News Corp Announces Leadership and 4 Media Titans Make Waves
Netflix, Inc. (NASDAQ:NFLX): A report from Saturday night explained that Netflix has bought the rights to some original material and Chief Executive Officer Reed Hastings stated that they will be “fully flexible” so that they can get quality content. According to The Telegraph, this move is an infringement on a market of BSkyB, but should not be a threat in the long term.
Time Warner Cable Inc. (NYSE:TWC): According to the Wall Street Journal, Glenn Britt, the Chief Executive Officer of Time Warner Cable (NYSE:TWC), has warned entertainment companies that he will take a “hard look” at contracts and drop TV channels that cost more than they are worth.
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CBS Corporation (NYSE:CBS): According to The New York Times, three of the four major TV broadcast networks are suffering a large decline in ratings ratings this season from viewers between the ages of 18-49. CBS Corporation’s audience is down 18% year-over-year and the viewers of News Corp’s (NASDAQ:NWSA) Fox Broadcasting have declined by 26%. Increased usage of DVRs, disappointing new shows, disruptions from the election, and Hurricane Sandy are seen as the main reasons for the weak ratings, the newspaper reported.
News Corp. (NASDAQ:NWSA): Following the company’s intended separation into two independent publicly-traded companies, News Corporation announced that Dow Jones Editor-in-Chief and Managing Editor of The Wall Street Journal, Robert Thomson, will become the Chief Executive Officer of the new proposed publishing company. They will retain the name News Corporation. The media and entertainment company will be named Fox Group. As previously announced, Rupert Murdoch will serve as Chairman of the new News Corporation and Chairman and CEO of Fox Group. Chase Carey will serve as President and Chief Operations Officer of Fox Group with James Murdoch continuing in his capacity as Deputy COO. Bedi Ajay Singh, who most recently served as President of Finance and Administration & Chief Financial Officer for MGM Studios, will assume the role of CFO of the new publishing company. Paul Cheesbrough, currently News Corporation’s Chief Technology Officer, will serve in the same capacity for the new publishing company.
Viacom, Inc. (NYSE:VIA) said that they will spend $700 million on buybacks this quarter in comments that were made at the UBS Global Media and Communications Conference.
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