content from a library of e-books, dramatic readings by actors, story animations, and role-playing games about classic authors such as Edgar Allan Poe.