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Tag: News Corp

  • News Corp’s BigDecisions.com surpasses 900,000 personal finance interactions

    News Corp’s BigDecisions.com surpasses 900,000 personal finance interactions

    MUMBAI: News Corp owned personal financial advice platform BigDecisions.com has empowered 900,000 users to make informed financial decisions.

     

    The announcement has come as the platform unveiled its full suite of new, free-to-use, data-backed personal finance advice tools, along with insightful articles and videos.  

     

    BigDecisions helps users prudently plan for their retirement, the education of their children, assessing their life and health insurance needs, and helping them to benefit from transferring their home loans. In addition, the platform also helps users decide whether to rent or buy a home, a critical decision amid a stagnant real-estate market in India. The platform uniquely uses Big Data, such as healthcare costs across India and sample household expense data over 20 years, to calculate likely inflation for retirement planning, while enabling users arrive at more realistic and actionable next steps with simple-to-use tools.

     

    In the nine months since News Corp acquired BigDecisions.com, the platform has had 700,000 different users take advantage of its tools and insights. The number of visitors per month has increased to 400,000 from under 50,000 in January.

     

    “Sources of financial empowerment based on unbiased information and smart analytics have been few and far between in India,” said Manish Shah, Co-Founder and CEO, BigDecisions.com. “The quality of content, the wealth of impartial data backed insights and the ease of use make it an engagement worthy experience for our users who see immense value in our offerings.”

     

    For example, BigDecisions allows users to figure out how much health insurance they need based on family structure and treatment costs in their city. It relies on a sophisticated, behind-the-scenes algorithm that assigns a probability to each member of the family falling ill, helping assess an appropriate amount of health-insurance coverage for the family. Users are then free to choose where and how they want to acquire such insurance, from a variety of vetted, licensed third-party product providers. All this happens online, at a user’s convenience and with full data privacy, and without the product-sales pitches that are commonplace in India with sales of such products.

     

    “We have designed tools that are easy to navigate, with information that is easy to find and act upon,” said Gaurav Roy, Co-Founder and Product Head. “Our new platform, with its improved usability on the phone, enables us to expand our user base into Tier II and Tier III towns as well.”

     

    The majority of BigDecisions.com users currently come from the top 8 cities of India.

     

    “The early response to BigDecisions.com validates our belief that Indian consumers are looking for unbiased and accurate advice, as well as user-friendly calculators,” said Raju Narisetti, Senior Vice-President, Strategy, News Corp. “A vibrant digital India needs financially empowered citizens who can rely on trusted sources in their journey to financial prosperity.”

     

    As part of its roadmap, BigDecisions plans to combine its data-backed insights with peer-to-peer shared user experiences (for instance, “people similar to you did this”) to enhance decision-making for its users, as well as work with banking, asset management, insurance and other financial services companies in India to create tailored solutions aimed at educating and empowering users.

  • AFL signs colossal $2.5 billion deal with Murdoch’s Seven & Foxtel

    AFL signs colossal $2.5 billion deal with Murdoch’s Seven & Foxtel

    MUMBAI: The AFL will reap a major financial windfall after striking a colossal new six-year broadcast rights agreement for $2.508 billion. The new deal will see Channel Seven, Foxtel and Telstra continue as the League’s broadcasters, which will run from 2017 to 2022.

     

    The current deal expires at the end of the 2016 season. The existing deal was effectively worth $250 million a year while the new deal is 67 per cent bigger at $418 million a year.

     

    AFL commission chairman Mike Fitzpatrick and CEO Gillon McLachlan while announcing the deal were joined by News Corp executive chairman Rupert Murdoch, News Corp CEO Robert Thomson, Seven West Media chairman Kerry Stokes and Telstra CEO Andy Penn, among others. 

     

    Channel Seven will broadcast matches in HD free-to-air from the start of the new deal in 2017. The AFL will continue to retain full control of the fixture, including whether the grand final is scheduled as a day, twilight or night match. The AFL fixture will remain at 22 rounds, with nine games each weekend.

     

    Foxtel will continue to broadcast every game, except the AFL Grand Final, which will be aired live on Pay TV. Foxtel will have the right to sub-licence one game per round each weekend in the Saturday 3.20 pm AEST timeslot to a free-to-air provider, if it chooses. Meanwhile Telstra will once again hold the rights for hand-held devices, AFL.com.au and the club digital network. Telstra will broadcast every match on mobile devices.

     

    McLachlan said, “The historic deal delivered for clubs, players, supporters and the community. The deal would provide financial security for clubs and players to allow future growth and certainty. The deal would see resources directed towards the foundations of the game, while growing into new communities to create new generations of supporters, members, players and volunteers.”

     

    The existing deal was sealed for $1.25 billion in April 2011. AFL Commission chairman Mike Fitzpatrick said the new deal will help the League grow its reach over the next decade. “We need to continue to be the first choice for our elite and talented athletes, we need to strengthen our clubs at all levels, and we need to invest in the community level of our game. This agreement with News Corporation, the Seven Network and Telstra will allow us to make the right investment to keep our game strong,” he said.

     

    Murdoch added, “AFL was Australia’s premium football code. This is a very significant investment for us. We’ve always believed that this is the premium code in Australia – it’s the national game. We’re very happy to be doing this. We believe in the strength of the game and we’ll do everything we can to make it stronger.”

     

    Kerry Stokes revealed the broadcaster would search for ways to broadcast in HD before the next agreement kicks off. “It’s a matter under review. It’s been a technical issue for the network, as you’re aware, and we’re reviewing it again this summer with the hope that we can find a way of bringing high definition to Melbourne,” he said. provides for a separate dispensation in so far as commercial establishments are concerned and hence we hope that the regulator keeps the same in mind while formulating the new tariff regime.”

     

     

    BBC India COO Naveen Jhunjhunwala added, “We strongly advocate a distinction between ordinary and commercial subscribers as far as tariff is concerned since the place of viewing the TV signal and type of usage of TV signals is inherently different in both these categories. Having a global presence, we have seen that the regulators have left determination of tariffs to forbearance thereby ensuring dynamic competition.  With Government focus on making India an easier place to do business, leaving things to market forces will ensure growth and be in line with international scenario.” 

  • News Corp Oz CEO to retire; APN’s Michael Miller steps in as chairman

    News Corp Oz CEO to retire; APN’s Michael Miller steps in as chairman

    MUMBAI: Even as News Corp’s Rupert Murdoch unveiled succession plans for 21st Century Fox with the appointment of his sons James and Lachlan to key positions, News Corp Australia CEO Julian Clarke has decided to step down at the end of the year.

     

    In the wake of Clarke’s retirement, the company has roped in APN News & Media CEO Michael Miller as executive chairman for Australasia. Additionally, News Corp Australia COO Peter Tonagh has been upped as CEO and will step into Clarke’s shoes.

     

    With Miller leaving, APN has appointed Ciaran Davis as CEO of the Group, effective 1 September, 2015. Davis is currently CEO of the Australian Radio Network (ARN), a position he has held since January 2010. Miller will remain as APN CEO during a transition period for the company.

     

    APN chairman Peter Cosgrove said, “Michael will work side by side with Ciaran to ensure the smoothest possible transition for the business, and, on behalf of the Board, we wish Michael all the best in his future endeavours.”

  • News Corp’s Foxtel picks up 15% stake in Ten Network for $59 million

    News Corp’s Foxtel picks up 15% stake in Ten Network for $59 million

    MUMBAI: Australia based Ten Network is planning to sell a 15 per cent stake in itself to Foxtel, which is half owned by Rupert Murdoch’s News Corp and Telstra Corp Ltd.

     

    Foxtel will acquire the stake in the loss-making company for $59 million (A$77 million) at A$0.15 each, which is a 43 per cent discount to its closing price on Friday. Additionally, the company is also looking at raising another A$77 million with a rights issue.

     

    Ten Network will utilise the new capital of up to A$154 million to reduce debt and provide additional financial flexibility. The proceeds of the capital raisings will be used initially to repay the drawn amount under the existing Commonwealth Bank of Australia (CBA) revolving cash advance facility, with any excess funds initially retained as cash. The $200 million CBA facility will continue to be available to fund Ten’s ongoing operations, which will be utilised for working capital, payment of transaction-related expenses, selected investment in content and general corporate purposes.

     

    As a result of this deal, a Foxtel representative will join the Board of Ten, which will be reduced in size to six directors.

     

    Additionally, the deal also includes Ten taking a 24.99 per cent stake in Foxtel’s advertising business Multi Channel Network (MCN) and the option to become a 10 per cent shareholder in Foxtel’s subscription video on-demand service Presto TV. The deal is subject to approval by various regulatory authorities.

     

    MCN will be the ad sales representative of Ten television and digital advertising inventory and will start selling its ad inventory from 1 September, 2015.

     

    Ten executive chairman and CEO Hamish McLennan said, “Today’s announcement represents an important milestone for Ten and the conclusion of the strategic review process initiated by the Board last year. It positions Ten to drive long-term value for shareholders. The Board believes the agreements with Foxtel and MCN will materially enhance Ten’s business and better equip it to respond to the challenges of the ever-changing media and advertising landscape. We welcome Foxtel’s proposed investment and we are confident this proposal will drive value for all of Ten’s shareholders. By joining forces with MCN, Ten will gain new efficiencies, improved data capability and provide broader integration opportunities for its advertising clients.”

     

    “The combined sales operation will provide advertisers a new way to reach consumers across all video conTent distribution platforms. Ten’s ratings and revenue performance has materially improved this year as a result of a clear focus on our core audience of people aged 25 to 54, and a disciplined and selective investment in content. Our total prime time primary channel audience has increased 18 per cent this year,” McLennan added.

     

    “Our Chief Sales Officer, Louise Barrett, and her team have done an outstanding job growing Ten’s revenue base, capitalising on much improved audience numbers. The advertising sales representation arrangement with MCN is a step change and will enable us to further leverage our growing audience with enhanced scale and a broader, more targeted and efficient offering,” he said.

     

    Foxtel CEO Richard Freudenstein added, “We believe our proposed investment in Ten is a win-win for Ten and Foxtel. With Foxtel’s local knowledge and expertise, and MCN delivering synergies and improved advertiser access, we are confident that this proposal delivers a robust long term solution for a revitalised, competitive and profitable Ten.”

  • News Corp launches initial stock buyback programme

    News Corp launches initial stock buyback programme

    MUMBAI: News Corp has begun repurchasing shares of Class A Common Stock under its previously disclosed buyback program.

    This marks the first time that the company has bought back stock under the program since the “new” News Corp was established as a separate, publicly-traded company in mid-2013.

    “We had indicated to investors that we needed two years to set the new News firmly on a digital and global course, and are confident that the substantial progress made thus far enables us to take this positive action ahead of schedule. The development of our print businesses, the prudent extension of our portfolio and the stewardship of our resources mean that we are able to consider our capital allocation options from a position of strength. Our buyback program is clearly a vote of confidence in the company’s prospects and its potential,” said News Corp CEO Robert Thomson.

    Future repurchases, if any, will depend on the company’s liquidity and cash flow, as well as general market conditions and other considerations.

    Since the separation of News Corporation into two companies in 2013, News Corp has pursued a strategy of digital and global growth, and has created a diverse line of businesses, bolstered by such acquisitions as Harlequin and Move, Inc.

  • News Corp net profit down 52%; revenue down 1%

    News Corp net profit down 52%; revenue down 1%

    MUMBAI: News Corp’s quarterly profit was down 52 per cent due to foreign-exchange fluctuations and lower advertising sales offset revenue gains in book publishing and the digital real-estate business.

     

    The company’s net income for the three months ended 31 March, 2015 fell to $23 million, or four cents a share, from $48 million, or eight cents, in the same period a year earlier.

     

    For the fiscal 2015 third quarter, total revenues slipped one per cent to $2.06 billion as compared to $2.08 billion in the prior year. The majority of the revenue decline reflects negative foreign currency fluctuations and lower advertising revenues at the News and Information Services segment, offset in large part by growth in the Book Publishing and Digital Real Estate Services segments as a result of the acquisition of Harlequin Enterprises Limited and Move, Inc., respectively.

     

    News Corp CEO Robert Thomson said, “The new News Corp continues to build a firm foundation for digital growth. We see that most clearly in the successful integration of realtor.com®, which grew audience and revenue at record levels in the third quarter. News Corp is now a global leader in digital real estate, which we believe will underpin long-term expansion and complement our expertise in news and financial analysis, both of which have been important ingredients in realtor.com’s accelerated growth. While the quarter faced some revenue challenges, particularly at News and Information Services, including currency headwinds, our adjusted EBITDA was relatively stable, underscoring the strength of our assets and the diversification of our revenue base. We believe the company is firmly on track and the signs are positive for year-over-year EBITDA growth in the fourth quarter.”

     

    As compared to $175 million in the prior year, News Corp’s earnings before interest, taxes, depreciation and amortization (EBITDA) fell seven per cent to $163 million on legal costs, currency fluctuations and increased stock-based compensation expenses from the acquisition of Move Inc.

     

    These results include $15 million and $20 million in fees and costs – net of indemnification – related to the U.K. Newspaper Matters in the three months ended 31 March, 2015 and 2014, respectively. Declines at the News and Information Services segment, including higher legal costs at News America Marketing, negative foreign currency fluctuations and increased stock-based compensation expense resulting from the acquisition of Move were partially offset by lower expenses at Amplify and increased revenues in the Book Publishing segment due to the inclusion of Harlequin results.

     

    Free cash flow available to News Corporation decreased by $105 million in the nine months ended March 31, 2015 to $391 million, primarily as a result of certain one-time items.

  • News Corp backed PropTiger acquires Makaan.com

    News Corp backed PropTiger acquires Makaan.com

    MUMBAI: With an aim to ramp up its presence in India’s secondary property market, Rupert Murdoch’s News Corp-backed real estate portal PropTiger has acquired rival Makaan.com for an undisclosed amount.

     

    PropTiger’s parent firm Elara Technologies has entered into a transaction with Makaan.com. Both portals will run separately.

     

    “Our parent firm Elara has acquired Makaan.com, which will keep operating as a separate portal. No fresh funds were raised for this acquisition,” PropTiger.com co-founder Dhruv Agarwala told PTI.

     

    The acquisition creates a comprehensive online real-estate platform, which will offer end-to-end services to home buyers, real estate developers, property brokers, banks and private equity investors. Since 2011, around 12,000 homes worth $1.2 billion have been purchased through PropTiger’s platform.

     

    The Noida-based firm, which was founded in February 2011, has eight offices in the country with employee strength of around 500. In November last year, News Corp had acquired 25 per cent stake in PropTiger for $30 million as part of its strategy to expand presence in digital media.

     

    Earlier this month, PropTiger also acquired the Bangalore-based digital interaction design company Out of Box Interaction (OoBI), which specialises in displaying real estate projects in an immersive way.

     

    Entrepreneur and investor Anupam Mittal, whose other digital ventures include Shaadi.com and Mauj Mobile, founded Makaan.com within People Group.

  • News Corp to acquire 14.99% in Australia’s APN News & Media

    News Corp to acquire 14.99% in Australia’s APN News & Media

    MUMBAI: Rupert Murdoch’s News Corp is building its investment in Australia’s APN News and Media Limited to a 14.99% stake subject to regulatory approval.

     

    APN has a high quality portfolio of Australian and New Zealand radio and outdoor media assets and small regional print interests. 

     

    The company is led by a quality management team that has successfully driven improvements in the performance of the business.

  • 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.

  • News Corp acquires Indian tech media company VCCircle

    News Corp acquires Indian tech media company VCCircle

    MUMBAI: Rupert Murdoch’s News Corp has signed a definitive agreement to acquire the VCCircle Network, which includes VCCircle.com, Techcircle.in, VCCEdge, VCCircle Training, in addition to a premium-content driven conference business.

     

    VCCircle.com is a company focusing on private equity, venture capital, and M&A related information and analysis of the Indian investment ecosystem. It tracks M&A, venture capital, private equity, investment banking, and emerging companies and sectors, and was the first such website in India to launch a premium subscription-led offering.

     

    Terms of the acquisition, which is expected to close in March, were not disclosed.

     

    “This significant investment is a sign of our faith in India’s future and our enthusiasm for working with and building up emerging talents in the country. India is an increasingly meaningful part of our portfolio, which is itself increasingly digital and global,” said News Corp CEO Robert Thomson.

     

    “For the past decade, we have built a strong franchise with proprietary data, information, content, and networking capabilities around India’s digital business world. Being a part of News Corp will now allow us to accelerate our already aggressive growth plans,” said VCCircle Network founder and CEO P.V. Sahad.

     

    VCCircle Network is owned by Mosaic Media Ventures Pvt Ltd and has about 100 employees across India, with its headquarters in Noida. Sahad, and the management group, will become part of News Corp’s India team. Sahad will report to News Corp senior vice president, strategy Raju Narisetti.

     

    The VCCircle acquisition builds on News Corp’s recent digital investments in India. In November, News Corp acquired a 25 per cent stake in PropTiger.com, Indian online residential real estate platform. In December, News Corp acquired BigDecisions.com, which aims to help Indian consumers make smarter financial decisions through interactive, decision-making tools powered by sophisticated algorithms and data. News Corp also has a presence across India through its Dow Jones, Wall Street Journal and HarperCollins Publishers businesses.