(Reuters) – Time Warner Inc named a new chief executive on Monday to head up its magazine titles People, Sports Illustrated and Time which will be spun off later this year.
It tapped a former Time Inc and AOL veteran, Joseph Ripp, currently CEO of OneSource Information Services, a digital information company. He will take over in September.
(Reuters) – A decline in newspaper advertising dragged down Gannett Co’s second-quarter results, underscoring the company’s need to branch out and find new revenue streams.
Higher broadcast, digital and subscription revenue could not offset newspaper advertising declines, which kept total revenue flat at $1.3 billion, below analysts’ average forecast of $1.33 billion, according to Thomson Reuters I/B/E/S.
Its founder George Zimmer, the man whose deep, gravelly voice has been connected with the company’s ad campaign for more than 25 years, did not appear.
LONDON/NEW YORK (Reuters) – The recall of Rupert Murdoch to a committee of the British parliament over a secret tape of him dismissing the alleged illegal behavior of his journalists is likely to cause personal embarrassment for the world’s most famous media mogul but no criminal charges.
It could, however, further complicate his business dealings in Britain, where his firm has long wanted to take full control of the pay-TV group BSkyB and where it is still locked in negotiations with the government over regulation of the press.
LONDON/NEW YORK, July 14 (Reuters) – The recall of Rupert
Murdoch to a committee of the British parliament over a secret
tape of him dismissing the alleged illegal behaviour of his
journalists is likely to cause personal embarrassment for the
world’s most famous media mogul but no criminal charges.
It could, however, further complicate his business dealings
in Britain, where his firm has long wanted to take full control
of the pay-TV group BSkyB (BSY.L: Quote, Profile, Research) and where it is still locked
in negotiations with the government over regulation of the
NEW YORK (Reuters) – AT&T Inc will buy Leap Wireless International Inc for $1.19 billion, paying almost double the current value of the prepaid mobile service provider as major U.S. carriers scramble to acquire valuable wireless spectrum.
The No. 2 U.S. carrier is offering $15 a share in cash – an 88 percent premium to Leap’s Friday close of $7.98 – to seal the latest of a wave of acquisitions to emerge from a telecoms sector struggling to expand network capacity, as use of bandwidth-hungry smartphones and tablets explodes.
July 10 (Reuters) – Tribune Co will separate its
publishing business from its more-profitable broadcast division,
it said on Wednesday, following the path taken by Time Warner
Inc and News Corp.
Media companies have been shedding their print assets to
allow a greater focus on their faster-growing broadcast
By Jennifer Saba
(Reuters) – Wall Street rewarded Rupert Murdoch’s move to create a separate entertainment company, giving 21st Century Fox (FOXA.O: Quote, Profile, Research) one of the richest valuations in the media sector on its first day of trading.
Investors had waited for Murdoch to split News Corp, giving its cable, movie and equity stakes in pay-TV assets their own spotlight away from the publishing division.
(Reuters) – News Corp shares slipped on Monday, when the company began trading separately from the 21st Century Fox entertainment operation, as investors gave a tepid reception to the slower-growing publishing business.
The new News Corp, which includes publishing assets, such as The Wall Street Journal and HarperCollins, and an education division, gave up its earlier gains on Monday, and its shares fell 2 percent to $14.95. It has a market value of about $9 billion.
(Reuters) – Tribune Co said on Monday that it would acquire 19 television stations from Local TV Holdings LLC for $2.73 billion in cash, making it the largest TV broadcaster in the United States.
The purchase from New York private equity firm Oak Hill Capital Partners is another step for Tribune, the publisher of the Los Angeles Times and the Chicago Tribune, in transforming itself largely to a broadcast company as it seeks to sell off its newspaper division.