Star India is now part of 21st Century Fox

02 Jul,2013

By A Correspondent

 

The Rupert Murdoch-owned News Corporation has been demerged. News Corp will now have publishing firms like The Wall Street Journal and Harper Collins and education firm Amplify, while 21st Century Fox will have Star, Twentieth Century Fox, Fox, Sky, National Geographic, Fox News, Fox Sports and FX.

 

The old News Corporation announced yesterday that it has completed the previously announced separation of its business into two independent publicly-traded companies.

 

21st Century Fox’s assets will span a global portfolio of cable and broadcasting properties, including Fox, FX, Fox News Channel, Fox Sports Network, National Geographic Channels, Star, Fox Pan American Sports, as well as film studio Twentieth Century Fox Film and television production studios Twentieth Century Fox Television and Shine Group. The Company’s assets also include leading pay-tv businesses Sky Deutschland, Sky Italia and its equity interests in BSkyB and Tata Sky.

 

“21st Century Fox launches as a unique force bringing news and entertainment to more than a billion customers every day in over 100 languages,” said Rupert Murdoch, Chairman and CEO of 21st Century Fox. “Our success will continue to be rooted in a deep belief in originality and a commitment to empowering creative minds and entrepreneurs around the world. Our management teams are the best in the business and we will drive growth and shareholder value by expanding our existing assets and brands, while embracing new opportunities and technology.”

 

While Mr Murdoch will be Chairman and CEO, son James Murdoch isDeputy Chief Operating Officer, Chairman and CEO, International. Chase Carey is President & Chief Operating Officer of the company.

 

Meanwhile, the new News Corp will be a global network brands in news and information services, sports programming in Australia, digital real estate services, book publishing, digital education, and pay-TV distribution in Australia. News Corp’s global portfolio includes Amplify, The Australian, The Courier Mail, Dow Jones, Fox Sports Australia, Foxtel, HarperCollins, Herald Sun, The New York Post, News America Marketing, REA, The Sun, The Sunday Telegraph, The Sunday Times of London, The Times of London and The Wall Street Journal. Bedi Ajay Singh is Chief Financial Officer of News Corp.

 

Robert Thomson, Chief Executive of News Corp, said, “We are continuing a proud tradition and fashioning a prosperous future in the new News Corp. We have a valuable collection of complementary companies and our task is to make the new News more than the sum of these distinguished parts. We have a robust balance sheet and a team of creative, energetic and passionate employees who are determined to make the company a resounding success and to make a positive difference in their communities.”

 

“The new publishing company will be a test for investors and their appetite for print assets,” noted a Reuters report, adding: “While the company also has pay-TV assets and an equity stake in a real estate classified site in Australia, it is coming out as a separately traded company during a challenging times for newspapers. Advertisers are choosing to put their dollars elsewhere, especially in digital products. Although News Corp, like other publishers, is a player in the virtual work, advertising in digital media commands lower prices than traditional print publications.”

 

According to a report in The Guardian, London by Lisa O’Caroll, “The demerger is the culmination of a two-year campaign to “detoxify” the News Corp brand that started in the summer of 2011 with the abrupt closure of the News of the World and finished with the announcement in the last week that News International’s brand in London would be axed and the company rebranded News UK.”

 

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