DOCSLIB.ORG

News Corporation: Can News Corp's Assets Perform According to Their

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
News Corporation: Can News Corp's Assets Perform According to Their S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 News Corporation: Can News Corp’s Assets Perform According to their Maximum Potential? Neutral We are initiating coverage on News Corporation (NWS & NWSA) with a Neutral rating and a fair value target share price of $14. News Corp offers investors a 1.5% dividend yield, a dividend coverage ratio of 1.57X based on its trailing 12 month adjusted free cash flows, an 18% discount to its book value and a liquid balance sheet (its cash balance is nearly 85% of its combined debt and retirement benefit liability balances). We agree with Warren Buffett’s conclusion that News Corp is one of two diversified media companies that have an assured future due to its ownership of Dow Jones & Company, the publisher of The Wall Street Journal, Barron’s and other vital products and services geared towards financial professionals and wealthy individuals. However, we can only rate News Corp as a neutral at this time based on its low returns on investment capital (5%) and its recurring pattern of “non-recurring charges”. Source: Morningstar Direct and our Estimates The six most attractive catalysts for investing in News Corp’s stock are as follows: • Strong double-digit revenue and adjusted EBITDA growth from its digital real estate services subsidiaries • Solid 3.7% revenue growth from Dow Jones & Company due to increased circulation revenues and growth in professional fees from Dow Jones Risk & Compliance 1 Contact: [email protected] www.saibusresearch.com Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/30/2021 S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 • News Corp’s liquid balance sheet ($1.6 Billion in cash is 85% of its combined gross debt and retirement benefit liability balances) gives it more flexibility with its free cash flows than its peer group • Growth potential at its Australian subscription video services (3% Adjusted Revenue Growth in H1 2019 plus further growth from the launch of its new Kayo Sports platform) • Revenue stability at its Book Publishing division (4.85% compounded annual growth since 2013 due to new releases and contributions from its 2015 acquisition of Harlequin) • News Corp’s share price is at an 18% discount to its book value Source: News Corp’s FQ2 2019 Report The four most prominent challenges News Corp’s investors must consider are as follows: • Revenue declines from legacy print media products and News America Marketing • Frequent impairment charges ($2.6 Billion in the last three years) since its 2013 spin-off from 21 st Century Fox (FOXA) • News Corp’s News & Information Services division’s Adjusted EBITDA Margin is significantly below that of other diversified news media companies • Foreign currency headwinds from a strong U.S. Dollar offsetting growth in its U.K. and Australian operations 2 Contact: [email protected] www.saibusresearch.com Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/30/2021 S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 News Corporation is the largest diversified print media company as measured by market capitalization. News Corp acquired Dow Jones & Company in 2007, which gave it control over The Wall Street Journal, Barron’s and Dow Jones’s suite of consumer and professional finance information products and services. News Corp’s fasted growing division is its digital real estate services division, which consists of majority ownership of two digital real estate companies (Move and REA Group). News Corp’s Book Publishing Division consists of HarperCollins and its various subsidiaries, which collectively comprise the second largest consumer book publisher in the world. News Corp’s Subscription Video Services division includes ownership of the Australian News Channel, Fox Sports Australia and a 65% stake in Australian pay television operation Foxtel. News Corp also owns and operates other diverse regional and national media operations in Australia, the United Kingdom, Ireland and the U.S. Source: Morningstar Direct Executive Co-Chairman Rupert Murdoch established News Corporation in 1980 as a holding company for the Murdoch family’s diverse news media operations. News Corporation separated itself into two media companies (21 st Century Fox) and the new News Corp in 2013. 21 st Century Fox consisted of legacy News Corporation’s film and television operations whereas the new News Corp contained the publishing and Australian broadcasting assets. The Murdoch family still retains 40% voting control over both companies. Robert Thomson serves as CEO of News Corp since its 2013 spin-off from legacy News Corporation and previously served as Managing Editor of The Wall Street Journal from 2008 to 2013. Rupert Murdoch and his two sons Lachlan and James serve on the board. High profile non-family board members include former New Hampshire Senator Kelly Ayotte, former Spanish Prime Minster José María Aznar and former New York City Department of Education Chancellor Joel Klein. 3 Contact: [email protected] www.saibusresearch.com Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/30/2021 S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 News Corp’s recent earnings report shows its financial performance meets our expectations. News Corp’s revenue adjusted for the impact of acquisitions, divestitures and currency fluctuations grew by 3.55% in H1 2019 on the strength of 11% revenue growth from Digital Real Estate Services, 6.2% revenue growth from its Book Publishing division and 3.7% revenue growth from Dow Jones. Dow Jones’s Risk & Compliance business generated 26% revenue growth in the recent quarter, which represented the seventh straight quarter of 25%+ growth. Reported revenue and EBITDA grew by 21.5% and 26% respectively due to the aforementioned organic growth performance trends as well as incremental contributions from its April 2018 consolidation of Foxtel. We expect that the management changes at Foxtel and Fox Sports Australia as well as the new sports streaming product Kayo Sports should help it generate the 5% revenue growth we are targeting from its Subscription Video Services division during the 2019-2025 periods. While we rate News Corp as a Neutral, we believe Lee Enterprises (LEE) still offers a more attractive total return investment opportunity to investors in the news media industry than News Corp. Although News Corp’s has a strong revenue trend and balance sheet than LEE, LEE’s steady digital revenue growth and balance sheet deleveraging offers greater potential for PE expansion than investors can expect from News Corp. We also noted the following areas where LEE actually outperformed News Corp: • LEE’s Adjusted Enterprise Value to Adjusted EBITDA minus CapEx of 5.3X is half of News Corp’s 10.9X • LEE’s ROIC of 17.55% is higher than News Corp’s 5% • Even though LEE relies more on the out-of-favor sector of the media industry (regional and community news media print operations) than News Corp, LEE’s adjusted EBITDA Margin of 21.55% greatly exceeds the 12.32% of News Corp’s consolidated operations and the 8% from News Corp’s News and Information Services division • LEE has been profitable on a GAAP reported income basis over year over the last five years ($149 Million since the beginning of FY 2014) whereas News Corp reported $1.77 Billion in losses since then due to various “non-recurring impairment charges” We are initiating coverage of News Corp as a Neutral. We like its healthy, liquid balance sheet and we expect continued growth from its digital real estate, subscription video services and Dow Jones operations. However, News Corp’s low ROIC, frequent “non-recurring impairment 4 Contact: [email protected] www.saibusresearch.com Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/30/2021 S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 charges” and slow organic growth trends prevent us from giving it a rating higher than Neutral. We would interested in seeing how the company would take shape once Rupert Murdoch cedes control of the company to his son Lachlan , perhaps News Corp would shed money losing assets such as the New York Post. 5 Contact: [email protected] www.saibusresearch.com Downloaded from www.hvst.com by IP address 192.168.160.10 on 09/30/2021 S AI B U S RESEARCH News Corporation (NWS & NWSA) February 27, 2018 DISCLOSURES Past performance is not necessarily indicative of future results. All investments involve risk including the loss of principal. This report is confidential and may not be distributed without the express written consent of the original author and does not constitute a recommendation, an offer to sell or a solicitation of an offer to purchase any security or investment product. Any such offer or solicitation may only be made by means of delivery of an approved confidential private offering memorandum. Investments may currently or in the future buy, sell, cover or otherwise change the form of its investment in the companies discussed in this letter for any reason. The author hereby disclaims any duty to provide any updates or changes to the information contained here including, without limitation, the manner or type of any of the investments. All of the views expressed in this research report accurately reflect the research analysts’ personal views regarding any and all of the subject securities or issuers. The research analyst is not registered with FINRA, and may not be subject to FINRA rule 2711 restrictions on communicating with the subject company, public appearances, and trading securities held in the research analysts’ account.
Load more

Recommended publications
  • Media Ownership Chart
    In 1983, 50 corporations controlled the vast majority of all news media in the U.S. At the time, Ben Bagdikian was called "alarmist" for pointing this out in his book, The Media Monopoly . In his 4th edition, published in 1992, he wrote "in the U.S., fewer than two dozen of these extraordinary creatures own and operate 90% of the mass media" -- controlling almost all of America's newspapers, magazines, TV and radio stations, books, records, movies, videos, wire services and photo agencies. He predicted then that eventually this number would fall to about half a dozen companies. This was greeted with skepticism at the time. When the 6th edition of The Media Monopoly was published in 2000, the number had fallen to six. Since then, there have been more mergers and the scope has expanded to include new media like the Internet market. More than 1 in 4 Internet users in the U.S. now log in with AOL Time-Warner, the world's largest media corporation. In 2004, Bagdikian's revised and expanded book, The New Media Monopoly , shows that only 5 huge corporations -- Time Warner, Disney, Murdoch's News Corporation, Bertelsmann of Germany, and Viacom (formerly CBS) -- now control most of the media industry in the U.S. General Electric's NBC is a close sixth. Who Controls the Media? Parent General Electric Time Warner The Walt Viacom News Company Disney Co. Corporation $100.5 billion $26.8 billion $18.9 billion 1998 revenues 1998 revenues $23 billion 1998 revenues $13 billion 1998 revenues 1998 revenues Background GE/NBC's ranks No.
    [Show full text]
  • AUSTRALIA MEDIA 8 June 2021
    Up to date business Industry intelligence reports covering developments in the world’s SnapShots fastest growing industries N0.: 26801 Follow us on : AUSTRALIA MEDIA 8 June 2021 This Week’s News • Reuters – Australian financial crime watchdog widens probe on casinos already reeling from COVID – 7/6/2021 Australia’s anti-money-laundering agency on Monday widened a probe into due diligence at casinos to include the three biggest operators, ratcheting up pressure on a sector already Contents struggling with the pandemic and heightened regulatory scrutiny. For the complete story, see: https://www.reuters.com/business/australian-watchdog-widens-crown-casino-probe- • News and Commentary adds-nz-owned-skycity-2021-06-06/ • Media Releases • Argus Media – Australia’s Gladstone port diversifies May coal exports – 7/6/2021 Above-average coal shipments to Japan, India and South Korea from Australia’s port of • Latest Research Gladstone in Queensland, as well as diversification into new markets, partially offset a lack of • The Industry sales to China. For the complete story, see: https://www.argusmedia.com/en/news/2222125-australias-gladstone-port-diversifies- • Leading Companies in the Industry may-coal-exports • Reuters - Australian media fined $840,000 for gag order breach in Pell sex assault case – 4/6/2021 An Australian court on Friday ordered a dozen media firms to pay a total of A$1.1 million ($842,000) in fines for breaching a suppression order on reporting the conviction. For the complete story, see: https://www.reuters.com/world/asia-pacific/australian-court-fines-media-breach-suppression-
    [Show full text]
  • Form 10-K Filed by News Corp with SEC
    ASX Announcement 11 August 2021 Form 10-K filed by News Corp with SEC On behalf of REA Group Ltd (ASX:REA) please find attached Form 10-K as filed by News Corp with the SEC for Q4 FY21 -ends- For further information, please contact: REA Group Ltd Investors: REA Group Ltd Media: Graham Curtin Prue Deniz General Manager Group Reporting Executive Manager Corporate Affairs P: +61 3 8456 4288 M: + 61 438 588 460 E: [email protected] E: [email protected] The release of this announcement was authorised by Tamara Kayser, Company Secretary. About REA Group Ltd: (www.rea-group.com): REA Group Ltd ACN 068 349 066 (ASX:REA) (“REA Group”) is a multinational digital advertising business specialising in property. REA Group operates Australia’s leading residential and commercial property websites – realestate.com.au and realcommercial.com.au – as well as the leading website dedicated to share property, Flatmates.com.au. REA Group owns Smartline Home Loans Pty Ltd and Mortgage Choice Ltd, Australian mortgage broking franchise groups, and PropTrack Pty Ltd, a leading provider of property data services. In Australia, REA Group holds strategic investments in Simpology Pty Ltd, a leading provider of mortgage application and e-lodgement solutions for the broking and lending industries; Realtair Pty Ltd, a digital platform providing end-to-end technology solutions for the real estate transaction process, Campaign Agent Pty Ltd, Australia’s leading provider of Buy Now Pay Later solutions for the Australian real estate market and Managed Platforms Pty Ltd, an emerging Property Management software platform.
    [Show full text]
  • What Killed Australian Cinema & Why Is the Bloody Corpse Still Moving?
    What Killed Australian Cinema & Why is the Bloody Corpse Still Moving? A Thesis Submitted By Jacob Zvi for the Degree of Doctor of Philosophy at the Faculty of Health, Arts & Design, Swinburne University of Technology, Melbourne © Jacob Zvi 2019 Swinburne University of Technology All rights reserved. This thesis may not be reproduced in whole or in part, by photocopy or other means, without the permission of the author. II Abstract In 2004, annual Australian viewership of Australian cinema, regularly averaging below 5%, reached an all-time low of 1.3%. Considering Australia ranks among the top nations in both screens and cinema attendance per capita, and that Australians’ biggest cultural consumption is screen products and multi-media equipment, suggests that Australians love cinema, but refrain from watching their own. Why? During its golden period, 1970-1988, Australian cinema was operating under combined private and government investment, and responsible for critical and commercial successes. However, over the past thirty years, 1988-2018, due to the detrimental role of government film agencies played in binding Australian cinema to government funding, Australian films are perceived as under-developed, low budget, and depressing. Out of hundreds of films produced, and investment of billions of dollars, only a dozen managed to recoup their budget. The thesis demonstrates how ‘Australian national cinema’ discourse helped funding bodies consolidate their power. Australian filmmaking is defined by three ongoing and unresolved frictions: one external and two internal. Friction I debates Australian cinema vs. Australian audience, rejecting Australian cinema’s output, resulting in Frictions II and III, which respectively debate two industry questions: what content is produced? arthouse vs.
    [Show full text]
  • 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.
    [Show full text]
  • Nine Entertainment Co. 2014 Annual Report
    annual report 2014 For personal use only Contents: 2014 Highlights 2 • Chairman’s Report 4 Chief Executive Officer’s report 6 • Television 10 Live 12 • Digital and Ventures 14 • Board of Directors 18 Directors’ Report 20 • Remuneration Report 25 Operating and Financial Review 39 • Corporate Governance 44 Financial Report 55 • Shareholder information 119 Corporate directory 121 AGM: the annual general meeting of the Company will take place at 10.00am (AEST) on Wednesday, 19 November at Level 37, 2 Park Street, Sydney NSW. touching 11.7m With its pre-eminent suite of media assets, strong balance sheet and broad management expertise, Nine Entertainment is uniquely positioned as Australia’s leading media and entertainment company. 1990 1997 2007 2010 2011 WIN affiliation ninemsn Acquired Ticketek Nine Network Mi9 formed agreement with Nine joint venture and Sydney launched digital as umbrella to Network commenced established Superdome ^ channel, GEM digital businesses For personal use only A rich and vibrant history of media and entertainment in Australia 1956 1992 2007 2009 2011 Nine Network NBN becomes Nine’s Acquired NBN Nine Network launched New investment in Established affiliate in Northern digital channel, Go! Yellow Brick Road New South Wales ^ with its long-term lease over Allphones Arena nine entertainment co. holdings limited abn 122 203 892 touching 11.7m australian lives August 2014 December SVOD Joint 2012 July 2013 November 2013 2013 Venture with Divestment of Acquired Nine Acquired Microsoft’s Listed on the Australian April 2014 Fairfax Media ACP Magazines Adelaide 50% interest in Mi9 Securities Exchange Tipstone formed established For personal use only ➜ 2013 September 2013 November 2013 January 2014 June 2014 Divestment of Acquired Nine Perth Daily Mail Australia Move to 1 hour News Debt refinancing interest in iSelect Joint Venture established completed Annual Report 2014 1 Operational highlights In FY14, our first result following the December 2013 IPO, NEC exceeded Prospectus forecasts at every level.
    [Show full text]
  • ACMA Investigation Into Coverage by Australian Television Broadcasters of the Christchurch Terrorist Attack
    ACMA investigation into coverage by Australian television broadcasters of the Christchurch terrorist attack JULY 2019 Canberra Red Building Benjamin Offices Chan Street Belconnen ACT PO Box 78 Belconnen ACT 2616 T +61 2 6219 5555 F +61 2 6219 5353 Melbourne Level 32 Melbourne Central Tower 360 Elizabeth Street Melbourne VIC PO Box 13112 Law Courts Melbourne VIC 8010 T +61 3 9963 6800 F +61 3 9963 6899 Sydney Level 5 The Bay Centre 65 Pirrama Road Pyrmont NSW PO Box Q500 Queen Victoria Building NSW 1230 T +61 2 9334 7700 or 1800 226 667 F +61 2 9334 7799 Copyright notice https://creativecommons.org/licenses/by/4.0/ With the exception of coats of arms, logos, emblems, images, other third-party material or devices protected by a trademark, this content is made available under the terms of the Creative Commons Attribution 4.0 International (CC BY 4.0) licence. We request attribution as © Commonwealth of Australia (Australian Communications and Media Authority) 2019. All other rights are reserved. The Australian Communications and Media Authority has undertaken reasonable enquiries to identify material owned by third parties and secure permission for its reproduction. Permission may need to be obtained from third parties to re-use their material. Written enquiries may be sent to: Manager, Editorial Services PO Box 13112 Law Courts Melbourne VIC 8010 Email: [email protected] Executive summary A terrorist attack live streamed by its alleged perpetrator On 15 March 2019 a violent terrorist attack took place in Christchurch, New Zealand leading to a large number of deaths and significant injuries to many innocent people.
    [Show full text]
  • Administrative Appeals Tribunal
    *gaAg-k Administrative Appeals Tribunal ADMINISTRATIVE APPEALS TRIBUNAL No: 2010/4470 GENERAL ADMINISTRATIVE DIVISION Re: Australian Subscription Television and Radio Association Applicant And: Australian Human Rights Commission Respondent And: Media Access Australia Other Party TRIBUNAL: Ms G Ettinger, Senior Member DATE: 30 April 2012 PLACE: Sydney In accordance with section 34D(1) of the Administrative Appeals Tribunal Act 1975: in the course of an alternative dispute resolution process, the parties have reached an agreement as to the terms of a decision of the Tribunal that is acceptable to the parties; and the terms of the agreement have been reduced to writing, signed by or on behalf of the parties and lodged with the Tribunal; and the Tribunal is satisfied that a decision in those terms is within the powers of the Tribunal and is appropriate to make. Accordingly the Tribunal sets aside the decision of the Respondent and substitutes a decision that reflects the conditions jointly agreed by the parties and annexed to this decision. [ IN THE ADMINISTRATIVE APPEALS TRIBUNAL File Number 2010/4470 AUSTRALIAN SUBSCRIPTION TELEVISION AND RADIO ASSOCIATION Applicant AND AUSTRALIAN HUMAN RIGHTS COMMISSION Respondent AND MEDIA ACCESS AUSTRALIA Joined Party BY CONSENT THE TRIBUNAL MAKES THE FOLLOWING ORDERS PURSUANT TO SECTION 55 OF THE DISABILITY DISCRIMINATION ACT 1992 (CTI1): 1. Exemption 1.1 Each of the Entities is exempt from the operation of ss 5, 6, 7, 8,24, 122 and 123 of the Disability Discrimination Act 1992 (Cth) in respect of the provision of Captioning from the date of this Order until 30 June 2015 on the condition that it complies with the conditions outlined below that are applicable to it by reason of its operation as either a Channel Provider or a Platform.
    [Show full text]
  • Slavery and Human Trafficking Statement for Financial Year2018
    Slavery And Human Trafficking Statement For Financial Year 2018 This statement sets out the steps that we, News Corp, have taken across the News Corp Group to ensure that slavery or human trafficking is not taking place in any part of our own business or supply chains. This statement relates to actions and activities during the financial year 2018, 1 July 2017 to 30 June 2018. STATEMENT FROM CHIEF EXECUTIVE OFFICER News Corp recognizes the importance of combating slavery and human trafficking, a crime that affects communities and individuals across the globe. We endorse a purposeful mission to improve the lives of others, as well as a passionate commitment to opportunity for all. As such, we are totally opposed to such abuses of a person’s freedoms both in our direct operations, our indirect operations and our supply chains. We are proud of the business standards News Corp upholds, as set out in the News Corp Standards of Business Conduct (the News Corp SOBC), see http://newscorp.com/corporate- governance/standards-of-business-conduct/) and are proud of the steps we have taken, and are committed to build upon, to ensure that slavery and human trafficking have no place either in our own business or our supply chains. Robert Thomson CEO, News Corp MEANING OF SLAVERY AND HUMAN TRAFFICKING For the purposes of this statement, slavery and human trafficking is based on the definitions set out in the Modern Slavery Act 2015 (the Act). We recognize that slavery and human trafficking can occur in many forms, such as forced labor, child labor, domestic servitude, sex trafficking and workplace abuse and it can include the restriction of a person’s freedom of movement whether that be physical, non-physical or, for example, by the withholding of a worker’s identity papers.
    [Show full text]
  • Earnings Release
    NEWS CORPORATION REPORTS FOURTH QUARTER AND FULL YEAR RESULTS FOR FISCAL 2017 FISCAL 2017 FULL YEAR KEY FINANCIAL HIGHLIGHTS • Revenues of $8.14 billion compared to $8.29 billion in the prior year • (Loss) income from continuing operations was ($643) million compared to $235 million in the prior year. The loss includes approximately $1 billion of pre-tax non-cash impairments and write- downs and a one-time pre-tax gain of $107 million as a result of the sale of REA Group’s European business • Total Segment EBITDA was $885 million compared to $684 million in the prior year; fiscal 2016 included the NAM Group settlement charge of $280 million and the $122 million gain from the Zillow settlement • Strong growth in the Digital Real Estate Services segment, which represented 37% of Total Segment EBITDA, driven by strong audience gains and new product offerings • Reported EPS were ($1.27) compared to $0.28 in the prior year – Adjusted EPS were $0.36 compared to $0.40 in the prior year • Digital revenues represented 25% of News and Information Services segment revenues, compared to 22% in the prior year NEW YORK, NY – August 10, 2017 – News Corporation (“News Corp” or the “Company”) (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) today reported financial results for the three months and fiscal year ended June 30, 2017 (includes 13 and 52 weeks, respectively, compared to 14 and 53 weeks in the three months and fiscal year ended June 30, 2016, respectively). Commenting on the results, Chief Executive Robert Thomson said: “Fiscal 2017 was a significant year for News Corp as we saw tangible improvement in profitability, powered by the fast-growing Digital Real Estate Services segment, and we charged a premium for premium content while focusing on operating efficiencies.
    [Show full text]
  • Anticipated Acquisition by 21St Century Fox, Inc of Sky Plc
    Anticipated acquisition by 21st Century Fox, Inc of Sky Plc Provisional findings report Notified: 23 January 2018 © Crown copyright 2018 You may reuse this information (not including logos) free of charge in any format or medium, under the terms of the Open government Licence. To view this licence, visit www.nationalarchives.gov.uk/doc/open-government- licence/ or write to the Information Policy Team, The National Archives, Kew, London TW9 4DU, or email: [email protected]. The Competition and Markets Authority has excluded from this published version of the provisional findings report information which the inquiry group considers should be excluded having regard to the three considerations set out in section 244 of the Enterprise Act 2002 (specified information: considerations relevant to disclosure). The omissions are indicated by []. [Some numbers have been replaced by a range. These are shown in square brackets.] Contents Page Summary .................................................................................................................... 7 Reference ................................................................................................................... 7 Background ................................................................................................................ 8 The Parties ........................................................................................................... 8 Fox .................................................................................................................
    [Show full text]
  • Prospectus A
    nine entertainment co. – prospectus a prospectus The Offer contained in this Prospectus is an invitation for you to apply for fully paid ordinary shares (“Shares”) in Nine Entertainment Co. Holdings Limited ABN 60 122 203 892 Sole Global Coordinator Joint Lead Managers and Joint Lead Manager important notices Offer Disclaimer and forward looking statements The Prospectus includes Forecast Financial Information The Offer contained in this Prospectus is an invitation No person is authorised to give any information or make based on the best estimate assumptions of the Directors. for you to apply for fully paid ordinary shares any representation in connection with the Offer which The Forecast Financial Information presented in this (Shares) in Nine Entertainment Co. Holdings Limited is not contained in this Prospectus. Any information or Prospectus is unaudited. The basis of preparation and ABN 60 122 203 892 (NEC or Company). This Prospectus representation not so contained may not be relied on as presentation of the Forecast Financial Information, to the is issued by the Company and NEC SaleCo Pty Limited having been authorised by the Company’s or SaleCo’s extent applicable, is consistent with the basis of preparation ACN 166 188 638 (SaleCo). directors or any other person in connection with the Offer. and presentation for the Historical Financial Information You should rely only on information in this Prospectus. with the exception of the information presented for Nine Lodgement and Listing Except as required by law, and only to the extent so Digital for the historical periods, which has not been This Prospectus is dated 8 November 2013 and was lodged required, neither the Company nor any other person adjusted on a similar basis to the Pro Forma Forecast Result with ASIC on that date.
    [Show full text]