news corp - class b (NWS) Key Developments
Indian Express Not Being Sold
Apr 30 15
It's official the Indian Express Newspapers (Mumbai) Ltd. is not up for sale.Anant Goenka, wholetime Director of The Indian Express, head of new media and son of Viveck Goenka, clarified that the paper was not being sold either to News Corporation (NasdaqGS:NWSA) or to Reliance Industries Limited (BSE:500325), as rumours over the months have suggested.
Court Throws News Corp. Shareholder Rights Lawsuit
Apr 9 15
A Delaware judge dismissed a lawsuit against News Corp. over shareholder rights related to its split with 21st Century Fox Inc. The lawsuit, filed August 2014 by News Corp. shareholder Miramar Police Officers' Retirement Plan, claimed that the company and some of its officers, including Chairman Rupert Murdoch, breached contract and fiduciary duties by neglecting an old settlement agreement over shareholder rights when the company split. In the ruling, the judge ruled that the settlement agreement does not prevent the company from spinning off some of its assets to a new public corporation that will not be subject to that agreement.
News Corporation Presents at Morgan Stanley 2015 Technology, Media & Telecom Conference, Mar-02-2015 01:55 PM
Feb 23 15
News Corporation Presents at Morgan Stanley 2015 Technology, Media & Telecom Conference, Mar-02-2015 01:55 PM. Venue: The Palace Hotel, 2 New Montgomery Street, San Francisco, CA 94105, United States. Speakers: Bedi Ajay Singh, Chief Financial Officer.
News Corp Announces Executive Changes
Feb 12 15
News Corp. announced that Mr. Pitofsky succeeds Gerson Zweifach. Mr. Zweifach, who remains Group General Counsel and Chief Compliance Officer. Mr. Pitofsky has been Deputy General Counsel and Deputy Chief Compliance Officer of News Corp. since 2013. Mr. Pitofsky will oversee global legal operations for News Corp. He will lead a legal team that includes deputy general counsels Michael Bunder, Eugenie Gavenchak, Mark Jackson and James Marcovitz. Mr. Bunder also serves as News Corp. Corporate Secretary and Mr. Jackson also serves as General Counsel of the Company's Dow Jones subsidiary. Mr. Pitofsky joined News Corp. from the law firm of Goodwin Procter LLP, where he was a partner. From 1996 to 2005, he was an Assistant U.S. Attorney in the Eastern District of New York, rising to the level of Deputy Chief of the Criminal Division.
News Corporation Reports Unaudited Consolidated Earnings Results for the Second Quarter and Six Months Ended December 31, 2014
Feb 5 15
News Corporation reported unaudited consolidated earnings results for the second quarter and six months ended December 31, 2014. The company reported fiscal 2015 second quarter total revenues of $2.28 billion, a 2% increase as compared to prior year second quarter revenues of $2.24 billion. The majority of the revenue increase reflects strength in the Book Publishing and Digital Real Estate Services segments, partially offset by lower advertising revenues at the News and Information Services segment and negative foreign currency fluctuations. Income before income tax benefit was $215 million compared to loss before income tax benefit of $45 million a year ago. Net income was $163 million compared to $166 million a year ago. Net income attributable to the company stockholders was $143 million compared to $151 million a year ago. Net income available to News Corporation stockholders was $142 million or $0.24 per share compared to $150 million or $0.26 per share a year ago. Adjusted revenues were $2,229 million compared to $2,233 million a year ago. Segment EBITDA in the quarter increased $1 million, or 2%, due to higher revenues, partially offset by negative foreign currency fluctuations and higher programming rights and production costs. Adjusted revenues increased 11% and Adjusted Segment EBITDA increased 9%, compared to the prior year. Adjusted net income available to News Corporation stockholders was $154 million or $0.26 per share compared to $179 million or $0.31 per share in the prior year.
For the six months, the company reported total revenue of $4,430 million compared to $4,310 million a year ago. Income before income tax benefit was $340 million compared to loss before income tax benefit of $483 million a year ago. Net income was $251 million compared to $204 million a year ago. Net income attributable to the company stockholders was $208 million compared to $178 million a year ago. Net income available to News Corporation stockholders was $207 million or $0.36 per share compared to $177 million or $0.31 per share a year ago. Net cash provided by operating activities was $492 million compared to $407 million a year ago. Capital expenditures were $183 million compared to $147 million a year ago. Adjusted revenues were $4,279 million compared to $4,268 million a year ago. Free cash flow available to News Corporation was $275 million compared to $217 million a year ago. Total Segment EBITDA was $346 million compared to $15 million a year ago. Adjusted total Segment EBITDA was $543 million compared to $500 million a year ago. Adjusted net income available to News Corporation stockholders was $206 million or $0.35 per share compared to $196 million or $0.34 per share in the prior year.