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Tag: 21st Century Fox

  • Rupert Murdoch’s pay drops 5% in 2015 to $28 million; James’ down 19% at $15 million

    Rupert Murdoch’s pay drops 5% in 2015 to $28 million; James’ down 19% at $15 million

    MUMBAI: In his last year as CEO of 21st Century Fox, Rupert Murdoch took home five per cent less salary in 2015 as compared to 2014. The senior Murdoch was named executive co-chairman of the company in July this year. His pay in the fiscal year ended in June 2015 stood at $27.9 million as opposed to $29.24 million in 2014.

     

    While his base salary was steady at $7.1 million, his stock award fell 18 per cent to $5.15 million. On the other hand, his non-equity plan compensation fell four per cent to $9.77 million. The senior Murdoch also will be pocketing a bonus of $21 million for his contribution in growing the company’s brands and businesses domestically as well as his plans for future growth with continued investments in domestic cable networks and in international markets.

     

    Additionally, 21st Century Fox CEO James Murdoch’s total pay also saw a decline of almost 19 per cent at $15.05 million in 2015 as compared to $18.7 million in 2014. His salary continued to remain the same at $3 million, whereas his stock awards were down 18 per cent to $5.42 million. His non-equity incentive compensation too declined four per cent to $5.58 million.

     

    James Murdoch, who is slated to received a bonus of $12 million, played an important role during fiscal 2015 in developing the company’s key international businesses and investments. Moreover, the company said that he continues to champion the expansion of the company’s international sports portfolio, particularly with new rights acquisitions at Star Sports in India, positioning the company for greater profitability. Under his leadership, the company continues to expand its digital offerings of its library product and explores opportunities to obtain the digital rights to other key programming and to expand its digital advertising capabilities.

     

    In a proxy filing with the Securities and Exchange Commission (SEC) in 29 September, the company said that this was due to the decline in stock awards and non-equity incentive compensation.

     

    On the other hand, the company’s deputy chairman Chase Carey, who also served as the company’s COO with James until July, received compensation of $23.22 million for the year ended 30 June, 2015, which was down from $27.9 million in 2014. Carey’s salary remained the same at $4.05 million. Carey, who now serves as the 21st Century Fox’s executive vice chairman, will receive a bonus of $20 million for hisexceptional strategic leadership and management.

     

    21st Century Fox’s proxy filing also mentioned that the company’s annual meeting is scheduled on 12 November in Los Angeles, California.

     

    For the year ended 30 June, 21st Century Fox’s net income dropped 36 per cent to $4.51 billion, while revenues grew 15 per cent to $ 31.9 billion.

     

    21st Century Fox Business Highlights for 2015 are as follows:

     

     

    INDIA

     

    • The company continued its expansion of its international cable business, particularly at Star India. Star Sports’ broadcast of the ICC Cricket World Cup set an all-time viewership record, and the introduction of two new local sports leagues, Kabaddi and Indian Super League (soccer), provided strong ratings and present new opportunities.

     

    • Through Star India’s agreement to acquire the broadcast business of MAA Television Network Limited, the company initiated its expansion into the Telugu TV market.

     

    • The company expanded its non-linear advertising products and services through the launch of Hotstar, a digital video streaming platform in India.

     

     

    INTERNATIONAL

     

    • The company continued to grow its television and cable channel businesses through obtaining and increasing retransmission and affiliate compensation and securing key distribution agreements.

     

    • The company continued to strengthen its core domestic cable business with the growth of its national sports channel Fox Sports 1 by featuring additional sports events including the U.S. Open Golf Championship and Women’s World Cup events, and by growing its third branded FX channel, FXX, by featuring all episodes of The Simpsons and premiering an extensive slate of theatrical motion pictures.

     

    • The company’s filmed entertainment business continued to have leading worldwide box office sales while creating and growing new and existing film franchises such as The Maze Runner, Kingsman and Planet of the Apes.

     

    • The company created new hit series such as Empire and The Last Man on Earth and enhanced its key existing brands including The Simpsons, Family Guy, Modern Family and Homeland. In addition, the company is reinvigorating the broadcast network’s primetime line-up with the successful debuts of Gotham, Last Man on Earth and Empire, which was the number one new show and highest rated broadcast show in the 2014-2015 broadcast season.

     

    • The company expanded its non-linear advertising products and services through the acquisition of true[X], a leading engagement advertising company specializing in advertising formats for on-demand marketing campaigns in the U.S.

     

    • The company returned a significant amount of cash to stockholders through stock repurchases of approximately $5.9 billion during fiscal 2015, a 57 per cent increase over fiscal 2014 levels and through increasing the semi-annual dividend by 20 per cent to $0.15 per Class A and Class B share, resulting in an annual dividend for fiscal 2015 of $0.30 per share or approximately $610 million. In August 2015, the company announced that the Board approved an additional $5 billion authorization to the Company’s stock repurchase program intended to be completed by August 2016.

     

    • The company sold its direct broadcast satellite television (DBS) businesses, Sky Italia and its interest in Sky Deutschland AG (Sky Deutschland), to Sky plc (formerly known as British Sky Broadcasting Group plc) for approximately $8.8 billion, resulting in a gain of approximately $5 billion and creating a pan-European digital television leader.

     

    • The company and funds managed by affiliates of Apollo Global Management, LLC created Endemol Shine Group, a global multi-platform content provider bringing together the Shine Group, Endemol and Core Media Group.

  • Rupert & James Murdoch to host PM Narendra Modi in New York

    Rupert & James Murdoch to host PM Narendra Modi in New York

    MUMBAI: Media baron 21st Century Fox chairman Rupert Murdoch along with his son and CEO of the company James Murdoch, will host Indian Prime Minister Narendra Modi in New York.

     

    The Murdochs – Modi rendezvous will also be attended by senior executives from Fox including News Corp CEO Robert Thomson, Star India CEO Uday Shankar and a selective group of peers from media and entertainment companies.

     

    Known for his powerful international image and charismatic personality, Modi is expected to lay solid ground for further propagation of brand India through this high profile gathering of world media heads.

     

    It may be recalled that earlier in March, the media world was taken in a frenzy when 21st Century Fox CEO (then COO) James Murdoch along with Shankar met Modi in Delhi.

     

    The Murdochs hosting Modi doesn’t come as a surprise given the important role Star India is playing in Fox’s revenues and reach internationally. As was reported earlier by Indiantelevision.com, global brokerage company Morgan Stanley valued Star India at $11.2 billion earlier this year. Following the report, Fox chief financial officer John Nallen was also heard pitching high hopes on Star India for the global network’s growth. “The top opportunity continues to be international, led by Star. Star clearly is going to lead a lot of our international growth,” he had said.

     

    Nallen had further added that the parent company expects Star India’s growth to contribute $500 million by 2018.

     

    This indicates how the Murdochs have advocated higher foreign direct investment (FDI) ceilings in India’s media industry and are keen to expand their presence in the country. A case in point is Star India’s acquisition of Maa TV’s broadcast assets earlier this year.

     

    During his US trip, Modi will also visit Silicon Valley giant Facebook followed by a meeting with Google’s Indian born CEO Sundar Pichai, and Apple CEO Tim Cook.

     

    “I’m excited to announce that Prime Minister Narendra Modi of India will be visiting Facebook HQ later this month for a Townhall Q&A,” said Facebook CEO Mark Zuckerberg, who had earlier sent an open invitation to the Indian Prime Minister to visit Facebook’s headquarters. “Prime Minister Modi and I will discuss how communities can work together to address social and economic challenges…. The event will be on Sunday, September 27 at 9:30 a.m. pacific time,” he later added to the post.

       

    Modi too took to Facebook to share his excitement of visiting the tech giant’s HQ, and to chalk out the agenda for the meeting. “I thank Mr. Mark Zuckerberg for the invite to visit the Facebook HQ. The interaction will cover a wide range of issues and will surely be a memorable one.”

     

    On Sunday, Modi added, “I will also see some recent technological innovations at the Google (Alphabet) campus and Tesla Motors.”

     

    His final post – “It would be after a gap of almost 33 years that an Indian PM would be visiting the west coast — the home of start-ups, innovation and technology,” – rightly reflects the overall expectations India media has from his visit to the US.

  • Sky completes full acquisition of Sky Deutschland

    Sky completes full acquisition of Sky Deutschland

    MUMBAI: European pay TV company Sky, in which Rupert Murdoch’s 21st Century Fox owns a 39 per cent stake, has completed the buyout of remaining shareholders to gain full ownership of Sky Deutschland.

     

    With this, the company claims to have “consolidated its position as Europe’s leading entertainment company.”

     

    Sky completed the acquisition of the remaining approximately four per cent minority shareholdings in Sky Deutschland AG, with the cash compensation for the minority shareholdings set at €6.68 per share, in accordance with the requirements of the German Stock Corporation Act.

     

    As a result of this acquisition, Sky Deutschland AG will be delisted from the Frankfurt Stock Exchange.

     

    Sky group CEO Jeremy Darroch said, “The full acquisition of Sky Deutschland is the latest step in creating an even stronger business for the future. The opportunity ahead is substantial and we have a strong platform on which to build and deliver benefits for customers and shareholders alike.”

  • Fox acquires majority stake in National Geographic for $725 million

    Fox acquires majority stake in National Geographic for $725 million

    MUMBAI: Rupert Murdoch’s 21st Century Fox has acquired a majority stake in The National Geographic Society for approximately $725 million. 

    The agreement between the two companies expands their 18-year partnership through which they have owned and operated the properties in National Geographic Channels, a joint venture of domestic and international cable television channels which together reach more than 500 million households globally.  

    The National Geographic Society is a 501(c)(3) non-profit organization focused on its mission of science, exploration and education. 

     

    With the transaction valued at $725 million, the Society’s endowment will significantly increase to nearly $1 billion. The new entity will be owned 73 per cent by 21st Century Fox and 27 per cent by The National Geographic Society with a shared governance structure and equal representation on the board of directors. The Board Chair will alternate annually, with National Geographic Society president and CEO Gary Knell, serving as the Board’s first chairman.

    The new expanded joint venture will operate as National Geographic Partners and will combine the National Geographic television channels with National Geographic’s other media and consumer-oriented assets, including: National Geographic magazines; National Geographic Studios; related digital and social media platforms; books; maps; children’s media; and ancillary activities, including travel, location-based entertainment, archival sales, catalog, licensing and ecommerce businesses.

     

    Combining these assets into one organization will create greater opportunities to pursue National Geographic’s mission of increasing knowledge through science, exploration and research.

     

    Declan Moore, a 20-year veteran of the Society currently serving as chief media officer, has been appointed CEO of National Geographic Partners.

     

    “The expansion of our nearly two decade partnership with 21st Century Fox is another milestone for The National Geographic Society, which for much of its 127 years has sponsored groundbreaking scientists and explorers and shared the knowledge and wonder with the world, using the best and most creative media platforms of each era,” Knell said.

     

    “The value generated by this transaction, including the consistent and attractive revenue stream that National Geographic Partners will deliver, ensures that we will have greater resources for this work, which includes our grant making programs that support scientists and explorers around the world. As media organizations work to meet the increasing demand for high quality storytelling across multiple platforms, it’s clear that the opportunity to grow by more closely aligning our branded content and licensing assets is the right path. We now will have the scale and reach to continue to fulfill our mission long into the future. The Society’s work will be the engine that feeds our content creation efforts, enabling us to share that work with even larger audiences and achieve more impact. It’s a virtuous cycle,” he added.

     

    21st Century Fox CEO James Murdoch added, “We are privileged to have the opportunity to expand our partnership to continue to bring to audiences around the world, ‘The world and all that is in it,’ as National Geographic Society’s second president Alexander Graham Bell stated more than a century ago. We believe in the Society’s mission of bringing the world to audiences through science, education and exploration.”    

     

    “We’re working hard to focus our portfolio on brands that have unquestionable consumer appeal. This expanded partnership, bringing together all of the media and consumer activities under the National Geographic umbrella, one of the most treasured names in the world, creates vast opportunities and enables this business to be even more successful in a digital environment. In addition, we look forward to benefitting from Declan’s leadership and his keen ability to make the spirit of National Geographic come to life every day through rich storytelling across media for millions around the world. We’re very excited and honored to work with the Society’s extraordinary explorers, scientists and visual storytellers to propel their incredible work to audiences around the globe,” he added.

     

    The additional resources will enable The National Geographic Society to basically double its investment in an array of science, research and education programs. Plans include the creation of the National Geographic Grosvenor Center for Education, dedicated to improving the geographic skills of high school students, and the establishment of Centers of Excellence in Cartography, Journalism and Photography, which will develop and fund innovations in exploration, mapping and story-telling. The National Geographic Museum, thought leader forums, and related programs will remain under the Society’s purview, all with the support of a focused philanthropic development team.

     

    “The National Geographic Society Board of Trustees truly believes that this expanded partnership with 21st Century Fox well positions our institution for today and for tomorrow – in a way that ensures a sustainable future, while protecting and building upon the legacy of our founders. Our partners at 21st Century Fox have been extraordinarily collaborative for nearly two decades, and we are certain that the future is brighter as a result of today’s announcement,” said NGS Board chairman of the Society CEO from 1998 to 2014 John Fahey, Jr.

  • 21st Century Fox CEO James Murdoch to speak at Ignition 2015

    21st Century Fox CEO James Murdoch to speak at Ignition 2015

    MUMBAI: Ignition 2015: Future of Digital, which is Business Insider’s flagship annual conference, will see 21st Century Fox CEO James Murdoch as a key speaker.

     

    The conference is scheduled to take place on 8 – 9 December, 2015 in New York City.

     

    Ignition has brought together the best minds in media and technology to share what they see on the horizon. Through unscripted interviews, cutting-edge demos, and insights from industry pioneers, they will highlight key trends to be aware of and what one needs to do to stay ahead.

     

    In his nearly two-decade career with 21st Century Fox, Murdoch has held an impressive succession of leadership roles. He has had direct responsibility for the company’s expansion, strategic transactions, and transformative growth. Under his leadership, the company’s cable and broadcasting networks reach more than 1.8 billion subscribers everyday. Murdoch previously served as co-COO, chairman and CEO for Europe and Asia, and chairman of BSkyB, Sky Deutschland, and Sky Italia.

     

    Apart from Murdoch, the other key speakers at Ignition 2015 are as follows: Sony Pictures Entertainment chairman & CEO Michael Lynton, Time Warner Inc. chairman & CEO Jeff Bewkes, CBS Corporation president & CEO Leslie Moonves, Comcast chairman & CEO Brian Roberts, BuzzFeed founder & CEO Jonah Peretti, TheStreet.com chairman Jim Cramer, Facebook VP of Global Marketing Solutions Carolyn Everson, Rent the Runway co-founder & CEO Jennifer Hyman, GE chairman & CEO Jeff Immelt, Verizon chairman & CEO Lowell McAdam, DraftKings CEO Jason Robins, Vimeo CEO Kerry Trainor, Sourcepoint Technologies, Inc. founder & CEO Ben Barokas, Interlude founder & CEO Yoni Bloch, GE executive director, global brand marketing Linda Boff, Breyer Capital founder & CEO Jim Breyer, Hulu CEO Mike Hopkins, Sharethrough president Patrick Keane, Getty Images co-founder & chairman Jonathan Klein, Blendle co-founder Alexander Klöpping, CBS Interactive president & CEO Jim Lanzone, RBC Capital Markets Managing director, Internet Mark Mahaney, Piper Jaffray Managing director & Senior Research Analyst Gene Munster, Smarty Pants Chief Brainiac Stephanie Retblatt, Gilt Groupe chairman & founder Kevin Ryan, Blue Apron co-founder & CEO Matthew Salzberg, Taboola founder & CEO Adam Singolda, The New York Times Company president & CEO Mark Thompson, Refinery29 co-founder & co-CEO Philippe von Borries and Roku founder & CEO Anthony Wood.

     

    Additionally, speakers from Business Insider will be editor-in-chief & CEO Henry Blodget, chief correspondent Nicholas Carlson, deputy editor, tech insider Steve Kovach, deputy editor, tech, science, and entertainment Alyson Shontell and executive editor Jay Yarow.

     

    In its sixth year now, Ignition 2015 aims to give a new understanding of the transformations taking place in the digital world. Close to 700 senior executives in technology, media, entertainment, investment, and finance will be discussing innovative ideas.

  • Star India valued at $11.3 billion: Morgan Stanley

    Star India valued at $11.3 billion: Morgan Stanley

    MUMBAI: Media tycoon Rupert Murdoch has reason to cheer as 21st Century Fox’s India subsidiary – Star India has emerged as a strong contributor to the parent company.

     

    As per a brokerage firm Morgan Stanley’s Year End ‘Fair Market Value’ report for financial year 2016, Star India has been valued at a whopping $11.3 billion, leaving behind its competitors.

     

    The number makes a deeper impact on the parent company’s financial performance worldwide as ad revenue for the media giant from developed markets is slowing.

     

    End of June financial reports saw Star India’s earnings from just entertainment business alone at about Rs 1,920 crore.

     

    An earlier report titled ‘Grow Fox, Grow’ from the same investment firm recognised Star India’s growing profitability as one of the key drivers of healthy acceleration in financial year 2017 for 21st Century Fox. On the basis of their growing revenue, the report estimates Star India to contribute 11.3 per cent to the overall fair market value of the American parent.  The report comes in the wake of a financial statement released by 21st Century Fox highlighting their overall performance and acknowledges the role played by Star Sports in giving Fox a commendable financial year.

     

    In an earlier financial report released by the company, media mogul and 21st Century Fox executive chairman Rupert Murdoch highlighted the importance of their newly acquired sports rights. “The appeal of our new sports rights resonated with consumers globally, whether it was Star Sports in India setting new records with hundreds of millions of viewers for the ICC Cricket World Cup, or the more than 25 million viewers who watched the Women’s World Cup Final on FOX,” said Murdoch.

     

    With Star India acquiring broadcast rights of Board of Control for Cricket in India’s (BCCI) domestic and international matches in India through 2018, the network has made a conscious effort to optimise their revenues through sports in India.

     

    As per Morgan Stanley’s report, the other key factors that will dictate the Fox’s performance in FY17 include TV margin expansion, operating leverage from domestic affiliate revenue growth and growth at film productions, which was valued at $4.7 billion.

     

    On the other hand, the risks to the growth over the next two years are advertising pressures, pay­ TV sub erosion against the strong pricing growth at Fox’s networks and capital allocation as forecasters feel that Fox is most likely to lead the industry in the dynamic landscape ahead.

  • 21st Century Fox ups Kristopher Jones to VP – government relations

    21st Century Fox ups Kristopher Jones to VP – government relations

    MUMBAI: 21st Century Fox has elevated Kristopher Jones to vice president, government relations.

     

    He will report to the company’s executive vice president of government relations Mike Regan.  

     

    Jones continues to focus his advocacy efforts on issues impacting the company’s television businesses, including retransmission consent, satellite television laws, and spectrum-related legislation.  He recently added to his responsibilities the role of treasurer of the company’s political action committee, FOXPAC, and assumed responsibility for the company’s international trade policy portfolio. 

     

    Regan said, “Kris has consistently impressed me and our colleagues with his deep grasp of complex matters, strategic thinking and effectiveness as an advocate on a range of key issues for our businesses. I am pleased to recognize his contributions as well as his growing portfolio with this well-deserved promotion.”

     

    Jones served as director, government relations since joining the company in 2011.  Prior to that, he was vice president, communications at the National Association of Broadcasters. 

  • 21st Century Fox ups Jared Sher to SVP & associate general counsel

    21st Century Fox ups Jared Sher to SVP & associate general counsel

    MUMBAI: 21st Century Fox has promoted Jared Sher to senior vice president and associate general counsel.

     

    Sher continues to have primary responsibility for advising 21st Century Fox on domestic media regulatory issues and representing its portfolio companies before the FCC.

     

    He is based at the company’s Washington, DC, office and reports to 21st Century Fox senior vice president and deputy general counsel Ellen Agress.

     

    “Jared has distinguished himself with the outstanding policy counsel he provides for our domestic broadcast and cable business and we are pleased to recognize his many valuable contributions to our organization,” said Agress.

     

    Sher served as 21st Century Fox vice president and associate general counsel for the last three-plus years, having previously advised the company as counsel at Skadden, Arps, Slate, Meagher & Flom LLP & Affiliates from 1999 to 2012.

  • Murdoch scion to take over 21st Century Fox from 1 July

    Murdoch scion to take over 21st Century Fox from 1 July

    MUMBAI: The Board of 21st Century Fox has made a series of senior management changes, which will take effect 1 July, 2015. As was reported by Indiantelevision.com last week, Rupert Murdoch, the company’s founder, chairman and CEO, together with Lachlan Murdoch, currently co-chairman, will become executive co-chairmen.

     

    Additionally, Chase Carey, the company’s deputy chairman, president and COO since 2009, will become the executive vice chairman and serve in that role through 30 June, 2016. James Murdoch, currently co-chief operating officer, will become CEO.

     

    In conjunction with these changes, the company’s corporate functions, and its global television and film operations will now jointly report to Lachlan and James Murdoch.

     

    Rupert Murdoch said, “It has always been our priority to ensure stable, long term leadership for the company, and these appointments achieve that goal. Lachlan and James are each talented and accomplished executives and together, we, as shareholders and partners, will strive to take our company to new levels of growth and opportunity at a time of dynamic change in our industry.”

     

    He added, “I can’t thank Chase Carey enough for his friendship, counsel and leadership over the past decades. He will be actively engaged in supporting Lachlan and James as they step in to their new roles.”

     

    Carey said, “I am grateful to Rupert for giving me the opportunity of a lifetime and truly believe there isn’t a company out there that’s more exciting, with more growth potential, than 21st Century Fox. I look forward to continuing to work with Rupert to support Lachlan and James in their new positions.”

     

    In a joint statement, Lachlan and James Murdoch said, “We are both humbled by the opportunity to lead, with our father and the talented team of executives at 21st Century Fox, this extraordinary company. We are grateful to Chase for being the leader and partner that he has been, and we are both delighted that his wisdom and sure handedness will continue to serve 21st Century Fox. We are also grateful to the Board for providing us the opportunity to lead this great company. Most importantly, we each look forward to working with the entire team of creators, executives, artists and all of our colleagues that make up our global businesses, to steer the company into the future, and to drive continued value for our shareholders.”

     

    21st Century Fox lead director Rod Eddington said, “The Board has long been focused on succession and we’re fortunate to have two very talented executives in Lachlan and James to take this company into the future. Working in tandem with Rupert, we’re confident their partnership and stewardship will give this business real momentum for many years to come. We are also deeply grateful to Chase Carey for his many years of exceptional leadership and his agreement to continue his contributions through his new position.”

  • Rupert Murdoch looks to step down as 21st Century Fox CEO: reports

    Rupert Murdoch looks to step down as 21st Century Fox CEO: reports

    MUMBAI: Octogenarian media baron Rupert Murdoch is all set to resign from his position as 21st Century Fox CEO, handing over the reigns to his son James Murdoch, as per a CNBC Television report.

     

    According to the report, an announcement on the same is expected soon, with no clear date on when the reorganisation would take place. CNBC reports that while Murdoch will continue to be the executive chairman of Fox, his other son Lachlan will take over as executive co-chairman.

     

    In a statement, Fox said, “The matter of succession is on the agenda at our upcoming, regularly scheduled board meeting.” However the company did not elaborate further.

     

    Rupert Murdoch, who through the Murdoch Family Trust controls 39.4 per cent of the voting shares at Fox, is not expected to change much of what he does day to day as chairman of both Fox and News Corp.

     

    It can be recalled that Fox had earlier attempted the acquisition of Time Warner, a deal which many said, would have reshaped the media industry. As per reports, the deal failed after Time Warner declined to discuss the matter with the Fox leadership.

     

    Meanwhile, with the news of Murdoch stepping down, Fox shares were down 0.27 per cent at $32.89, while News Corp shares were little changed at $14.64 in early trading.