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Tag: 21 Century Fox

  • 21CF special meet on Disney merger issue on July 10

    21CF special meet on Disney merger issue on July 10

    NEW DELHI: Is the Disney-21st Century Fox merger a done deal? The twists and turns in real life probably match a Hollywood corporate thriller produced by the media company. Second suiter Comcast hasn’t yet given up even as the Rupert Murdoch family-promoted company said on Wednesday that on 10 July 2018 a special meeting has been scheduled for vote on the merger agreement with The Walt Disney Company.

    In a statement put out, 21CF said the special meeting of its stockholders would, among other things, “consider and vote” on a proposal to adopt the previously announced merger agreement with The Walt Disney Company and certain of its subsidiaries.

    21CF’s board of directors recommends that stockholders vote in favour of the proposal to adopt the Disney Merger Agreement and the other proposals to be voted on at the special meeting.

    Comcast in recent times has said that it’s preparing a new bid for 21CF to counter the Disney offer, which if okayed by both the companies’ shareholders and boards, and regulators, would go on to create a global behemoth straddling most streams of media and entertainment sectors. It would also decide the roadmap for India’s biggest (unlisted) media company, Star India.

    The official statement from the Murdoch company said: “21CF is aware of the press release of Comcast Corporation of 23 May 2018, in which Comcast states that ‘it is considering, and is in advanced stages of preparing, an offer for the businesses of Fox that Fox has agreed to sell to Disney’. Under the Disney Merger Agreement, if any event occurs that 21CF determines, after consultation with outside legal counsel, is reasonably likely to require under applicable law the filing or mailing of any supplemental or amended disclosure, 21CF may postpone or adjourn the special meeting of its stockholders to allow reasonable additional time for the filing, mailing, dissemination and review by its stockholders of any such disclosure prior to the special meeting.”

    21st Century Fox is one of the world’s leading portfolios of cable, broadcast, film, pay TV and satellite assets spanning six continents across the globe. Reaching more than 1.8 billion subscribers in approximately 50 local languages every day, 21st Century Fox is home to a global portfolio of cable and broadcasting networks and properties, including FOX, FX, FXX, FXM, FS1, Fox News Channel, Fox Business Network, FOX Sports, Fox Sports Network, National Geographic Channels, Star India, 28 local television stations in the U.S. and more than 350 international channels.

    The portfolio also includes film studio Twentieth Century Fox Film, television production studios Twentieth Century Fox Television, 50 per cent ownership interest in Endemol Shine Group, apart from approximately 39.1 per cent of the issued shares of Sky, Europe’s leading entertainment company, which serves nearly 23 million households across five countries.

    Also Read :

    With Star India, Disney emerges as India’s largest M&E firm

    Lachlan Murdoch to lead New Fox after Disney sale, James is out

    Uday Shankar becomes president of 21st Century Fox, Asia

    Disney expected to announce 21 CF buyout tomorrow: media reports

  • Post Murdoch takeover, Nat Geo CEO sounds layoff knell for 180 employees

    Post Murdoch takeover, Nat Geo CEO sounds layoff knell for 180 employees

    MUMBAI: Heads have started rolling at the National Geographic Society after Rupert Murdoch officially took over the company on 3 November, 2015.

     

    National Geographic CEO Gary Knell has sounded the ‘knell’ for layoffs, in what is being called the biggest in the history of National Geographic Society. As many as 180 people comprising almost nine per cent of the staff have been given the pink slip, some of them award winning photographers, designers and editors. The company has also offered buyouts for some employees.

     

    Many of the employees, who have been asked to leave, took to social media platforms like Twitter and Facebook to make public the news. 

     

    In a tweet, National Geographic photo editor Sherry L. Brukbacher said that she was one of the staff members, who’ve been relieved from their duties.

     

    Her tweet went like this: “Experienced National Geographic Photo Editor looking for employment. Fox merger elim [sic] many today. Will miss my amazing colleagues!” – @SBrukbacher.

     

    Some of the others that have been shown the door are National Geographic picture editor Kim Hubbard, National Geographic Creative’s picture editors Nancy Lee Ott and veteran National Geographic photographer Michael ‘Nick’ Nichols amongst others.

     

    In an internal email to all employees, Knell wrote:

     

    To all NGS Staff:

    After very careful and serious consideration, we are ready to communicate how our restructuring and transformation will affect each employee at National Geographic. To that end, please make every effort to be available tomorrow, November 3rd, either in your regular work location, and/or by phone.

     

    If you are traveling for business, on vacation or plan to be out for any other reason, please notify Tia Freeman-Evans or Yvonne Perry in HR immediately, so we can make alternative plans to get in touch with you. If you know that someone on your staff will be out of the office on November 3rd, please let Tia or Yvonne know by 3 p.m. (Eastern) today, as well.

     

    Please watch your inbox for important information about your employment status tomorrow.

     

    I cannot thank you enough for your patience and hard work over the last few months. I am proud of how our teams and our organization have approached and responded to this transitional period. Looking ahead, I am confident National Geographic’s mission will be fulfilled in powerful, new and impactful ways, as we continue to change the world through science, exploration, education and storytelling.

     

    Gary

     

    Then, in a follow up email with the subject line ‘An Important Message from Gary Knell,’ he further intimated the staff with this message:

     

    To all NGS Staff–

     

    To change the world through science, exploration, education and storytelling has never been as important as it is today. We are transforming National Geographic to be better positioned than ever to deliver on this mission./CONTINUES

     

    Since announcing our plans to establish National Geographic Partners and to set a new strategy for the National Geographic Society, teams have been working tirelessly to develop our plans for moving forward. There is no doubt that this strategic move will amplify our mission and message across all media platforms with greater resources than today, all while ensuring the sustainability of the Society for many years to come. Leadership teams for both Partners and the Society will be named when we close the transaction in mid-November.

     

    This is a journey – we’re changing our structure along with how we work. The commitment to our brand and to the impact we make on the planet remains unchanged – but how we deliver on that will, indeed, be transformative.

    Part of these efforts also means making the toughest of decisions about the staffing needs of the organizations going forward. Some of our colleagues will be leaving National Geographic over the next few days and, in some cases, weeks.

     

    We did not make these decisions without very serious consideration and care. We are providing all affected colleagues with meaningful severance packages to assist with the transition. We are also offering some colleagues the opportunity to choose an early separation based on a combination of age and years of service with National Geographic.

     

    Across the board, we are treating each and every colleague with the dignity and respect deserved for their contributions to our organization and to the mission. I ask you to share my personal gratitude and appreciation for these colleagues’ contributions and service. And with the greatest respect to everyone involved, I ask for your commitment to what lies ahead.

     

    Thank you for your collective patience throughout these past few weeks, as well as the professionalism and consistent follow-through displayed every day in virtually every corner of our operations as we have continued to deliver world class science, research and storytelling to a world that needs us now more than ever. I believe we must be bold and we must act now to better guarantee success for our mission. We will evolve. We will create impact. We will change the world.

     

    Gary

     

    In September this year, Murdoch’s 21st Century Fox acquired a majority stake in The National Geographic Society for approximately $725 million. The new entity is 73 per cent owned by 21st Century Fox and 27 per cent by The National Geographic Society.