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News Corp Invests In 2nd Largest Shareholder's Middle East Media Group

By Nikki Finke | Category: Big Media, Deals, Finance | Tuesday February 23, 2010 @ 12:50pm PST

London, February 23, 2010. News Corporation today announced that it has reached an agreement to buy a 9.09% stake in Rotana Group, the Middle East media group. Under the terms of the agreement, News Corporation will acquire newly-issued shares in Rotana for $70 million. The company has an option to increase its stake to 18.18% in the 18 months following completion. Rotana, which is owned by HRH Prince Alwaleed Bin Talal, operates one of the largest TV networks and ad sales operations in the region and owns the largest Arabic film library. Additionally, it has built the leading record label in the Middle East, managing many of the most popular artists in the region and controlling the biggest Arabic music catalogue. Rotana also operates an expanding radio network and a wide array of digital services.

James Murdoch, Chairman and Chief Executive, Europe and Asia, News Corporation, said: “A stake in Rotana expands our presence in a region with a young and growing population, where GDP growth is set to outstrip that of more developed economies in the years ahead. Rotana is a leading player in the Middle East and we look forward to working together.”

Prince Alwaleed Bin Talal said: “We are delighted to have this partnership with News Corporation. As one of the world’s most global media companies, it has an unrivalled record in developing businesses at scale around the world. This investment will strengthen our existing relationship, building Rotana’s presence across the region and expanding its reach to the

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News Corp Flack Jumps To Time Warner

By Nikki Finke | Category: Big Media | Wednesday February 17, 2010 @ 5:27pm PST

I completely forgot to post it when I heard last Friday that News Corp corporate mouthpiece Gary Ginsberg will now be Time Warner's corporate mouthpiece once the board approves it. Ginsberg is telling folks it's a bigger job than Ed Adler's and involves more advising and strategy stuff. But Adler was personally and professionally close to every TW CEO, including Gerry Levin then Dick Parsons then Jeff Bewkes who was gobsmacked when Adler unexpectedly resigned last Friday. Ginsberg was unfairly pushed out of News Corp because James Murdoch didn't like him. I'm glad he landed so quickly, but then again someone with his Big Media experience doesn't come available very often.

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Veteran Time Warner Mouthpiece Leaving

By Nikki Finke | Category: Big Media | Friday February 12, 2010 @ 11:03am PST

time_warner_logoUPDATE: Ed Adler only informed boss Jeff Bewkes yesterday of his desire to leave. In a sea of corporate communications assholes, especially when it comes to Big Media, Ed Adler has always been that rare professional who was able to advocate for Time Warner and yet at the same time maintain honest and open relations with the media. This through often trying circumstances, especially when the company was flailing, the executives failing, the stock falling, and basically everything had turned to shit. He also understood the business media's role to probe and generally pour salt into a company's open wounds. Yet he did this without insults, or intimidation, or arrogance. He was a mensch. So it is with incredible sadness that I report his departure from the company. Believe me when I say the Time Warner press release below is accurate: no one wanted to see him go:

NEW YORK, February 12, 2010 – Time Warner Inc. (NYSE:TWX) today announced that Edward Adler, Executive Vice President, Corporate Communications, will leave the company after a transition period.

“Ed has made an enormous contribution to the evolution of Time Warner over the course of his career, expertly guiding our communications efforts through some of the company’s most momentous changes,” said Jeff Bewkes, Chairman and Chief Executive Officer of Time Warner. “Ed’s strategic initiatives supported last year’s reconfiguration of the company and built our momentum as we move forward focused on Time Warner’s great strengths. It was

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MGM's Price May Be Right For Jeff Bewkes

By Nikki Finke | Category: Big Media | Friday February 12, 2010 @ 1:31am PST

Insiders keep telling me that MGM "is Time Warner's to lose" given current bids...

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So What Are Film Libraries Worth Now?

By Nikki Finke | Category: Big Media, Finance | Thursday February 11, 2010 @ 7:34pm PST

Reels

UPDATE: Viacom took on $400 million in net debt and bought back a 51% majority stake in the DreamWorks SKG film library from billionaire investor George Soros in order to regain rights to 59 titles, including movies like Gladiator and Saving Private Ryan. viacom_logoJeez, that sounds like Viacom overpaid ridiculously. But not when you realize that Viacom in March 2006 agreed to sell the library to Soros for $900 million and retained a 49% stake. The purchase was completed on February 8th, but not disclosed until today by Viacom COO Tom Dooley on an earnings call. Also it wasn't voluntary: I'm told that Soros had a “put” to Viacom at the established price of $400 million. "This was all part of the charade under the original Deal," as a source snarked to me. "The DW library, although chuck full of some compelling pictures, wasn't worth anywhere near $950 million. So a deal was set up with Soros whereby Viacom would allow Soros, after 5 years, to 'put' the library back to Viacom for basically the shortfall." This library sale comes after I recently broke the story that Disney wants to sell the Miramax name and 700-film library for a high of $700 million -- and at least 10 bidders are lining up. Yet at one point Disney valued the Miramax library at $2 billion. And Warner Bros and Russian billionaire Len Blavatnik and others ... Read More »

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FRANKEN'S REVENGE! Zucker-Punches Comcast: "I Don't Trust Their Promises"

By Nikki Finke | Category: Big Media | Thursday February 4, 2010 @ 4:46pm PST

zucker punched

Seriously, it must be every Hollywood creative's fantasy to confront their one-time bosses and excoriate their business practices. This afternoon, Al Franken got that chance. Of course, he wasn't doing it as a former NBC comedy writer/performer on Saturday Night Live back when he was beholden to the company that employed him. Or even as a former Air America liberal talk radio host. No, he faced off against NBCU Up on Capitol Hill as a U.S. Senator at today's Judiciary Committee' Anti-Trust Subcommitee hearing regarding the proposed Comcast/NBC Universal/GE merger. Frankly, I love what he said because it's all so very true. And Big Media needs a bitchslapping like this more regularly. Pity Jeff Zucker: here's one defiant late night comedian whom NBCU's Captain Queeg can't fire or put on ice.

Here's the full text of Sen. Franken’s opening statement as prepared:

franken campaignThank you, Senator Kohl, for giving me an opportunity to speak. As some of you may know, I’m not a lawyer, but I used to be in show business. In fact, I worked for NBC for many years. And what I know from my previous career has given me reason to be concerned—let me rephrase that, very concerned—about the potential merger of Comcast and NBC Universal.

Let me start with something pretty basic: it matters who runs our media companies. The media are our source of entertainment, but

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Zucker's NBCU/Comcast Transition Email

By Nikki Finke | Category: Big Media, Deals | Wednesday February 3, 2010 @ 9:33am PST

By the way, the latest news I hear from Comcast insiders is that it'll take NBC Universal's soon-to-be-owners "minutes, not months" to ax Strangelove Zucker after regulators approve the takeover. Here's his latest I'm-still-in-charge-even-though-I-zucked-up-NBC-late night email to staff:

From: Jeff Zucker (NBC Universal)
Sent: Wednesday, February 03, 2010 10:53 AM
To: NBC Universal Employee Communications (NBC Universal)
Subject: NBCU/Comcast Transition Team Update

As you probably know, we have a Comcast-NBCU team working together on the transition process. Yesterday, we brought together about 120 people from both companies who will be working on the transition to talk about our vision for the New NBCU, our approach to the effort, and the teams’ plans.

Our Vision

Our vision is to create the best entertainment, sports, news and information company in the world. We are proud of the rich histories of NBC, Universal and Comcast and together we want to grow our content and create new ways for consumers to experience it anytime, anywhere. We are interested in long-term value creation and will not shy away from risks or investment to achieve it.

Our Approach to the Overall Transition

After close, NBCU will operate as a separate company that will be consolidated with Comcast, but not integrated into Comcast. We believe decentralized decision making is the best road to success. We will all be part of the same Comcast family and one of our goals is to have content and distribution work together to create new options for consumers that benefit the entire organization.

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Rupert Murdoch Pushing For 'Avatar 2'

By Nikki Finke | Category: Big Media, James Cameron | Wednesday February 3, 2010 @ 8:24am PST

avatar2 narrowIn yesterday's News Corp earnings call, Rupert Murdoch revealed there have been "very early talks about it" with James Cameron and "we'll be pushing for one". He also noted about the sequel: "Jim had ideas for one" but "we haven't come to any agreement with him or budget or timing." Murdoch also referred to the fact that Avatar was 14-years in the making, so "being Jim Cameron I wouldn't hold your breath for an early one."

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Separate Offers From News Corp & Qualia Seek To Keep MGM Independent & Upright

By Nikki Finke | Category: Big Media, Finance | Wednesday February 3, 2010 @ 6:47am PST

MgmlogosmallWell, the sale of MGM just got a lot more interesting. I already know that Warner Bros, Lionsgate, Spyglass Entertainment, and others have put in first-round bids for the movie studio during this prolonged sales process. But now there are two fresh offers that would keep MGM independent and functioning.

I've confirmed news reports saying News Corp this week sent a letter to MGM with a non-binding offer of cash and debt assistance to the studio teetering on the brink of bankruptcy because of the $3.7 billion it owes. This came after News Corp finally agreed on January 15th to sign a tweaked Non-Disclosure Agreement allowing it to view MGM's financials. It's well known that 20th Century Fox would love to get its hands on James Bond movies whose DVDs it already distributes as part of its home entertainment deal with MGM.

Meanwhile, a separate offer from the media investment firm Qualia Capital LLC consists of "$500 million to fund operations as part of a plan that also seeks to convert some debt to equity, according to a another person with knowledge of the situation," Bloomberg is reporting. "In return, Qualia would receive an equity stake in MGM, said the person, who wasn’t authorized to speak publicly."

Meanwhile the clock keeps ticking down MGM's future: it's deadline to pay interest on its debt was recently extended yet again to March 31 to give the movie studio time to restructure or find a buyer. This ... Read More »

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News Corp 2-Q Earnings Double 2009's Performance; Huge Film & TV Gains

By Nikki Finke | Category: Big Media, Finance | Tuesday February 2, 2010 @ 1:11pm PST

NEWSCORPRupert Murdoch singled out Fox Filmed Entertainment Group's mega-blockbuster Avatar for praise today when his News Corp reported its greatly improved 2nd-quarter earnings. "We have a strong management team that knows how to nurture our core businesses, while taking prudent, creative risks like Avatar that lead the industry forward," he said in a statement. "I have every confidence that News Corporation is entering a new period of sustained growth." And the bulk of the Avatar box office isn't even included in this quarter since it came out on December 18th. But the film's launch costs are. (Previously, News Corp's 2nd biggest shareholder said publicly that Avatar would "add $400M to News Corp's bottom line...")

As the first of the Big Media companies to report earnings, there were encouraging signs, especially the improvement in the  advertising climate, which bodes well for the media sector in general. News Corp saw growth in earnings and revenue in its filmed entertainment and television and cable television business. The company reported 2nd-quarter total revenue growth of 10% to $8.7 billionas a result of double-digit percentage growth at the majority of business segments as compared to the same period a year ago.

Excluding a one-time $500 million pre-tax charge (related to the settlement of litigation filed against the Company's Integrated Marketing Services business), News Corp reported total segment operating income of $1.2 billion. That was an increase of 44% compared with segment operating income of $839 million reported a year ago. These results reflected growth at the Filmed Entertainment, Television, Cable Network Programming, Newspapers and Information Services and Book Publishing segments, partially offset by decreases at the Direct Broadcast Satellite Television and other segments, the company stated.

"Our strong top-line revenue growth demonstrates that News Corporation is emerging from this recession with renewed vigor and strength," News Corp chairman and CEO Rupert Murdoch said in a statement. "Moreover, our underlying operating trends this quarter far outpace those of the same quarter last year. We continue to reap the benefits from the restructuring and cost containment measures we instituted before the downturn began, and I am pleased that our unrelenting focus has translated to growth across our businesses that will reward stockholders for years to come."

Following are results for Filmed Entertainment, TV, Cable TV, and Book Publishing: Read More »

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News Corp's 2nd Biggest Shareholder Says 'Avatar' Will Gross $2B And Add $400M To Bottom Line! (He Heard It From Rupert)

By Nikki Finke | Category: Big Media, Box Office | Friday January 22, 2010 @ 9:27am PST

prince alSaudi Arabian royal family member Prince Alwaleed bin Talal, who owns 95% of Kingdom Holding Company which is News Corp's 2nd biggest shareholder, appeared this week on Charlie Rose. To prepare for the chat with Rupe, Alwaleed saw Avatar and heard some interesting numbers about the pic from Murdoch. Here's more:

"Fox business now is beginning to improve. More importantly is the Avatar movie. I had to see it before I meet Mr. Murdoch [because] if i didn't see it he'd be upset. So I saw it, first [time] ever I see a sci-fi movie."

At this point Charlie Rose asks if he liked the film. "I like the fact that people like it, and it's going to gross $2 billion, and add $400 million to the bottom line of News Corp. One movie only. Imagine that. Shocking. I'm really happy for these results. Whether I like it or not, I'll keep it between me and Mr. Murdoch."

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UPDATE: Round 2 For MGM Bids Mid-Week; News Corp To Sign Tweaked NDA

By Nikki Finke | Category: Big Media, Finance | Friday January 15, 2010 @ 1:27pm PST

MgmlogosmallUPDATE 3:30 PM: The review process for MGM will extend throughout the weekend into early next week, so the studio should know who makes the cut to Round 2 by mid-week with submitted bids. Here's an official statement: “MGM is in the process of receiving indications of interest from potential bidders. Once the company has completed reviewing the initial bids, it will begin the second phase of its strategic review process.”

1:15 PM: I hear MGM is tweaking its NDA [non-disclosure agreement] so that News Corp will feel comfortable signing it and then look into buying the studio that's teetering on bankruptcy. This is after News Corp Negotiations To Buy MGM "Screech To Standstill" over an impasse on what it called the "highly restrictive and unusual" NDA. This is good news for the embattled MGM or its crushing $4 billion debt or frustrated creditors who want to break up the studio and sell off its valuable library. Now about 12 potential bidders are working toward a January 15th date for submitting their indications of interest, including News Corp, Time Warner, Lionsgate, Sony, Spyglass, and others. They all agreed to the NDAs so they can examine MGM's books in a virtual data room. MGM lenders have agreed to extend the forbearance until January 31, 2010 as the studio explores various strategic alternatives. (See News On MGM Sale Before Bankruptcy)

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Wassup With Viacom & CBS Post-Sumner?

By Nikki Finke | Category: Big Media, Finance | Wednesday January 13, 2010 @ 1:27pm PST

sumner dollarMedia analyst Rich Greenfield is very bullish on Viacom and much less so on CBS right now. He writes: "With Viacom shares trading at under 10x 2010E free cash flow, ratings on the rebound (at MTV and BET), the ad market improving globally, EPIX gaining distribution on the 3rd largest MSO (click here) and better than expected film results, we believe the stock is compelling at current levels. While we expect CBS shares to benefit from a meaningful positive swing in 2010 earnings (as local advertising recovers), we are less convinced about its prospects in 2011 and beyond - regardless of whether a sale becomes possible post-Sumner."

That's right: the media and analysts are talking about what happens after the demise of the Viacom old coot who turns 87 in May and repeatedly says he will live forever and has no interest in selling the key assets he controls. (Remember that his investment vehicle, National Amusements, owns his (voting) control stakes in both Viacom and CBS.) And while the details of the SMR (Sumner Murray Redstone) trust are a closely guarded secret (including the impact Sumner’s divorce from Phyllis Redstone had on the trust), a recent Boston Magazine article lifted the veil. Key points overall: Read More »

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WORST KEPT SECRET: News Corp Finally Announces Its TV Restructuring

By Nikki Finke | Category: Big Media, Cable | Wednesday January 13, 2010 @ 10:23am PST

newscorplogoLos Angeles, CA, January 13, 2010 – In a move designed to better align the company’s creative leadership, News Corporation Deputy Chairman, President and Chief Operating Officer Chase Carey and Fox Networks Group (FNG) Chairman and CEO Tony Vinciquerra today announced a restructuring of the company’s entertainment and sports television operations. Fox Broadcasting Company (FOX) and FX Networks, (FX and the Fox Movie Channel) will now be overseen by Peter Rice, Chairman, Entertainment for the Fox Networks Group. All sports operations, including FOX Sports, the company’s 19 regional sports networks, The Fox Soccer Channel, SPEED, Fox Sports en Espanol and FUEL TV will be under the supervision of David Hill, Chairman and CEO, FOX Sports, as will the company’s joint venture sports businesses STATS, LLC. and Big Ten Network. Both Rice and Hill will continue to report to Vinciquerra.

John Landgraf, President and General Manager of FX Networks, will report to Rice, while Randy Freer, president of Fox Sports Networks; David Nathanson, Executive Vice President and General Manager of Fox Soccer Channel; Hunter Nickell, President of SPEED; Dermot McQuarrie and Raul De Quesada, Senior Vice President and Co-Assistant General Managers, Fox Sports en Espanol; and CJ Olivares, Senior Vice President and General Manager, FUEL TV will report to Hill.

Rich Battista, President Fox National Cable Networks, is in discussions about a potential new role within the company.

“News Corporation is the world’s leading content company with the country’s number one broadcast network and

... Read More »

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UPDATE: NEWS CORP's TV SHAKEUP; Major Moves Underway By Chase Carey; Peter Rice To Oversee F/X, Too

By Nikki Finke | Category: Big Media, Cable | Monday January 11, 2010 @ 2:11pm PST

UPDATE COMING

EXCLUSIVE: Less than a year after Rupert Murdoch moved Fox Searchlight's Peter Rice from movies to TV to take Peter Liguori's place as Fox Broadcasting's Entertainment Chairman, Rice is getting more turf. I've learned that News Corp No. 2 Chase Carey and Tony Vinciquerra, President and Chief Executive Officer of the Fox Network who's in charge of all the TV stations and broadcast and cable including FX and Fox Movie Channel, have made the decision for Rice to oversee FX now, too. Rice, whose new title is to be determined, still reports to Vinciquerra. Rice has earned the reputation within Fox as a key creative type, and it's now felt he should focus his skill on FX, which is run by John Landgraf. MORE

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News On MGM Sale Before Bankruptcy

By Nikki Finke | Category: Big Media, Finance | Wednesday January 6, 2010 @ 3:28pm PST

MgmlogosmallUPDATE: With all the James Bond news (Sam Mendes About To Be "Consultant" On Bond #23), it's high time for me to post an update on MGM as it teeters on the brink of bankruptcy. I'm told things are progressing as expected. To date, approximately a dozen parties have signed the Non-Disclosure Agreements (but not News Corp), with a few more expected, and are working toward a January 15th date for submitting their indications of interest. The potential bidders are a "healthy" mix of financial players and studios after the embattled film studio with its crushing $4 billion debt sent the confidentiality agreements to about 20 interested parties including News Corp, Time Warner, Lionsgate, and Sony. The NDAs are a precursor to letting potential bidders examine its books. MGM's debtholders who've lost patience with the studio want to break up the company and sell off its valuable library. But other creditors would first like to see how bidders value the company if left whole. MGM has consented to partnerships among the potential bidders and is facilitating and allowing consortiums to form. "There are not 12 bidders. There are 12 groups that have signed an NDA," one of my insiders explains. "For all we know, people can sign NDAs and can kick the tires -- and only two will make bids. We are all dealing directly with the bankers so nobody really knows for sure who is bidding. If somebody tells ... Read More »

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Who Won Time Warner Cable vs Fox War? (I Know Who Lost: Subscribers)

By Nikki Finke | Category: Big Media, Cable | Monday January 4, 2010 @ 9:13am PST

UPDATES Agreement Reached: No Fox Blackout On Time Warner Cable

fox2 twcbattleJeez, my cable bill is more and more resembling the national debt. So anything that anyone can do to hold down what we have to pay has to be commended. But despite the war of words, commercials, and print ad campaigns waged for the past couple of weeks, Time Warner Cable and News Corp in the end reached an agreement That's good for them, not us. The settlement covered the Fox network and many Fox cable networks (including F/X and the Fox Regional sports networks) without a programming blackout. fox twc2The question now is who won? Though the terms are hush-hush, Pali Research analyst Rich Greenfield knows neither company got what they wanted. But I know that subscribers lost because programming is now more expensive than ever and the cable/satellite companies will pass the increased costs onto the consumer like they always do. And creatives lost because there's no fucking way that a cheap company like Fox is going to share this windfall with Hollywood talent. On the other hand, Disney can look forward to a raise when its retransmission fee negotiations come due at the end of 2010:

Fox was looking for a $1/sub/month and TWC was looking to pay

... Read More »

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News Corp Negotiations To Buy MGM "Screeched To A Standstill"

By Nikki Finke | Category: Big Media, Deals, Finance | Monday December 21, 2009 @ 11:25am PST

MgmlogosmallNews Corp insiders tell me: "Our negotiations screeched to a standstill Friday night. We’re at an impasse over a highly restrictive (and unusual) provision in their 'must sign NDA [Non-Disclosure Agreement]'. So who knows what will happen next? But for now it’s 'Pens Down'." This isn't good news for the embattled film studio MGM which has been teetering on the brink of bankruptcy because of its crushing $4 billion debt. So it's on the block and sent confidentiality agreements to about 20 interested parties last month including News Corp, Time Warner, Lionsgate, Sony, etc. (Also, see my previous EXCLUSIVE: Carl Icahn Buying Up MGM Bonds "Like A Bat Out Of Hell".)

The NDAs are a precursor to letting potential bidders examine its books. MGM's debtholders who've lost patience with the studio want to break up the company and sell off its valuable library. But other creditors would first like to see how bidders value the company if left whole. So far, this isn't a traditional sales auction with prospectus, etc. Instead, MGM has been setting up a virtual data room and management presentations to give bidders access to information. That the confidentiality agreements also aren't standard clearly is hindering the process.

MGM lenders have agreed to extend the forbearance until January 31, 2010 as the studio explores various strategic alternatives -- including operating as a standalone entity, forming strategic partnerships, or evaluating a ... Read More »

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Media Analyst Rich Greenfield Ups News Corp Stock From 'Sell' To 'Neutral' Because 'Avatar' "Won't Be Disaster Profit-Wise"

By Nikki Finke | Category: 3-D, Big Media, Finance | Thursday December 17, 2009 @ 4:38am PST

newscorplogoHe's also raising his 2010 EPS forecast because of James Cameron's movie coming out at midnight tonight. I know what you're thinking: the fortunes of a Big Media corporation don't rise or fall based on a single movie. Because Wall Street understands that filmed entertainment has become just a small part of a major media company's overall portfolio of businesses. What's more, since stocks are typically priced on multiples of the expected value of discounted cash flows, for a film to have an impact, it would have to generate wildly more profit or loss than investors expected. And yet the well known Pali Capital media analyst Rich Greenfield explains his action:

avatar-narrow23D filmmaking has existed for a long-time, with animation increasingly utilizing the medium over the past several years. However, the “chicken and the egg” issue (quality/quantity of 3D movie content with sufficient 3D screens to exhibit on) has been permanently put to bed in our mind, having seen Avatar last night.  We can gripe about the unnecessary length of the film and a typical Hollywood ending, but the honest truth is that nobody in the world has ever seen a movie like Avatar.

-- Fox’s potential to generate a profit on Avatar remains unclear given its cost and whether a film so closely associated with 3D filmmaking will translate into (2D-only) DVD/Blu ray sales during 2010.  That being said, we do not

... Read More »

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Wall Street Journal Signs With UTA

By Nikki Finke | Category: Agents, Big Media | Wednesday December 16, 2009 @ 5:51pm PST

wall street journalIt's for representation in Hollywood. The Wall Street Journal is leaving behind its longtime reps at CAA. I'm told UTA will sell film and television rights to published articles across all sections of the Wall Street Journal, which recently regained its position as the largest circulation U.S. newspaper under new owner Rupert Murdoch. But, wait, doesn't he own a film studio and a TV network and cable stations? And aren't his Big Media companies already a major buyer that can do any project and hire any talent? And yet Murdoch's newspaper thinks it needs an agent. Hilarious!

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