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Tag: BigDecisions

  • Bedi, old-time Murdoch hand, departs News Corp

    MUMBAI: News Corp has announced that Bedi A. Singh will be departing as the chief financial officer effective 1 March. Susan Panuccio, currently the chief financial officer of News Corp Australia, will become the new CFO.

    Following his departure, Singh intends to pursue new opportunities; however he has agreed to serve as a senior advisor to News Corp on its digital property interests in India, reporting to Robert Thomson, Chief Executive, and will also join the advisory board of Move, Inc., which operates realtor.com®.

    During Singh’s time at News Corp, the company’s significant acquisitions included Move, Inc., operator of realtor.com®; Harlequin Enterprises; Wireless Group, operator of talkSPORT; and tech-startups Storyful, Unruly and Checkout 51. News Corp also made strategic investments in India, including the acquisition of VCCircle and BigDecisions.com and an investment in PropTiger.com, which recently came together with Housing.com to become the largest digital real estate company in India.

    “I asked Bedi to come back in 2012 to help get the new News Corp up and running, and he’s done a great job doing just that,” said executive chairman Rupert Murdoch. “Through his astute financial management of key acquisitions and divestitures, and with the prudent institution of cost controls across the businesses, Bedi has helped News Corp weather the challenges of this era better than its peers, and put it on firm footing for long-term growth and profitability.”

    “I am also pleased to announce Susan Panuccio as our new CFO. Her superb work at News Corp Australia makes her the ideal successor to Bedi, and we look forward to her joining us at headquarters as we take on new opportunities in the years ahead,” said Murdoch.

    Singh rejoined News Corporation in 2012 and was named CFO as part of the new leadership team of News Corp in June, 2013. His previous work with News Corporation included senior finance roles at News International (now News UK) and 20th Century Fox (now 21st Century Fox). He also served as President, Finance and Administration & CFO for MGM Studios and as CFO at Gemstar-TV Guide, Novartis Pharmaceuticals and Sony Pictures Entertainment.

    “We said at our rebirth in 2013, when Bedi was recruited back into the News Corp fold, that we would be relentlessly global and digital in our focus, and Bedi has certainly helped us achieve that goal,” said Thomson. “The diversity of our business, particularly with the significant expansion into digital real estate, aggressive transition to digital across our mastheads and strategic tech acquisitions, have made us a stronger company today. That success could not have been achieved without Bedi’s financial stewardship.”

    “I have had the professional pleasure of working closely with Susan Panuccio, and she’s the right person to drive the next important phase of growth at News Corp,” said Thomson. “Susan is rigorous in her work and strategic in her thinking.”

    “From the outset nearly four years ago, all of us at News Corp have had the mindset of a start-up, moving quickly to seize the moment and expand both digitally and globally. That has made my time here both exciting and fulfilling,” said Singh. “Helping get the new News Corp off the ground and well-positioned for future growth is something I am immensely proud of, and I’m grateful to Rupert and Robert for the opportunity to work with them and everyone at News Corp to set the company on such a strong strategic course.”

    Panuccio has been the CFO for News Corp Australia since September, 2013. She previously served at News International in several positions, including CFO. She began her career as a Senior Accountant at KPMG Australia.

    “I am looking forward to the next exciting challenge in my career at News Corp, having worked for the company in both the UK and Australia. I am delighted to have been given this opportunity to work with our talented executive teams across the businesses,” said Panuccio.

    Also Read:

    http://www.indiantelevision.com/television/tv-channels/people/cheesbrough-new-twenty-first-century-fox-cto-161101

    http://www.indiantelevision.com/mam/marketing/mam/news-corps-bigdecisionscom-nnveils-money-talks-160701

  • Star India snaps up Screen; News Corp to acquire VCCircle

    Star India snaps up Screen; News Corp to acquire VCCircle

    MUMBAI: Its maw appears to be insatiable.  Close on the heels of acquiring Telugu network Maa Television for around Rs 700 crore-1000 crore (media reports place the transaction at Rs 2,000 crore though), Star India has now gone on to gobble up entertainment broadsheet Screen from the Indian Express group.  The 51-year old weekly, which was once a tremendous force to reckon with in the world of entertainment,  has been grappling to find a position with readers over the last decade.

     

    A Star India release says that the “acquisition will create a definitive multimedia film and entertainment franchise.”

     

    The deal allows it to exclusively own the Screen franchise, covering the weekly, and its Screen Awards,  all the archival material and key employees. Editor Priyanka Sinha Jha – who is wedded to film-maker turned author Piyush Jha – will continue to lead the Screen editorial team.

     

    Certain reports have indicated that Screen will stop coming out in its print avatar from next week and it will be integrated with its hotstar.com app which has been witnessing a lot of traction over the past few months with its programming fare of TV shows, and sports related content. Screen has a circulation of around 12,000 copies each week.  

     

    The value of the Screen deal has not been disclosed but estimates are that it could be anywhere between Rs 30 crore to Rs 50 crore.

     

    Says an excited Star India CEO Uday Shankar: “Screen is a strong and reputable franchise and gives us access to the entertainment editorial suite and the tinsel world, where news that shapes trends is made by film stars, directors and producers. The acquisition of Screen will allow us to strengthen and expand the content brand online while taking the awards platform to the next level. There are strong synergies and the combination of the quality content and awards franchise with Star’s presence across television and digital platforms is strategic and scalable.”

     

    The Screen acquisition could yield good results for Star India. The publication owns the premier Screen Awards which have been running for the past 21 years.  The televised version of the property churns out an estimated Rs 30 crore from sponsorship of its telecast and through syndication deals annually. But more than that it gives Star India another hook into the world of Indian cinema, which is riddled with star egos.

     

     

    Star India has in the past acquired the rights  of the Screen Awards for several years since 2000, but surrendered them to Colors for a year before snaring them for Life OK once again this year.

     

    “We are delighted to enter into a transaction with Star India. Screen is one of the most reputed film and entertainment properties in the country. We have built this business with lot of passion and are confident that Star will nurture it and take it to greater heights” said Indian Express group chairman and managing director Viveck Goenka. 

     

    Speaking on the transaction Indian Express CEO George Varghese: “Screen is one of our leading properties on the entertainment side of the business. Our decision was driven by our belief in Star’s focus to grow this business, which we believe would translate into adding value for all stakeholders including employees.”

     

    AZB Partners acted as legal advisors to Star India while BMR Advisors acted as sole financial advisors and BMR Legal acted as legal advisors to the Indian Express Group.

     

    This is not the first time Star India is biting its teeth into an online internet property. In 2001, it had acquired the portal indya.com from Mircoland promoter Pradeep Kar and other investors for Rs 48 crore. The transaction went nowhere and yielded little dividend as the group tried to make sense of the digital ecosystem. It was finally merged with Star India’s online presence as star.indya.com.

     

    Meanwhile News Corp – the sister company of Star India’s parent 21st Century Corp – annnounced earlier today that it has signed a definitive agreement ot acquire the VCCircle Network -consisting of  VCCircle.com, Techcircle.in, VCCEdge, VCCircle Training, in addition to a premium-content driven conference business. The terms of the deal were not disclosed but it was expected to close by this month end. The various verticals come under Mosaic Media Ventures with 100 employees across India and are headed by CEO and founder P.V. Sahad who will now become a part of the News Corp India team. He will report to  News Corp’s senior vice-president, strategy, Raju Narisetti. The VCCircle acquisition is estimated to be in the vicinity of Rs 60 crore.

     

    In November 2014, News Corp had announced the acquisition of Proptiger – a residential real estate platform, and followed that up with an announcement to take over BigDecisions.com  in December 2014.