News Corporation announced the appointment of Raju Narisetti, known to Indian
readers as the founding editor of Mint, as senior vice president and deputy head
of strategy for the New News Corporation, the proposed global publishing entity
to be formed as part of the Company's intended separation into two independent,
publicly traded companies, says a press release.
Narisetti is currently a deputy managing editor with The Wall Street Journal and
managing editor of The Wall Street Journal Digital Network.
News Corporation and ESPN today announced that News Corporation, through a wholly owned subsidiary, completed its acquisition of ESPN's partnership interest in ESPN STAR Sports (ESS) pursuant to their agreement announced on 6 June 2012.
Upon the closing of the acquisition, ESS became a wholly-owned subsidiary of News Corporation, according to a News Corp press statement.
Los Angeles: News Corp Chairman and CEO Rupert Murdoch is looking to buy the Los Angeles Times, one of the country's largest newspapers, from struggling media conglomerate Tribune Co, a source familiar with his plans told Reuters on Friday.
News Corp executives - including Murdoch's son James- flew into Los Angeles twice this month to take a preliminary look at the storied daily's books, said the source, who spoke on condition of anonymity because the meetings were not publicized.
Rupert Murdoch is also eyeing the Chicago Tribune, whose publisher Tribune Co is now trying to exit bankruptcy. News Corp executives are in early talks with Tribune Co debtholders, including hedge fund Oaktree Capital. The company wants to secure footholds in Los Angeles and Chicago, according to the Los Angeles Times, which first reported the news.
Murdoch has long eyed the LA Times, the newspaper reported. Oaktree declined to comment, while News Corp did not respond immediately to requests for comment.
Wall Street has speculated that the company will take to the acquisition trail after its split into two businesses, one for entertainment and the other for publishing, to bulk up its holdings in a newspaper industry ravaged by advertising revenue losses and declining readership.
But any attempt by the media mogul to go after the two newspapers may run foul of regulatory hurdles.
This combo of file photos shows Australian media magnate James Packer (L) in Sydney on September 3, 2008 and chairman and CEO of News Corporation, Rupert Murdoch (R), during a press conference in Adelaide on November 13, 2007 at the News Corporation annual shareholder information meeting. Tycoon James Packer's majority-owned Consolidated Media Holdings on September 7, 2012 said it had received a formal two billion USD takeover offer from Rupert Murdoch's News Limited.
This file photo taken on October 26, 2004 shows a News Corporation display showcasing the many companies that make up the group, during the AGM held in Adelaide. Tycoon James Packer's majority-owned Consolidated Media Holdings on September 7, 2012 said it had received a formal two billion USD takeover offer from Rupert Murdoch's News Limited.
News Corporation Chairman Rupert Murdoch deposing at the Leveson Inquiry. Reuters
