As per a recently announced accord, Star Entertainment
Holdings Limited, the wholly-owned subsidiary of
) will offload about 5.28% interest in Phoenix Satellite
Television Holdings Limited, a Chinese television broadcaster.
Following the conclusion of the deal worth $92 million, Star
Entertainment will hold about 12.16% stake in Phoenix.
News Corporation, which holds a Zacks Rank #3 (Hold), is on
the verge of splitting its operations into 2 separate publicly
The Publishing Company (to be known as News Corporation) will
comprise publishing businesses, education unit and the integrated
marketing services business, with brands like
The Wall Street Journal
The Entertainment Company (to be named Fox Group) will
encompass cable and television assets, filmed entertainment and
direct satellite broadcasting businesses including Fox
broadcasting, cable network, Fox News Channel, the 20th Century
Fox movie studio, BSkyB, Sky Italia, Sky Deutschland, and pay-TV
operations in Europe and India.
News Corporation named Robert Thomson, Editor-in-Chief of Dow
Jones and managing Editor of
The Wall Street Journal,
as the new CEO of its publishing company. Alongside, Michael
Florin has been appointment as the Senior Vice President and Head
of Investor Relations for the new publishing company.
We believe that the split will augur well for News
Corporation, which has been in troubled waters since the
revelation of the phone hacking scandal that eventually led to
the closure of the publication of 'The News of the World'.
Moreover, the company was held back from acquiring the remaining
61% stake in the British Sky Broadcasting Group.
Further, we believe that the split would provide News
Corporation with a competitive platform against its peers,
The New York Times Co.
Gannett Co., Inc
The McClatchy Co.
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