MUMBAI: US media conglomerate News Corp has announced that the separation of the company into two distinct publicly traded companies, 21st Century Fox and the new News Corp has been formally approved by the company?s board of directors.

The company announced appointments to the boards of directors of both companies, effective upon the completion of the separation, which is expected to occur on 28 June.

In connection with the separation, the company?s board has approved the distribution of all shares of the new News Corp to the company?s stockholders in a ratio of one share of the new News Corp for every four shares of News Corp. Furthermore, the Board authorised a $500 million stock repurchase program for the new News Corp following completion of the separation.

Rupert Murdoch will serve as 21st Century Fox chairman, CEO and the new News Corporation executive chairman. He said, "Today?s announcement is a significant step in creating two independent companies with the world?s leading portfolios of publishing and media and entertainment assets. We continue to believe that the separation will unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focussed management of each division."

He further stated, "The two new industry leaders created by the separation will be guided by the insights of accomplished individuals who collectively bring to each company demonstrated business acumen and a diversity of experience."

Boards of Directors Effective upon Completion of Separation

21st Century Fox:

• Rupert Murdoch
• Delphine Arnault
• James Breyer
• Chase Carey
• David DeVoe
• Viet Dinh
• Sir Roderick Eddington
• James Murdoch
• Lachlan Murdoch
• Jacques Nasser
• Robert Silberman
• ?lvaro Uribe
• The new News Corporation:

Rupert Murdoch

• Jos? Mar?a Aznar
• Natalie Bancroft
• Peter Barnes
• Elaine Chao
• John Elkann
• Joel Klein
• James Murdoch
• Lachlan Murdoch
• Ana Paula Pessoa
• Masroor Siddiqui
• Robert Thomson

MUMBAI: US broadcaster Fox has made its upfront presentation to advertisers. Fox entertainment chairman Kevin Reilly said that the broadcaster is spending more money than it has ever done on original content.

Fox is seeking to rebuild a prime-time schedule that lost a fifth of its viewers. There will be 11 new shows and two ?event series?. He said, "This season, we will strategically launch five inventive live-action comedies, four distinctive dramas, our first-ever event series, as well as some innovative new digital initiatives, across the week and throughout the year."

Reilly added, "We?re making the biggest investment in original programming in our history to ensure that Fox continues to engage viewers and move the culture more than any other entertainment brand."

Clips of new shows that have generated some interest among advertisers include ?Sleepy Hollow?, ?Rake?, ?Almost Human? and ?Gang Related?. ?Brooklyn Nine-Nine? is a comedy about a New York police squad. ?Almost Human? is an futuristic action drama set 35 years in the future, when police officers are partnered with highly evolved human-like androids.

?Sleepy Hollow? is a modern version of Washington Irving?s Ichabod Crane. ?Dads? meanwhile is a sitcom from Oscar host Seth MacFarlane about two video game entrepreneurs whose fathers move in with them.

What is also interesting is that Fox will air single-season shows consisting of around 13 episodes. This way the broadcaster can tap talent that may not necessarily want to get locked in for a longer period of time.

Networked Insights, which provides social data for use in media planning and buying has advised media buyers that shows like ?Almost Human? and ?Sleepy Hollow? are worth advertising on.

MUMBAI: US media conglomerate News Corp has reported $9.54 billion of total revenue for the third quarter ended 31 March, 2013. This was a $1.14 billion or a 14 per cent increase over the $8.40 billion of revenue reported in the prior year quarter.

Approximately 55 per cent of the revenue increase reflects growth at the cable network programming, film and television segments, partially offset by lower revenues at the publishing segment. The balance of the growth primarily relates to the inclusion of Sky Deutschland and Fox Sports Australia revenues.

The company reported third quarter total segment operating income of $1.36 billion, as compared to $1.31 billion reported a year ago. The improvement was led by operating income growth at the company?s Cable Network Programming, Film and Television segments. The third quarter results included $42 million of costs related to the ongoing investigations initiated upon the closure of The News of the World as compared to $63 million in the corresponding period of the prior year. This year?s third quarter results also included $25 million of costs related to the proposed separation of the company?s entertainment and publishing businesses. Excluding these costs from both years, third quarter adjusted total segment operating income of $1.43 billion increased $54 million or four per cent from $1.38 billion reported in the third quarter of the prior year.

The company reported quarterly net income attributable to stockholders of $2.85 billion, as compared to $937 million reported in the corresponding period of the prior year. This quarter?s pre-tax results included $2.43 billion of income in Other, net, principally related to gains on the acquisition of an additional ownership stake in Sky Deutschland and the sale of the ownership stake in Sky Network Television in New Zealand, as well as a $11 million gain from the company?s participation in BSkyB?s share repurchase program, which is reflected in the equity earnings of affiliates.

These gains were partially offset by $56 million of restructuring charges, primarily related to the company?s international newspaper businesses. Excluding the net income effects of these items, the costs related to the investigations in the UK and the proposed separation of the company?s entertainment and publishing businesses, along with comparable items in both years, third quarter adjusted earnings per share was $0.36 versus the adjusted prior year quarter result of $0.37.

News Corp chairman and CEO Rupert Murdoch said, "In our fiscal third quarter News Corp achieved organic growth across our cable, film and television segments and through the consolidation of Sky Deutschland and sale of stakes in Sky New Zealand and Phoenix Satellite Television, we advanced our strategic agenda to simplify our global portfolio."

"We also announced our plans to broaden our core cable business with the unveiling of our national sports channel Fox Sports 1 and our third branded FX channel, FXX. Both initiatives underscore our strategy of maximising existing assets and leadership positions to drive sustainable growth and long-term value," he added.

"We are on target to complete the proposed separation of our businesses near the end of our fiscal year. As we prepare to launch two new industry leaders with new News Corporation and 21st Century Fox, I am more confident than ever of the long-term value the separation will unlock for the company and its shareholders," Murdoch concluded.

The quarter included $42 million and $63 million, respectively, of costs related to the ongoing investigations in the UK. The three months ended 31 March, 2013 include $25 million of costs related to the proposed separation of the company?s entertainment and publishing businesses. Excluding these charges, adjusted total segment operating income is $1,429 and $1,375 million in the three months ended March 31, 2013 and 2012, respectively.

The nine months include $165 million and $167 million, respectively, of costs related to the ongoing investigations in the U.K. The nine months ended 31 March, 2013 include $53 million of costs related to the proposed separation of the company?s entertainment and publishing businesses. Excluding these charges, adjusted total segment operating income is $4.5 and $4.3 billion in the nine months ended March 31, 2013 and 2012, respectively.

Cable Network Programming reported quarterly segment operating income of $993 million, a $147 million or 17 per cent increase over the prior year quarter, driven by a 17 per cent increase in revenue. Operating income contributions from the domestic channels increased by 16 per cent. Revenue growth across all domestic channels, led by strong growth at the company?s regional sports networks and FX Networks, was partially offset by increased programming and marketing costs at the company?s FX Networks and National Geographic Channels.

The company?s international cable channels? quarterly earnings contributions increased by 21 per cent from the same period a year ago, reflecting strong operating profit growth at the Fox International Channels (Fic), partially offset by the adverse impact of the strengthened US dollar.

Affiliate revenue grew by 11 per cent and 42 per cent at the domestic and international cable channels, respectively. Domestic network growth reflects higher rates across all networks, led by growth at the RSNs, Fox News Channel and FX Networks. Approximately 60 per cent of the international affiliate revenue increase reflects strong local currency growth at the non-sports channels at Fic and Star. The balance of the growth was attributable to the new sports channels, including Fox Star Sports Asia and Eredivisie Media and Marketing (EMM), partially offset by the impact of the strengthened US dollar.

Ad revenue at the domestic cable channels grew by two per cent in the quarter over the prior year period driven by double-digit growth at the FX Networks and National Geographic Channels, partially offset by lower advertising revenues at the Fox News Channel, due to the absence of the presidential primaries which occurred in the prior year, and at the RSNs, due to the broadcast of fewer National Basketball Association (NBA) games.

Nearly two-thirds of the international cable channels? 30 per cent ad revenue improvement reflects strong local currency growth at the non-sports channels at FIC and Star. The balance of the growth was attributable to the new sports channels, including Fox Star Sports Asia and EMM networks, partially offset by the impact of the strengthened US dollar.

Expenses at Cable Network Programming grew by 17 per cent in the quarter over the corresponding period in the prior year. More than two-thirds of this increase was attributable to the new international sports networks at FIC and Star, including the investment in BCCI cricket rights in India. The balance of the increase was due to higher programming and marketing costs at the FX Networks and National Geographic Channels, partially offset by reduced NBA rights costs at the RSNs resulting from the broadcast of fewer games.