News Corp. has ended discussions with CoStar Group, the parent company of rental listing site Apartments.com, for the sale of its real-estate listing business Move Inc., the companies said on Tuesday.
A potential sale of Move Inc., which runs the listing site Realtor.com, began in earnest after Rupert Murdoch and Lachlan Murdoch abandoned plans to merge Fox Corp. and Wall Street Journal owner News Corp. in late January. That same month, News Corp. said it was exploring the sale of Move Inc. to CoStar for a deal reportedly valued at $3 billion. Had the deal gone through, the acquisition would put CoStar in more direct competition with other real-estate listing businesses like Zillow and Redfin.
In a statement shared on Tuesday, News Corp. said that while the CoStar deal was off the table, the company would “continue to actively assess opportunities” for its digital real estate business as part of...
A potential sale of Move Inc., which runs the listing site Realtor.com, began in earnest after Rupert Murdoch and Lachlan Murdoch abandoned plans to merge Fox Corp. and Wall Street Journal owner News Corp. in late January. That same month, News Corp. said it was exploring the sale of Move Inc. to CoStar for a deal reportedly valued at $3 billion. Had the deal gone through, the acquisition would put CoStar in more direct competition with other real-estate listing businesses like Zillow and Redfin.
In a statement shared on Tuesday, News Corp. said that while the CoStar deal was off the table, the company would “continue to actively assess opportunities” for its digital real estate business as part of...
- 2/22/2023
- by J. Clara Chan
- The Hollywood Reporter - Movie News
Rupert Murdoch’s News Corp., home to media properties including the Wall Street Journal, Dow Jones and HarperCollins, announced as it released disappointing quarterly results that it is laying off 5 of its workforce.
The company reported revenue of 2.52 billion, a shade below Wall Street analysts’ consensus expectation for 2.55 billion, according to Refinitiv. Earnings per share missed by a wider margin, coming in at 14 cents on an adjusted basis, compared with a Street forecast for 19 cents.
“Obviously, a surge in interest rates and acute inflation had a tangible impact on all of our businesses,” CEO Robert Thomson said in the earnings release. “But we believe these challenges are more ephemeral than eternal. Just as our company passed the stress-test of the pandemic with record profits, the initiatives now under way, including an expected 5 headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth.
The company reported revenue of 2.52 billion, a shade below Wall Street analysts’ consensus expectation for 2.55 billion, according to Refinitiv. Earnings per share missed by a wider margin, coming in at 14 cents on an adjusted basis, compared with a Street forecast for 19 cents.
“Obviously, a surge in interest rates and acute inflation had a tangible impact on all of our businesses,” CEO Robert Thomson said in the earnings release. “But we believe these challenges are more ephemeral than eternal. Just as our company passed the stress-test of the pandemic with record profits, the initiatives now under way, including an expected 5 headcount reduction, or around 1,250 positions this calendar year, will create a robust platform for future growth.
- 2/9/2023
- by Dade Hayes
- Deadline Film + TV
News Corp., the owner of The Wall Street Journal, Dow Jones, and Australia’s Foxtel, will cut more than 1,000 jobs, citing a difficult economic environment and rising interest rates.
In the company’s fiscal Q2 earnings report, CEO Robert Thomson said that the company would shed about 5 percent of the company’s employees, or about 1,250 positions. The cuts, which will be completed by the end of the year, should save the company approximately 30 million.
“Obviously, a surge in interest rates and persistent inflation had an impact on all of our businesses, but in particular, digital real estate and book publishing, which remains a majority physical business and continues to be subject to logistical exigency,” Thomson said on the company’s earnings call. “The reforms now underway at our businesses should create a solid platform for future profitability. Crucially, we will be reducing headcount across the company by 5 percent. That is...
In the company’s fiscal Q2 earnings report, CEO Robert Thomson said that the company would shed about 5 percent of the company’s employees, or about 1,250 positions. The cuts, which will be completed by the end of the year, should save the company approximately 30 million.
“Obviously, a surge in interest rates and persistent inflation had an impact on all of our businesses, but in particular, digital real estate and book publishing, which remains a majority physical business and continues to be subject to logistical exigency,” Thomson said on the company’s earnings call. “The reforms now underway at our businesses should create a solid platform for future profitability. Crucially, we will be reducing headcount across the company by 5 percent. That is...
- 2/9/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
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Rupert Murdoch is considering whether to recombine his media empire.
The 91-year old media mogul is contemplating a merger of Fox Corp. and News Corp., a deal that — if it happens — would bring the entertainment and media brands together a decade after they were split apart. Fox and News Corp. said Friday they have each formed a special committee to explore a combination.
And both Fox and News Corp. cautioned that there’d been no decision yet made as to a merger. News Corp. stated its committee “has not made any determination with respect to any such potential combination at this time, and there can be no certainty that the Company will engage in such a transaction.”
Fox Corp. owns the Fox broadcast network, Fox News, Fox Sports, among other ancillary businesses, while News Corp. houses The Wall Street Journal, Dow Jones, News UK,...
Rupert Murdoch is considering whether to recombine his media empire.
The 91-year old media mogul is contemplating a merger of Fox Corp. and News Corp., a deal that — if it happens — would bring the entertainment and media brands together a decade after they were split apart. Fox and News Corp. said Friday they have each formed a special committee to explore a combination.
And both Fox and News Corp. cautioned that there’d been no decision yet made as to a merger. News Corp. stated its committee “has not made any determination with respect to any such potential combination at this time, and there can be no certainty that the Company will engage in such a transaction.”
Fox Corp. owns the Fox broadcast network, Fox News, Fox Sports, among other ancillary businesses, while News Corp. houses The Wall Street Journal, Dow Jones, News UK,...
- 10/14/2022
- by Alex Weprin
- The Hollywood Reporter - Movie News
The end of Google’s “first click free policy,” which required online publishers to offer at least three free articles before charging readers, is a good thing for “legitimate journalism,” Robert Thomson, the Chief Executive of News Corp, said on Monday. “The felicitous demise of First Click Free (Second Click Fatal) is an important first step in recognizing the value of legitimate journalism and provenance on the internet,” he said in a statement. “We will monitor this change closely to ensure that consumers can indeed find the work of our journalists online, and will report what we learn, for better or for.
- 10/2/2017
- by Ashley Boucher
- The Wrap
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