(Reuters) – Rupert Murdoch’s News Corp will start its largely print-based publishing company with no debt and $2.6 billion in cash when it completes the spinoff.
The amount of cash and debt, which analysts generally expected, gives the publishing company a purse to go off and buy other assets should it choose. News Corp released the details in a regulatory filing on Friday.
(Reuters) – In giving up on its magazine business, Time Warner Inc is set to hand its shareholders an operation that has shrinking sales and profits – and will be looking for a new chief executive.
While the details of the spinoff of Time Inc are still to be announced, the media conglomerate has indicated that it will be structured as a tax-free transaction for its shareholders. It has already previously spun off other businesses to investors, including AOL and Time Warner Cable.
March 7 (Reuters) – In giving up on its magazine business,
Time Warner Inc (TWX.N: Quote, Profile, Research) is set to hand its shareholders an
operation that has shrinking sales and profits – and will be
looking for a new chief executive.
While the details of the spin off of Time Inc are still to
be announced, the media conglomerate has indicated that it will
be structured as a tax-free transaction for its shareholders. It
has already previously spun off other businesses to investors,
including AOL and Time Warner Cable.
SAN FRANCISCO, March 7 (Reuters) – Pandora Media Inc
CEO Joseph Kennedy is stepping down and the search for a
replacement has begun, a surprise announcement that came the
same day the Internet music service reported
stronger-than-expected quarterly results.
Shares of the company, the leader in Internet-streaming
radio, leapt 20 percent immediately after it reported results
and forecast better-than-expected revenue for the first quarter
of fiscal year 2014.
March 6 (Reuters) – Time Warner Inc plans to spin
out its division that publishes titles like Time, Fortune and
People into a separate company, ending weeks of merger
negotiations with Meredith Corp.
Time Warner said on Wednesday that the process to separate
Time Inc into an independent public company will likely take
place by the end of the year.
March 6 (Reuters) – News Corp’s education division,
Amplify, on Wednesday introduced the first tablet computer built
specifically for the classroom, in a bid to capture a slice of
the billions of dollars spent in U.S. public schools.
The Amplify Tablet hits the market at a time of soaring
interest in digital learning. Global textbook companies and
scrappy startups alike are flooding the market with products
that let students dissect a virtual frog, manipulate fractions
on a touch screen or learn about the Constitution through an
(Reuters) – Tribune Co has hired investment banks Evercore Partners and J.P. Morgan to assess interest in its newspaper unit, which includes The Los Angeles Times and Chicago Tribune, the company confirmed in a statement on Tuesday.
A sale of its eight major newspapers, which also include The Baltimore Sun, has been widely expected since Tribune emerged from a four-year bankruptcy process late last year.
(Reuters) – The New York Times Co said on Monday that it was changing the name of the International Herald Tribune (IHT) to the International New York Times, putting an end to a 40-year-old brand that served as the hometown paper for Americans living abroad.
The move to re-brand the IHT is not entirely unexpected. The New York Times has stepped up efforts to strengthen its global recognition, and it is in the process of shedding most of its properties, including the Boston Globe.
NEW YORK (Reuters) – The New York Times Co is putting The Boston Globe on the auction block for a second time as it seeks to focuses solely on growing its flagship newspaper.
The company said in a statement that it had hired Evercore Partners to advise on the sale, which also includes the Worcester Telegram & Gazette.
TAIPEI/NEW YORK (Reuters) – Apple Inc’s manufacturing partner Foxconn Technology Group has frozen hiring at a Shenzhen plant that makes gadgets including the iPhone 5 and put the brakes on recruiting for other factories across China, but said the move was not linked to any single client.
Foxconn, which runs a network of factories across the world’s No. 2 economy that make products for tech companies from Hewlett Packard to Dell, sought to pour cold water on a Financial Times report that it had imposed a hiring freeze while it slows production of Apple’s latest smartphone.