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news corp - class a (NWSA) Key Developments

Ten Network Reportedly Hires Citigroup To Look For A Buyer

Ten Network Holdings Limited (ASX:TEN) has appointed Citigroup to find a buyer, people familiar with the matter said. Morningstar reported that News Corporation (NasdaqGS:NWSA) may also include as a suitor for Ten Network. The Sydney Morning Herald reported that a spokesman for Ten, a representative for Citigroup and a spokesman for News Corp. declined to comment.

News Corporation Announces Management Changes

Paul V. Carlucci, Chairman and Chief Executive Officer of News America Marketing, announced that he will retire next month, completing 23 years of service to News Corp. Mr. Carlucci will be succeeded by Martin J. Garofalo, said Robert Thomson, Chief Executive of News Corp. Mr. Garofalo is currently President of News America Marketing. Mr. Garofalo has been with News America Marketing for more than 25 years, serving in a number of positions, including Executive Vice President for Shopper Marketing and National Sales Manager for SmartSource iGroup.

News Corp Announces Management Changes

News Corp. announced the appointment of William Lewis as Chief Executive Officer of Dow Jones, effective immediately. Mr. Lewis, most recently Chief Creative Officer of the company, was named interim CEO of Dow Jones in January. Anoushka Healy, Chief Strategy Officer for the company, will assume responsibilities previously overseen by Mr. Lewis as Chief Creative Officer. Mr. Lewis re-joined News Corp. in 2010 as Group General Manager at News International (now News UK). He was appointed Chief Creative Officer at News Corp. by Mr. Thomson last year to build new businesses, target acquisitions and drive digital initiatives for the company.

News Corporation Reports Unaudited Consolidated Earnings Results for the Third Quarter and Nine Months Ended March 31, 2014; Provides Capex Guidance for Full Year 2014

News Corporation reported unaudited consolidated earnings results for the third quarter and nine months ended March 31, 2014. For the quarter, the company reported that total revenues were $2,078 million compared to $2,180 million a year ago. Income before income tax was $62 million compared to $337 million a year ago. Net income attributable to company stockholders was $48 million or $0.08 per basic and diluted share compared to $323 million or $0.56 per basic and diluted share a year ago. Adjusted revenue was $2,148 million compared to $2,138 million a year ago. Total adjusted segment EBITDA was $208 million compared to $202 million a year ago. Total segment EBITDA was $175 million compared to $169 million a year ago. Adjusted net income attributable to stockholders was $66 million or $0.11 per share compared to $73 million or $0.13 per share a year ago. The majority of the revenue decline reflects foreign currency fluctuations, lower advertising revenues at the News and Information Services segment and the sale of the Dow Jones Local Media Group partially offset by the strength in the Book Publishing and Digital Real Estate Services segments. Adjusted revenues (as defined in Note 1) were relatively flat with the prior year. The improvement in total segment EBITDA was driven primarily by stronger performances in the Book Publishing and Digital Real Estate Services segments, partially offset by declines at the News and Information Services segment, adverse foreign currency fluctuations and slightly higher losses at Amplify compared to the prior year. Adjusted Total Segment EBITDA (as defined in Note 1) increased 3% compared to the prior year. CapEx this quarter was $97 million versus $86 million last year. For the nine months, the company reported that total revenues were $6,388 million compared to $6,634 million a year ago. Loss before income expenses was $421 million compared to income before income tax of $1,633 million a year ago. Net income attributable to company stockholders was $226 million or $0.39 per basic and diluted share compared to $1,630 million or $2.82 per basic and diluted share a year ago. Net cash provided by operating activities was $803 million compared to $420 million a year ago. Capital expenditures were $244 million compared to $227 million a year ago. Adjusted revenue e was $6,383 million compared to $6,472 million a year ago. Total adjusted segment EBITDA was $680 million compared to $685 million a year ago. Total segment EBITDA was $643 million compared to $558 million a year ago. Adjusted net income attributable to stockholders was $262 million or $0.45 per share compared to $288 million or $0.50 per share a year ago. Free cash flow available to company improved by $362 million to $496 million from $134 million in the prior year.  This improvement was primarily driven by lower restructuring payments of $153 million, lower payments for fees and costs related to the U.K. Newspaper Matters of $73 million and the increase in Cable Network Programming Segment EBITDA of $65 million, coupled with operational and working capital improvements. The increases were partially offset by lower cash distributions of $72 million primarily from the absence of cash distributions from SKY Network Television Ltd. as the company sold the investment in March 2013. The company continues to expect full year CapEx to be relatively similar to the full year of 2012 level of $375 million.

Harlequin Enterprises Limited, News Corporation, Torstar Corporation - M&A Call

Harlequin Enterprises Limited, News Corporation, Torstar Corporation - M&A Call

 

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