NEW YORK, NY--(Marketwire - Feb 4, 2013) - In recent years, the media and entertainment industry has seen a shift toward online and mobile distribution of content. This shift represents both a challenge and an opportunity for media and entertainment companies such as Starz and News Corp. Media and entertainment companies are innovating and adapting to the changes in the industry in order to be successful in the present environment. Companies are changing the way they develop and distribute content, given the shift to digital. However, this also represents a great opportunity as media and entertainment companies can broaden their reach.
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The challenging economic environment has meant that advertisers have been a lot more demanding in recent years. In addition, advertisers are spending more on digital marketing. This represents another challenge for the media and entertainment industry and makes the shift to digital even more important. Changing consumer behavior and economic uncertainty are other challenges facing the industry.
Given the challenges facing the industry, News Corp. last year decided to separate its publishing and media and entertainment businesses. The global media and entertainment company will include News Corp.'s broadcast and worldwide cable networks, leading film and television production studios, television stations and highly successful pay-TV businesses in Europe and India.
Rupert Murdoch, Chairman and CEO of News Corp., believes that the new structure would simplify operations and enable each company to deliver on News Corp.'s commitments to consumers across the globe.
The media and entertainment group will be named Fox Group. Murdoch will serve as the Chairman and CEO of Fox Group, while Chase Carey will be the group's President and COO. Fox Group plans to continue to strengthen its creative content businesses and distribution assets, including improving its sports portfolio through key investments in Asia, Europe and Latin America.
In December last year, the company filed Form 10 registration statement with the SEC for the planned separation of its businesses.
News Corp. will release its second quarter fiscal 2013 financial results on February 6, 2013. In the first quarter of fiscal 2013, News Corp.'s Cable Network Programming division, which will be part of the new media and entertainment company following the spinoff, reported operating income of $953 million, representing an increase of 23% over the same period in the previous year. The segment's revenue for the quarter rose 16%. Filmed Entertainment group, which will also be part of Fox Group, reported operating income of $400 million in the quarter.
Earlier this month, Starz completed its spinoff from Liberty Media. The spinoff was announced back in August last year. The decision to create two separate publicly traded companies was taken in order to provide better transparency on the Starz operating business, optimize the Starz capital structure and to pursue strategic objectives.
Following the spinoff, Starz operates units that provide premium subscription video programming on domestic U.S. pay television channels, global content distribution and animated television and movie production.
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Michael Thomas Smith