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Media major $TPUB on Monday rejected a revised acquisition offer from rival $GCI saying it "thoroughly evaluated" the suitor's latest $15 per share in cash proposal and determined that it was not in the best interest of its shareholders. $TPUB also said it secured a $70.5MM investment by Nant Capital, making Nant $TPUB's second largest shareholder.
Media firm $NYT said Arthur O Sulzberger Jr. will retire as Publisher by month-end. Sulzberger, who has been serving as Publisher of New York Times since 1992, will continue to serve as chairman of the board of directors. He will be succeeded by Deputy Publisher A G Sulzberger. He has also been elected to the company’s board of directors.
$NYT announced the hiring of Amber Guild as President, T Brand Marketing Solutions, a new position, in which she will oversee T Brand Studio’s Marketing Solutions team and Fake Love, an agency acquired by the Times Company in 2016. Ms. Guild joins The Times from The Martin Agency, where she was managing director of its New York office.
$NWSA intends to provide better service to advertisers by facilitating additional subscriptions and sharing permissioned personal data through discussions with Facebook and Google. News Corp. targets about AUS$40MM of cost reduction in its Australian operations this year.
$NWSA said the combination of Fox Sports Australia and Telstra’s Foxtel will be completed in the first half of calendar year 2018, and expects the combined entity to fundamentally transform the company. With the upcoming launch of digitalised advertising platform, News Corp. expects to leverage its content to connect advertisers with us audience.
The News and Information Services division of $NWSA registered revenue of $1.2Bil in 1Q18, up 2% compared to last year. Digital Real Estate Services revenue climbed 20% YoY to $271MM, and Book Publishing revenue advanced by 3%. There was a 13% annual growth in Cable Network Programming revenue.
Media conglomerate $NWSA emerged from an year-long losing streak in 1Q18, and reported earnings of $87M or $0.12 per share. The turnaround was supported by a 5% growth in revenues to $2.1Bil. On an adjusted basis, News Corp. posted earnings of $0.07 per share, compared to a $0.01 per share loss last year. Adjusted earnings came in above estimates.
$NYT appoints Tom Armstrong as VP, Advertising, Asia Pacific. The company is also opening a new Singapore sales office, where Armstrong will be based. Armstrong was most recently Chief Revenue Officer at Fairfax Media's Metro Publishing division.
$NEWM said ZipRecruiter will be the exclusive provider of recruitment advertising to all of its print and online newspaper pages. Beginning on Oct. 1, ZipRecruiter powered pages will launch in over 550 markets across the US, to reach over 21MM readers per week.
$NYT said Thessaly La Force has been appointed as Features Director for T Magazine while Kurt Soller joins T as Articles Editor. Isabel Wilkinson has been promoted to Digital Director of T. Malina Joseph Gilchrist was promoted to Women’s Style Director and Alexa Brazilian was promoted to Fashion Features Director of T.
$NWSA said it is continuing to see strong digital services growth. On the digital advertising front, during 2H17, the company did not see the growth it had expected. There have been changes made in this department and $NWSA believes there will be an improvement in advertising which is coordinated with the improvement in digital audience.
During 4Q17, $NWSA’s advertising revenues declined 12% to $650MM. Circulation and subscription revenues declined 9% to $511MM. Circulation revenues at News UK were down 14%, primarily due to lower print volume. REA Group revenues grew 7% due to improved product mix. Move revenues increased about 10% in 4Q17.
$NWSA's expansion into Digital Real Estate is poised to shape the company’s long-term growth. The company posted strong operating results in 4Q17 at REA Group and Move. During the quarter, the segment accounted for 40% of total segment EBITDA, even while investing in developing markets.