) announced the exit of Lex Fenwick, the chief executive officer
(CEO) of Dow Jones & Company, alongside reviewing the
latter's institutional plans. Fenwick joined the company in Feb
2012, prior to which he served Bloomberg LP for 25 years.
CUMULUS MEDIA (CMLS): Free Stock Analysis
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Robert Thomson, the CEO of News Corp., also announced that
William Lewis will replace Fenwick as interim CEO of Dow Jones.
In the meantime, the lookout for a permanent CEO will be
Lewis, who is also the chief creative officer of News Corp.,
joined the company in 2010 as Group General Manager at News
International. As a Creative Officer, he was appointed mainly to
bring in new businesses, keep an eye at acquisitions and boost
the company's digital endeavors.
Lewis also worked with the Telegraph Media Group as
Editor-in-Chief where he made an effort to establish a
digitalized newsroom and initiated web-first publishing.
Moreover, he worked with The Sunday Times and the Financial Times
as Business and Global News Editor respectively.
As part of the institutional strategy review, News Corp. plans to
bring about changes which would enhance customers' value, by
adding flexibility to its range of products and improving the
DJX. DJX, an institutional product was launched last year and has
been in beta testing since then.
News Corp. is a diversified media and information services
conglomerate that split from its parent company
Twenty-First Century Fox, Inc.
) formerly named News Corporation) in June 2013. The company is
well positioned to grab opportunities generated from technology
sharing across geographies and businesses and plans to
concentrate on pursuing integrated strategies and take advantage
of the transition from print to digital.
This NY-based company mainly derives revenues from subscriptions,
copy circulations, licensing and affiliate fees, direct sales,
advertising and sponsorships and thereby manages to hedge against
economic cycles. However, its advertising segment is highly
susceptible to the economic conditions owing to which advertising
revenue fell across its News and Information Services sector in
the first quarter of fiscal 2014. This was due to soft economic
scenario in Australia and a drop in advertising revenue in Dow
Jones and News UK
News Corp. currently holds a Zacks Rank #4 (Sell). Other
better-ranked stocks in the media sector include
DreamWorks Animation SKG Inc.
Cumulus Media Inc.
) , both holding a Zacks Rank #2 (Buy).