Television

Liberty Media to acquire $500 million News Corp preferred ADRs

NEW YORK: John Malone's entertainment group Liberty Media has exercised its right under a March 2003 agreement to buy US $500 million of News Corp preferred limited-voting ordinary American Depositary Receipts (ADRs) at $21.50 apiece.

News Corp released a statement stating that the transaction is expected to close in two weeks. Dow Jones has indicated that the deal gives Liberty another 23.3 million ADRS, each of which represents four preferred limited-voting ordinary shares, or 93 million shares in total.

Analysts feel that by exercising the option now Liberty has made a major saving. As per the agreement signed in March a deadline of 28 September was placed on Liberty to exercise its option. Had it refused News Corp had until 27 March 2005, to make Liberty buy the same number of ADRs at the same price. The condition was that News Corp was by then to have acquired an ownership interest in Hughes Electronics.

The report states that the deal adds more than 1 percentage point to Liberty's stake in News Corp., giving it close to a 20 per cent economic interest in the company.

News Corp. chairman and CEO Rupert Murdoch controls almost 31 per cent of the company's voting shares. However due to the large amount of preferred stock on issue, his economic interest is closer to 19 per cent.

By the end of the year News Corp hopes to gain the final regulatory approval for the purchase of a 34 per cent stake in Hughes Electronics, the owner of DirecTV.

Latest Reads

http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/26/adidas.jpg?itok=i6VolaXA
adidas India congratulates the 2018 Arjuna awardees

Young athletic sensation Hima Das is in headlines yet again and this time for being awarded with the highest sports honour in the country, the Arjuna Award.

Television TV Shows Awards
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/26/spn.jpg?itok=Cu812_AC
Sony Pictures Networks India is recognized asone of India’s Top 100 Best Companies for women

Sony Pictures Networks India (SPN), India’s leading entertainment and sports broadcast network, has been ranked for the 2nd consecutive year, asthe Top 100 Best Companies for Women to work in India.

Television TV Channels English Entertainment
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/25/chrome.jpg?itok=9jst21cw
Hindi news most benefited genre in Chrome DM week 38

With a growth of 0.83 per cent as compared to last week (37), the Hindi news genre marked the highest opportunity to see (OTS) among all categories in week 38 of Chrome Data Analytics & Media.

Television TV Channels Viewership
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/25/swaroop.jpg?itok=qOHpK98s
Swaroop Banerjee to head Zee Entertainment’s Live business

Zee Entertainment Enterprises Limited (ZEEL), a leading media & entertainment powerhouse, today announced the appointment of Mr. Swaroop Banerjee as the Chief Operating Officer – Zee Live.

Television TV Channels GECs
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/25/mirror_0.jpg?itok=1jB1kilw
Mirror NOW hosted a grand celebration in Gurugram to celebrate its journey

Launched in March 2017 with the brand philosophy of ‘You First’, the latest entrant in the English news sense, Mirror NOW, created a new genre of content with a defined purpose of focusing on issues that impact people’s lives.

Television TV Channels News Broadcasting
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/25/toonz.jpg?itok=csDRBnNv
Toonz Media to Recreate the Iconic Indian Comic, Chacha Chaudhary

Forever unforgettable Indian comic book ‘Chacha Chaudhary’ created by the renowned Padma Shri cartoonist Pran Kumar Sharma to be recreated in to an animated series.

Television TV Channels Kids
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/25/film.jpg?itok=9KzguhfF
Committed to Saving India’s Cinematic Heritage, Viacom18 partners with Film Heritage Foundation for the 4th Film Preservation & Restoration Workshop India 2018

Celebrating a century of Bengali cinema, Viacom18 and Film Heritage Foundation (FHF) announces the 4th Film Preservation & Restoration Workshop India 2018 (FPRWI) in Kolkata.

Television TV Channels GECs
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/25/Kumar.jpg?itok=LgDaGcua
Viacom18's Colors Kannada Cinema aims to break even within 3 years

Viacom18 is making moves in the regional space. Its latest bet was to launch a movie channel for the Kannada market called Colors Kannada Cinema. The conglomerate has a Hindi movie channel called Rishtey Cineplex which broke even in two years. Similarly, the idea is to get the Kannada movie channel...

Television TV Channels Regional
http://www.indiantelevision.com/sites/default/files/styles/340x340/public/images/tv-images/2018/09/24/dsport.jpg?itok=zvJEwZX0
DSPORT to broadcast ‘Ryder Cup’ for viewers in India starting 28th Sep, 2018, 11:30 AM onwards

The 42nd edition of the biennial ‘Ryder Cup’ will bring the long lasting existing rivalry between golfers of Europe and USA for the Indian viewers. The prestigious tournament will be telecast live on DSPORT from 28th - 30th September, 2018 from 11:30 am onwards for the first two days while the...

Television TV Channels Sports

Latest News

Load More

Sign up for our Newsletter

subscribe for latest stories