|Over a week ago|
News Corp. announces plans to close Bronx printing plant » 06:0109/1709/17/20
News Corp announced…
News Corp announced Wednesday that it plans to shift the printing of several of its publications in New York to a different facility in the city, a move which will help cut costs and secure production of print editions of The Wall Street Journal, Barron's and the New York Post for years to come. Under the change, the publications would be printed at The New York Times' College Point plant in Queens. This plan would result in the closure of the company's Bronx Print Plant, where the publications are currently printed. Financial details of the arrangement were not released. The company has notified the leadership of the unions representing the employees at the Bronx Print Plant about the plan, and is entering into a period of negotiation with the unions. While the process is underway, the publications will continue to be produced at the Bronx plant. The Bronx Print Plant produces daily print copies of the Journal and The Post, along with Barron's weekly. All three are also printed in a number of other locations around the country. The Journal and The New York Times are currently printed together at plants in Florida, Pennsylvania, Texas, Illinois, Colorado, Utah and California. The decision is part of News Corp's ongoing process of simplifying the structure of the company, which sold its News America Marketing and Unruly businesses within the past year. In August, News Corp began presenting Dow Jones as a separate segment in its quarterly earnings announcements for the first time. Dow Jones produces the Journal and Barron's, as well as Factiva, MarketWatch, Mansion Global, Financial News, Dow Jones Risk & Compliance and Dow Jones Newswires. "This is a difficult but important step towards safeguarding our journalism and securing the printing of our publications well into the future," said Almar Latour, CEO of Dow Jones and Publisher of The Wall Street Journal. "We have been moving rapidly to a more digital environment, and while demand for digital is growing, we also serve an important community of loyal readers who love the print experience. We're committed to providing customers with our trusted news and analysis in the format they prefer." The Bronx Print Plant has more than 400,000 square feet, located on a 16-acre site in the Port Morris section of the Bronx, and was opened in 2001. News Corp will be examining options for the future of the plant.
|Over a month ago|
Game On: Apple-Epic legal spat continues as Microsoft's Spencer weighs in » 11:5908/2508/25/20
EA, MSFT, SNE, GOOG, GOOGL, AAPL, TCEHY, KKR, DIS, NYT, NWS, NWSA, NVDA, NTDOY, ATVI, TTWO, UBSFY, GME
"Game On" is The Fly's…
More companies join fight against Apple App Store terms, WSJ says » 14:5808/2008/20/20
AAPL, NYT, NWS, NWSA
Publishing companies, including The New York Times (NYT) and News Corp. (NWS, NWSA) subsidiary The Wall Street Journal, are joining the fight for more favorable terms on Apple's (AAPL) App Store, according to the Wall Street Journal's Benjamin Mullin. A trade body representing publishers sent a letter to Apple CEO Tim Cook, seeking "improved deal terms to keep more money from digital subscriptions sold through Apple's app store." This follows the recent lawsuit from Epic Games, the company behind the videogame Fortnite, where Epic accused Apple of monopolistic behavior after removing Fortnite from the App Store. Reference Link
News Corp reports Q4 adjusted EPS (3c), consensus (9c) » 16:4608/0608/06/20
Reports Q4 revenue…
Reports Q4 revenue $1.92B, consensus $1.85B. Commenting on the results, Chief Executive Robert Thomson said: "The resegmentation of News Corp is a particularly historic moment and a fulfillment of our pledge to make the Company more transparent and its potential more obvious. The presentation of Dow Jones as a separate segment highlights what we believe are two incontrovertible facts: the substantial and growing value of that business; and its superior profit profile and prospects compared to those of our nearest competitor. In what has been a difficult year for many media companies, Dow Jones reported a 13 percent increase in Segment EBITDA, based on the strength of its Professional Information Business, digital growth and the pre-eminence of The Wall Street Journal. Across the Company, we have taken stringent action to reduce costs, and the benefits of those cuts will be felt in coming quarters. We have also launched a Shared Services program that we believe will transform the Company, by centralizing many of our functions. We are confident that this program should appreciably cut costs and expect it to have a materially positive impact on our bottom line. The closure in Australia of many of our storied print editions and the renewed emphasis on digital was evidence of our willingness to be decisive at a historic inflection point. One result of our candid approach on costs was that, despite the COVID-19 impact, our cash position strengthened to $1.5 billion from $1.3 billion as of December 31st. We also saw increased profitability at Foxtel and our campaign to reset sports rights prices was successful. Just this week, we crossed the one million OTT paying subscribers mark, setting a new record thanks to our expanded streaming strategy. The changed terms of trade with the digital platforms is having a positive impact on our earnings. For News Corp, this favorable outcome would not have been possible without the leadership of Rupert and Lachlan Murdoch, and the support of a Board which backed our advocacy, even when News Corp stood alone in pursuit of the principle of a premium for premium content."
|Over a quarter ago|
Fly Intel: Wall Street's top stories for Tuesday » 16:5806/2306/23/20
AAPL, INTC, GOOG, GOOGL, NWS, NWSA, MA, TBIO, SNY, INO, LK, SPR, BA
Stocks looked headed for…
News Corp to cease printing of more than 100 Australian newspapers, WSJ reports » 07:1805/2805/28/20
News Corp intends to stop…
News Corp intends to stop printing over 100 Australian newspapers by the end of June, Stuart Condie of the Wall Street Journal reported, citing executive chairman Michael Miller in a statement. The company is closing 36 newspapers and moving the other 76 strictly to online. News Corp, which has roughly 10,000 employees in Australia as of 2019, said 375 staff members would be retained across the publications, but would not establish how many employees would be let go. Reference Link
Early notable gainers among liquid option names on May 8th » 09:5505/0805/08/20
KIM, REG, MAC, NWS, NWSA
Notable gainers among…
Notable gainers among liquid option names this morning include News Corp. (NWSA) $10.82 +1.17, News Corp (NWS) $10.98 +1.05, Macerich (MAC) $6.97 +0.50, Regency Centers (REG) $42.06 +2.94, and Kimco Realty (KIM) $10.76 +0.71.
News Corp expects more significant COVID-19 impact in fiscal Q4 » 16:2905/0705/07/20
News Corp said, "The…
News Corp said, "The impact of the COVID-19 pandemic and measures to prevent its spread have created significant volatility, uncertainty and economic disruption and are affecting the Company's businesses in a number of ways, as detailed in the Company's Current Report on Form 8-K filed on April 13, 2020. While these effects were not material to the Company's results of operations for the three and nine months ended March 31, 2020, as they began to materialize toward the end of the quarter, the Company expects a more significant impact in the fourth quarter of fiscal 2020, particularly as containment measures in a number of its operating geographies have been extended into May or beyond."
News Corp reports Q3 EPS 3c vs. 4c last year » 16:2105/0705/07/20
Reports Q3 revenue $2.27B…
Reports Q3 revenue $2.27B vs. $2.46B last year. Dow Jones saw 20% growth in digital-only subscribers to over 2.5M, including 15% growth in digital-only subscribers at The Wall Street Journal, while experiencing record traffic across its digital networks. The company said, "We are operating in a different, difficult time. Every business and family is facing challenges and our thoughts, in particular, are for those who are suffering deeply and personally from the impact of COVID-19. Our fiscal third quarter results demonstrate the strength of News Corp and the power of our premium content. We also maintained a robust balance sheet, with $1.4 billion in cash and cash equivalents as of March 31st and an untapped $750 million corporate revolving credit facility, providing a strong foundation for the Company's future. Despite the onset of COVID-19, and particularly volatile, adverse currency movements, profitability was relatively stable. Notably, profitability was higher at the News and Information Services segment, fueled by significant digital advertising and subscriber growth at Dow Jones, including The Wall Street Journal, which reached approximately 3 million subscribers in the last week, a new record, with over 2.2 million that are digital-only. The sale of News America Marketing was completed on May 5th and we are continuing to simplify our Company to highlight the intrinsic value of our core businesses, including the strategic review of our Australian newspaper holdings, focusing on our larger brands and our digital reach. Clearly the pandemic will have an impact on our results in the Fourth Quarter, but all of our businesses are embarking on cost-cutting programs intended to deal with short-term need but also to ensure that the Company is well-equipped to prosper in a decidedly different business environment after the crisis abates. There will obviously be an impact on executive compensation, and it is worth noting that bonuses are often the largest cash component for our senior executives. Pay reductions will be led by our Executive Chairman, Rupert Murdoch, who is voluntarily forgoing his entire cash bonus for the current fiscal year, and as Chief Executive I will forgo 75% of my annual cash bonus. The collective cuts in bonuses and other cost initiatives will have a positive impact on profitability and our cash position."
News Corp. names Almar Latour as CEO of Dow Jones » 14:1205/0405/04/20
News Corp announced the…
News Corp announced the appointment of Almar Latour as the new CEO of Dow Jones and Publisher of The Wall Street Journal. Latour, who is currently Publisher for Barron's Group and Executive Vice President at Dow Jones, will assume the post with the departure of William Lewis, effective May 15. "Almar Latour is patently well-equipped to helm the world's pre-eminent journalism, business analysis and professional content company," said Robert Thomson, CEO of News Corp. "Over nearly a quarter century at The Wall Street Journal and Dow Jones, Almar has ascended from roles as a news assistant and staff reporter, becoming a bureau chief and managing editor, and more recently serving as an editor-in-chief, executive editor and publisher. He has shown distinguished leadership, editorially and commercially, and brings a deep understanding of digital challenges and opportunities. Almar is a worthy successor to Will Lewis, from whom he will inherit a wonderfully talented team and a business that is exceeding records for digital subscriptions quarter-after-quarter. The Professional Information Business has also been revivified and is now a formidable engine for robust growth."