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Tag: Rupert Murdoch

  • 21st Century Fox eyes $250 million cost cut via staff buyouts

    21st Century Fox eyes $250 million cost cut via staff buyouts

    MUMBAI: The Rupert Murdoch owned 21st Century Fox is looking at reducing costs by approximately $25 million in the 2017 fiscal by offering enhanced benefit packages to employees of its film (Twentieth Century Fox Film) and TV networks (Fox Networks Group) divisions if they resign voluntarily.

    In an internal email memo, Fox Networks Group chairman and CEO Peter Rice said, “Our industry is changing rapidly, presenting new challenges and even more opportunities at every turn. For a company that has always embraced change and innovation, these are exciting times. To ensure we make the most of this new world, we need to adjust, adapt, and organize for the future. With this in mind, through the remainder of this fiscal year, we will be undertaking some structural changes, increasing investment in some parts of the company while making cost reductions in other areas.”

    “As the next step in this reorganization, colleagues who fit a specific set of criteria will be offered a generous benefit package if they decide to voluntarily resign from the company, effective May 23, 2016. Colleagues who are eligible for this offer will receive a confidential email in the next few hours with specific terms and benefits. Again, the program is completely voluntary,” Rice added.

    Twentieth Century Fox Film chairman and CEO Jim Gianopulos wrote in his memo, “As we all know, the film industry is facing many significant changes, and we are no exception. While we continue to succeed on many fronts, such as garnering an extraordinary 30 Academy Awards nominations and; last year, setting an all-time industry box office record, we must be cognizant of the industry’s transformation and position ourselves to continue our success in this new environment. To that end, we are reviewing our organizational structure and looking at potential cost reductions to position us for sustained future growth.”

    “This comes at a time that is both exciting and challenging for the company. We are the best at what we do and will continue to excel, but we also have to be fearless about transforming, and embrace both change and opportunity. If we structure our organization for the media world ahead of us, we will continue to thrive and make 20th Century Fox a stronger and more agile company going forward,” Gianopulos added.

  • 21st Century Fox eyes $250 million cost cut via staff buyouts

    21st Century Fox eyes $250 million cost cut via staff buyouts

    MUMBAI: The Rupert Murdoch owned 21st Century Fox is looking at reducing costs by approximately $25 million in the 2017 fiscal by offering enhanced benefit packages to employees of its film (Twentieth Century Fox Film) and TV networks (Fox Networks Group) divisions if they resign voluntarily.

    In an internal email memo, Fox Networks Group chairman and CEO Peter Rice said, “Our industry is changing rapidly, presenting new challenges and even more opportunities at every turn. For a company that has always embraced change and innovation, these are exciting times. To ensure we make the most of this new world, we need to adjust, adapt, and organize for the future. With this in mind, through the remainder of this fiscal year, we will be undertaking some structural changes, increasing investment in some parts of the company while making cost reductions in other areas.”

    “As the next step in this reorganization, colleagues who fit a specific set of criteria will be offered a generous benefit package if they decide to voluntarily resign from the company, effective May 23, 2016. Colleagues who are eligible for this offer will receive a confidential email in the next few hours with specific terms and benefits. Again, the program is completely voluntary,” Rice added.

    Twentieth Century Fox Film chairman and CEO Jim Gianopulos wrote in his memo, “As we all know, the film industry is facing many significant changes, and we are no exception. While we continue to succeed on many fronts, such as garnering an extraordinary 30 Academy Awards nominations and; last year, setting an all-time industry box office record, we must be cognizant of the industry’s transformation and position ourselves to continue our success in this new environment. To that end, we are reviewing our organizational structure and looking at potential cost reductions to position us for sustained future growth.”

    “This comes at a time that is both exciting and challenging for the company. We are the best at what we do and will continue to excel, but we also have to be fearless about transforming, and embrace both change and opportunity. If we structure our organization for the media world ahead of us, we will continue to thrive and make 20th Century Fox a stronger and more agile company going forward,” Gianopulos added.

  • James Murdoch set to take over as Sky chairman again

    James Murdoch set to take over as Sky chairman again

    MUMBAI: Four years after he resigned as chairman of BSkyB, which is now known as Sky Plc, Fox CEO James Murdoch is all set to take over as chairman of the company yet again.

     

    European broadcaster Sky Plc, which is backed by Rupert Murdoch, has named James to the post after Nicholas Ferguson resigned as chairman of Sky.

     

    James had quit BSkyB after News Corp failed to push through a takeover of the broadcaster.

     

    Fox now owns 39 per cent of Sky, which was formerly held by News Corp.

     

    Ferguson decided to step down as chairman and as a director of the company at the end of April after 12 years on the Board. After joining the Board as a non-executive director in 2004, he was appointed as chairman in 2012 and has led the Board during a period of strong growth for the company, including the transaction to bring together the Sky businesses across Europe.

     

    On the other hand, James has been a director of the company since February 2003 and previously served as CEO from November 2003 to 2007 and as chairman from 2007 to 2012.

     

    Martin Gilbert has been appointed as deputy chairman, with Andrew Sukawaty taking over his former role as Sky’s senior independent director.

     

    Ferguson said, “It’s difficult to find the right time to step down from chairing a great company and working with an outstanding Board and management team. I joined the Board 12 years ago, in 2004, meaning that I have been with Sky for nearly half its life. When I became chairman in 2012, I wrote in the Annual Report that I would stay on long enough to ensure continuity. The then virtually new Board is now seasoned and bedded in. We have completed major international acquisitions in Germany and Italy; they are running to plan and we have first-class management in place. Sky continues to grow impressively, to innovate with wonderful products and to serve its customers to the highest standard. So now is the right time for me to step back. I am sure that the company will continue to prosper under the leadership of Jeremy supported by James and the Board.”

     

    Murdoch said, “I would like to thank Nick for his outstanding contribution to the Board over the last decade and more. I am proud to have been asked by the Board to serve as Chairman of Sky, one of the world’s leading pay TV companies. Jeremy and the team at Sky have done an outstanding job in building a dynamic and successful company. As Chairman, I look forward to working with the Board and management as they continue to deliver a great service for Sky’s customers and create value for all shareholders over the years to come.”

     

    Gilbert added, “I would like to give the warmest thanks to Nick for the major contribution he has made to Sky. He has provided valuable leadership as chairman and played a significant part in the company’s progress over many years. I am very pleased that James has agreed to succeed Nick. Having seen first-hand James’s contribution to and passion for Sky, the Board feels he is uniquely qualified to become chairman. I am also pleased that Andrew Sukawaty, with his meaningful experience in public companies and in our industry, has agreed to serve as Sky’s senior independent director.”

  • James Murdoch set to take over as Sky chairman again

    James Murdoch set to take over as Sky chairman again

    MUMBAI: Four years after he resigned as chairman of BSkyB, which is now known as Sky Plc, Fox CEO James Murdoch is all set to take over as chairman of the company yet again.

     

    European broadcaster Sky Plc, which is backed by Rupert Murdoch, has named James to the post after Nicholas Ferguson resigned as chairman of Sky.

     

    James had quit BSkyB after News Corp failed to push through a takeover of the broadcaster.

     

    Fox now owns 39 per cent of Sky, which was formerly held by News Corp.

     

    Ferguson decided to step down as chairman and as a director of the company at the end of April after 12 years on the Board. After joining the Board as a non-executive director in 2004, he was appointed as chairman in 2012 and has led the Board during a period of strong growth for the company, including the transaction to bring together the Sky businesses across Europe.

     

    On the other hand, James has been a director of the company since February 2003 and previously served as CEO from November 2003 to 2007 and as chairman from 2007 to 2012.

     

    Martin Gilbert has been appointed as deputy chairman, with Andrew Sukawaty taking over his former role as Sky’s senior independent director.

     

    Ferguson said, “It’s difficult to find the right time to step down from chairing a great company and working with an outstanding Board and management team. I joined the Board 12 years ago, in 2004, meaning that I have been with Sky for nearly half its life. When I became chairman in 2012, I wrote in the Annual Report that I would stay on long enough to ensure continuity. The then virtually new Board is now seasoned and bedded in. We have completed major international acquisitions in Germany and Italy; they are running to plan and we have first-class management in place. Sky continues to grow impressively, to innovate with wonderful products and to serve its customers to the highest standard. So now is the right time for me to step back. I am sure that the company will continue to prosper under the leadership of Jeremy supported by James and the Board.”

     

    Murdoch said, “I would like to thank Nick for his outstanding contribution to the Board over the last decade and more. I am proud to have been asked by the Board to serve as Chairman of Sky, one of the world’s leading pay TV companies. Jeremy and the team at Sky have done an outstanding job in building a dynamic and successful company. As Chairman, I look forward to working with the Board and management as they continue to deliver a great service for Sky’s customers and create value for all shareholders over the years to come.”

     

    Gilbert added, “I would like to give the warmest thanks to Nick for the major contribution he has made to Sky. He has provided valuable leadership as chairman and played a significant part in the company’s progress over many years. I am very pleased that James has agreed to succeed Nick. Having seen first-hand James’s contribution to and passion for Sky, the Board feels he is uniquely qualified to become chairman. I am also pleased that Andrew Sukawaty, with his meaningful experience in public companies and in our industry, has agreed to serve as Sky’s senior independent director.”

  • Fox reorganises international division, CEO Hernan Lopez to quit

    Fox reorganises international division, CEO Hernan Lopez to quit

    MUMBAI: In a major restructuring exercise, Fox Networks Group is reorganising its international television unit, consolidating its international channels under regional hubs in Europe, Latin America and Asia.

     

    With this development, Fox International Channels CEO Hernan Lopez will leave the company.

     

    Under the new structure, FIC banner will be discontinued. Additionally, Zubin Gandevia will become president of Fox Networks Group Asia, while Jan Koeppen and Carlos Martinez will hold the same position Europe and Latin America respectively.

     

    All three will report to Fox Networks Group CEO and chairman Peter Rice and Fox Networks Group president and COO Randy Freer.

     

    “As our television business expands globally, the success and scale of our entertainment and sports brands in these fast-growing regions demand that they stand independently. Jan, Carlos and Zubin are extremely talented executives with a sharp understanding of the opportunities for new content and programming in their regions,” Rice said.

     

    “At Fox, I’ve been fortunate to work with some of the most talented and creative people in media. I want to thank the several thousand employees and alumni of FIC, as well as Peter Rice, Chase Carey, James, Lachlan and Rupert Murdoch. I’ve been inspired by them and many colleagues throughout Fox, News Corp and Sky, and look forward to future collaborations as I embark on this next stage of my career,” Lopez added.

     

    Gandevia, Koeppen and Martinez will oversee Fox Network Groups’ 350-plus international entertainment, sports, factual and movie channels.

  • Media mogul Rupert Murdoch gets engaged to Jerry Hall

    Media mogul Rupert Murdoch gets engaged to Jerry Hall

    MUMBAI: At a time when divorce rates are sky rocketing and the current generation is increasingly shying away from marriage as an institution there is one person who has proved his faith in the holy union quite strong. At the age of 84, media mogul Rupert Murdoch has announced his engagement to actress and model Jerry Hall, who turns 60 in a year.

    The couple, who were seen together in Los Angeles last weekend while attending Golden Globe Awards, had declared this happy news in births, marriages and deaths section in the Times newspaper.

    This will be News Corp executive chairman Murdoch’s fourth marriage, while for Hall this will be her first under the law. Hall had a 23-year long  relationship with Mick Jagger with whom she has four children — Elizabeth, now aged 31, James, 29, Georgia May, 23, and Gabriel, 17. Jagger and Hall did have a marriage of sorts, which was later declared invalid by the High Court in London in 1999.

    On the other hand, Murdoch has six children from his three previous marriages namely James, Lachlan, Elisabeth, Chloe, Grace and Prudence. He divorced his third wife Wendi Deng, 46, in 2013.

    Murdoch was previously married to Patricia Booker, a former flight attendant from Melbourne, and then to Scottish journalist Anna Torv.

  • Rupert Murdoch receives Hudson Institute Global Leadership Award

    Rupert Murdoch receives Hudson Institute Global Leadership Award

    MUMBAI: Hudson Institute has honoured News Corp and 21st Century Fox executive chairman Rupert Murdoch with its annual Global Leadership Award. Dr. Henry Kissinger and Hudson Institute president Kenneth Weinstein presented the award to Murdoch at a dinner held at The Plaza Hotel in Manhattan.

     

    Hudson’s award recognized Murdoch for his strategic leadership and adherence to the principles of democracy, free markets and economic growth, national security and a strong civil society. 

     

    Through an extensive career developing media properties, from News Limited in Australia to Fox News and The Wall Street Journal, Murdoch has demonstrated a dedication to Hudson’s guiding principles.

     

    “We honor Rupert not because he is a conservative, but because he is a revolutionary,” said Hudson Institute president Kenneth Weinstein. “He has transformed global media by sensing transformative possibilities that others simply couldn’t, taking gigantic risks along the way, all to inform, entertain, and build new markets.”

     

    In his acceptance speech, Murdoch addressed the need for strong global American leadership. “As we have seen in Syria and in the Ukraine and in the streets of Paris, without this country’s self-confident championing of that human quest for freedom and humane values, global affairs collapse into nightmare—the policy wasteland becomes fertile territory for terror,” Murdoch said.

     

    Murdoch joins a list of past Hudson Institute award honorees that includes Henry Kissinger, Ronald Reagan, Shinzo Abe, George Shultz, Dick Cheney, Joseph Lieberman, Mitch Daniels, and David Petraeus.

  • National Geographic Partners announces new senior leadership appointments

    National Geographic Partners announces new senior leadership appointments

    MUMBAI: Upon completing the transaction to form National Geographic Partners (NGP), CEO Declan Moore announced a series of new appointments, thereby choosing the core leadership positions. National Geographic Partners combines the National Geographic television channels and National Geographic’s other media and consumer-oriented assets.

    “We are thrilled to bring these incredibly talented executives to the senior leadership team”, Moore informed, after 21st Century Fox and National Geographic Society made the formation of National Geographic Partners public.

    “We’re excited to officially begin our journey to bring a new and integrated National Geographic experience to people worldwide, and I look forward to partnering with Ward Platt and working with Susan Goldberg, Courteney Monroe and Jeffrey Schneider to share the National Geographic mission with an even larger audience,” added Moore..

    Fox International Channels (FIC) COO and CEO of National Geographic Channels International CEO Ward Platt will assume the new post of National Geographic Partners COO. He will partner with Moore to drive the global revenue of the entire portfolio of National Geographic Partners’ businesses, including channels distribution, advertising revenue, digital publishing, licensing, travel and consumer products. Platt will also have oversight of the new venture’s international operations.

    National Geographic magazine editor in chief Susan Goldberg has been vested with additional responsibilities as an editorial director who will supervise the publishing activities under the new venture, including digital journalism, magazines, books, maps, children and family, travel and adventure.

    The current National Geographic Channels US CEO Courteney Monroe, will serve as CEO of National Geographic Global Networks, overseeing global programming, operations and global marketing for the portfolio of National Geographic Channels around the world, including National Geographic Channel, Nat Geo WILD, Nat Geo People and Nat Geo MUNDO. Additionally, Monroe will oversee National Geographic Studios, the in-house television production studio previously part of National Geographic Ventures

    This expanded role will see Monroe working  closely with Fox Networks Group chairman and CEO Peter Rice, with an aim to position National Geographic Channels as a global leader in premium science, adventure and exploration programming.

    The current National Geographic Channels business and legal affairs EVP, Jeffrey Schneider, has been appointed National Geographic Partners business legal and affairs EVP, overseeing the legal dealings associated with the new venture.

    While these form the key leadership positions, further new appointments are expected follow says NGP.

  • 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.

  • 21st Century Fox sees growth in cable & television; film segment disappoints

    21st Century Fox sees growth in cable & television; film segment disappoints

    MUMBAI: Twenty-First Century Fox, Inc. (21st Century Fox) reported total quarterly revenues of $6.08 billion in the quarter ended 30 September, 2015, which is a decrease of $406 million, or six per cent from the $6.48 billion of adjusted revenues reported in the prior year.

     

    This decline in adjusted revenues was primarily the result of a seven per cent revenue increase at the Cable Network Programming segment due to higher affiliate and advertising revenues being more than offset by lower revenues generated at the Filmed Entertainment segment due to lower theatrical revenues and the absence of revenues from Shine in the current quarter.

     

    The adverse impact of foreign exchange rates and the absence of revenues from Shine in the current quarter each impacted adjusted revenue growth by approximately $200 million, or six per cent in total.

     

    Quarterly total segment operating income before depreciation and amortization (OIBDA) of $1.54 billion decreased $37 million, or two per cent, from the $1.57 billion of adjusted OIBDA reported in the prior year. This decline in adjusted OIBDA reflects double-digit growth at both the company’s Cable Network Programming and Television segments, which was more than offset by reduced contributions from the Filmed Entertainment segment. The adverse impact of foreign exchange rates impacted adjusted OIBDA growth by $109 million, or seven per cent.

     

    The company reported quarterly income from continuing operations attributable to stockholders of $678 million ($0.34 per share), compared with $1.04 billion ($0.48 per share) in the prior year.

     

    Excluding the net income effects of Other, net and gains and other adjustments related to Sky and Endemol Shine Group included in Equity earnings from affiliates, adjusted quarterly earnings per share from continuing operations attributable to stockholders was $0.38 compared with the adjusted year-ago result of $0.39.

     

    Commenting on the results, 21st Century Fox executive chairman Rupert Murdoch said, “Our cable networks business generated strong growth in the first fiscal quarter, delivering double-digit earnings gains both domestically and internationally on sustained increases in overall affiliate fees, higher advertising revenues and lower expenses. Our quarterly results also reflect the expected impact of challenging comparisons for our film studio due to the timing of key releases, as well as the poor performance of The Fantastic Four. We are pleased with the recent success of The Martian, and as we look forward, we have an exciting film slate, which includes this weekend’s The Peanuts Movie, the holiday release of Joy, as well as the summer releases of the newest X-Men and Independence Day. Good progress is being made at the Fox Network both from our returning series, including the continued success of Empire, as well as some of our new series. We are focused on creating compelling storytelling and enhancing the customer experience of our digital video brands as we respond to changing consumer preferences.”

     

    CABLE NETWORK PROGRAMMING

     

    Cable Network Programming quarterly segment OIBDA increased 26 per cent to $1.31 billion, driven by a seven per cent revenue increase on strong affiliate revenue growth and higher advertising revenues combined with lower expenses. The two per cent decline in expenses was primarily due to the absence of the prior year broadcast of the India vs. England cricket series at Star Sports. Foreign exchange fluctuations, primarily in Latin America and Europe, adversely impacted segment OIBDA growth by five per cent.

     

    Domestic affiliate revenue increased 11 per cent reflecting strong growth at FS1 and sustained growth across all of the other domestic cable networks. Domestic advertising revenue grew four per cent over the prior year period reflecting solid growth at the sports channels and Fox News. Domestic OIBDA contributions increased 19 per cent over the prior year led by higher contributions from FS1, FX Networks and Fox News.

     

    International affiliate revenue decreased one per cent as 11 per cent local currency growth at Star and the Fox International Channels (FIC) was more than offset by a 12 per cent adverse impact from the strengthened US dollar.

     

    International advertising revenue decreased one per cent as continued local currency growth at FIC and the Star entertainment channels was offset by an 11 per cent adverse impact from the strengthened US dollar as well as the absence of advertising revenues from the prior year broadcast of the India vs. England cricket series at Star Sports. Quarterly OIBDA at the international cable channels increased 53 per cent reflecting strong local currency growth partially offset by the adverse impact of the strengthened US dollar.

     

    TELEVISION

     

    Television generated quarterly segment OIBDA of $196 million, a $22 million or 13 per cent increase over the $174 million reported in the prior year quarter. The increase in segment OIBDA was driven by lower operating costs led by lower programming expenses at the Fox Broadcast Network and TV stations partially offset by higher marketing costs at the Fox Broadcast Network. Quarterly segment revenues were consistent with those from the corresponding period in the prior year as strong retransmission consent revenue growth was counterbalanced by a five per cent decline in advertising revenues primarily reflecting the expected impact of one less week of National Football League broadcasts in the current quarter as compared to the prior year quarter and lower political revenues at the TV stations, as well as lower general entertainment ratings at the Fox Broadcast Network.

     

    FILMED ENTERTAINMENT

     

    Filmed Entertainment generated quarterly segment OIBDA of $149 million, a $309 million decrease from the $458 million reported in the same period a year-ago. 

     

    Quarterly segment revenues decreased $691 million to$1.79 billion,primarily reflecting lower worldwide theatrical revenues, the absence of revenue contributions from Shine, lower syndication revenues reflecting the sale of How I Met Your Mother in the prior year and the adverse impact of the strengthened US dollar. The OIBDA decline over the prior year reflects lower contributions from the film studio attributable to the difficult comparisons to last year’s successful worldwide theatrical performance of Dawn of the Planet of the Apes and the home entertainment performance of Rio 2 with this year’s worldwide theatrical release of The Fantastic Four in August as well as higher theatrical pre-release costs in the current year primarily related to the successful worldwide theatrical release of The Martian in early October, which has grossed over $430 million in worldwide box office to date. Segment OIBDA comparisons were also adversely impacted by lower contributions from the television production businesses and a negative comparative 11 per cent impact from foreign exchange rate fluctuations.