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News Corporation 1 News Corporation News Corporation 1 News Corporation News Corporation Type Public [1] [2] [3] [4] Traded as ASX: NWS ASX: NWSLV NASDAQ: NWS NASDAQ: NWSA Industry Media conglomerate [5] [6] Founded Adelaide, Australia (1979) Founder(s) Rupert Murdoch Headquarters 1211 Avenue of the Americas New York City, New York 10036 U.S Area served Worldwide Key people Rupert Murdoch (Chairman & CEO) Chase Carey (President & COO) Products Films, Television, Cable Programming, Satellite Television, Magazines, Newspapers, Books, Sporting Events, Websites [7] Revenue US$ 32.778 billion (2010) [7] Operating income US$ 3.703 billion (2010) [7] Net income US$ 2.539 billion (2010) [7] Total assets US$ 54.384 billion (2010) [7] Total equity US$ 25.113 billion (2010) [8] Employees 51,000 (2010) Subsidiaries List of acquisitions [9] Website www.newscorp.com News Corporation 2 News Corporation (NASDAQ: NWS [3], NASDAQ: NWSA [4], ASX: NWS [1], ASX: NWSLV [2]), often abbreviated to News Corp., is the world's third-largest media conglomerate (behind The Walt Disney Company and Time Warner) as of 2008, and the world's third largest in entertainment as of 2009.[10] [11] [12] [13] The company's Chairman & Chief Executive Officer is Rupert Murdoch. News Corporation is a publicly traded company listed on the NASDAQ, with secondary listings on the Australian Securities Exchange. Formerly incorporated in South Australia, the company was re-incorporated under Delaware General Corporation Law after a majority of shareholders approved the move on November 12, 2004. At present, News Corporation is headquartered at 1211 Avenue of the Americas (Sixth Ave.), in New York City, in the newer 1960s-1970s corridor of the Rockefeller Center complex. History 1211 Avenue of the Americas (Sixth Avenue), where News Corporation is based News Corp was created in 1979 by Rupert Murdoch as a holding company for News Limited. News Limited was created by Murdoch from the assets he inherited in 1952 following the death of his father, Sir Keith Murdoch, and subsequent expansion. The main asset left to him was ownership of the Adelaide afternoon tabloid, The News. News Limited operates today as News Corporation's Australian brand, operating out of Surry Hills, in Sydney. Moving into the United States News Ltd. made its first acquisition in the United States in 1973, when it purchased the San Antonio Express-News. Soon afterwards it founded the National Star, a supermarket tabloid, and in 1976 it purchased the New York Post. In 1981 News Corp bought half of the movie studio 20th Century Fox, buying the other half in 1984. In 1985 News Corp announced it was buying the Metromedia group of stations, setting the stage for the launch of a fourth U.S. broadcast network. On September 4, 1985, Murdoch became a naturalized citizen to satisfy the legal requirement that only United States citizens could own American television stations. In 1986, the Metromedia deal closed, and the Fox Broadcasting Company was launched. This network, known on-screen as "Fox", can now be picked up in over 96% of U.S. households. Expansion and consolidation In 1986 and 1987, News Corp (through subsidiary News International) moved to adjust the production process of its British newspapers, over which the printing unions had long maintained a highly restrictive grip.[14] A number of senior Australian media moguls were brought into Murdoch's powerhouse, including John Dux, who was managing director of the South China Morning Post. This led to a confrontation with the printing unions NGA and SOGAT. The move of News International's London operation to Wapping in the East End resulted in nightly battles outside the new plant. Delivery vans and depots were frequently and violently attacked.[14] Ultimately the unions capitulated. News Corporation 3 By 1992, News Corp had amassed huge debts, which forced it to sell many of the American magazine interests it had acquired in the mid-1980s to K-III, as well spinning off long held Australian magazines interests as Pacific Magazines. Much of this debt came from its stake in the Sky Television satellite network in the UK, which incurred massive losses in its early years of operation, which (like many of its business interests) was heavily subsidised with profits from its other holdings until it was able to force rival satellite operator BSB to accept a merger on its terms in 1990. (The merged company, BSkyB has dominated the British pay-TV market since.) In 1993 News Corp acquired a 63.6% stake of the Hong Kong-based STAR TV satellite network for over $500 million, followed by the purchase of the remaining 36.4% in July 1995.[15] [16] Murdoch declared that:[17] "(Telecommunications) have proved an unambiguous threat to totalitarian regimes everywhere ... satellite broadcasting makes it possible for information-hungry residents of many closed societies to bypass state-controlled television channels." In 1995, the Fox network became the object of scrutiny from the FCC when it was alleged that its Australian base made Murdoch's ownership of Fox illegal. The FCC, however, ruled in Murdoch's favor, stating that his ownership of Fox was in the public's best interests. It was also noted that the stations themselves were owned by a separate company whose chief shareholder was U.S. citizen Murdoch, although nearly all of the stations' equity was controlled by News Corp. In the same year News Corp announced a deal with MCI Communications to develop a major news website as well as funding a conservative news magazine, The Weekly Standard. In the same year, News Corp launched the Foxtel pay television network in Australia in a partnership with Telstra and Publishing and Broadcasting Limited. In 1996, Fox established the Fox News Channel, a 24-hour cable news station to compete against Ted Turner's rival channel CNN. In 1999, News Corp significantly expanded its music holdings in Australia by acquiring the controlling share in a leading Australian based label, Michael Gudinski's Mushroom Records; merging it with already held Festival Records to create Festival Mushroom Records (FMR). Both Festival and FMR were managed by Rupert Murdoch's son James Murdoch for several years. Also in 1999, The Economist reported that News Corps paid comparatively lower taxes and Newscorp Investments specifically had made £11.4 billion ($20.1 billion) in profits over the previous 11 years but had not paid net corporation tax. It also reported that after an examination of the available accounts, Newscorp could normally have been expected to pay corporate tax of approximately $350 million. The article explained that in practice the corporation's complex structure, international scope and use of offshore tax havens allowed News Corporation to pay minimal taxes.[18] [19] Development since 2000 In late 2003, News Corp acquired a 34% stake in DirecTV Group (formerly Hughes Electronics), operator of the largest American satellite TV system, from General Motors for US$6 billion. DirecTV Group was sold to Liberty Media in 2008 in exchange for its holding in News International. In 2007 News Corporation reached an agreement to purchase Dow Jones, publishers of The Wall Street Journal, for an estimated $5.6 billion. On October 15, 2007 the corporation spun off a business news channel from Fox News—Fox Business Network.[20] The channel's lawyers were "reviewing all of the fine details of the contract" between Dow Jones and CNBC, said Alexis Glick, Fox Business Network's vice president of business news and the channel's morning anchor. But, she added, "we will actively use" the other Dow Jones properties.[21] "...this new channel is a bit tedious. Somehow, business is more interesting when treated in a business-like way", commented Rob Carrick in 16 October's Toronto Globe and Mail.[22] On 8 February 2007, Murdoch promised guests at the McGraw-Hill Media Summit that, "a Fox channel would be more business-friendly than CNBC. That channel leap[s] on every scandal, or what they think is a scandal", he said.[23] News Corporation 4 In 2009, News Corp established NewsCore, a global wire service set up to provide news stories to all of News Corp's journalistic outlets.[24] In 2010 due to the Fijian government's requirement that the country's media outlet must be 90% owned by Fiji nationals, News Corporation sold 90% of their stake in their Fijian newspapers (Fiji Times, Nai Lalakai, and Shanti Dut) to Motibhai Group of Companies.[25] Shareholders • In August 2005 the Murdoch family owned only about 29% of the company. However, nearly all of these shares were voting shares, and Rupert Murdoch retained effective control of the company. Nonetheless, John Malone of Liberty Media had built up a large stake, with about half of the shares being voting shares. Therefore, in November 2006, News Corporation announced its intention to transfer its 38.5 per cent managing interest in DirecTV Group to John Malone's Liberty Media; in return it bought back Liberty's 16.3% shares in News Corp., giving Murdoch tighter control of the latter firm.[26] Murdoch sold 17.5 million class A shares in December 2007.[27] • Prince Alwaleed bin Talal al-Saud of Saudi Arabia, through his Kingdom Holding Company, owns 7% of News Corp.'s shares, making Kingdom Holdings the second largest shareholder.[28] [29] [30] • Years after when Elektra Records was absorbed in 2004, News Corporation owned half of the re-issues from the record label company. Corporate governance The company's Board of Directors consists of 17 individuals: • Rupert Murdoch (Chairman of the Board & Chief Executive Officer) • José María Aznar • Natalie Bancroft (Director) • Peter Barnes • Chase Carey (Deputy Chairman, President & Chief Operating Officer) • Kenneth E. Cowley • David F.
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