MUMBAI: News Corp?s Asian subsidiary Star Entertainment has offloaded its 5.28 per cent stake in Chinese media company Phoenix Satellite Television for approximately $92 million.

Following the sale, the Hong Kong-based television broadcaster?s total ownership stake in Phoenix will be reduced to approximately 12.16 per cent.

News Corp Deputy COO James Murdoch said, "Mr Liu Changle and Phoenix?s accomplishments in the media industry in China are remarkable. We believe the company?s strong position in all of the segments in which it operates, combined with the country?s robust consumer market, will continue to drive growth. Today?s sale is simply a part of our broader global agenda of simplifying our affiliate ownership structures.?
The move comes ahead of News Corp?s planned division into two distinctly owned public companies, one that will house the publishing business and the other under which the television and entertainment business will fall.

MUMBAI: James Murdoch has reiterated the importance of India as a market for News Corp.

Murdoch believes pay TV operators in the country will consolidate over time due to regulatory changes.

?India is a very important market for us, it?s one of our largest international markets," Murdoch, the Deputy COO of News Corp said at an investment conference in San Francisco.

He is also satisfied with the progress being made in South America. "We?ve also made great strides in South America over the last few years, particularly the launch of our sports business there," he added.

Murdoch also stated that the investment in UK pay TV service provider BSkyB, which News Corp un-successfully tried to buy out, is an unfinished business.

News Corp in the recent years has been trying to streamline its overseas businesses that aren?t consolidated.

Last month, the company increased its stake in German pay-TV company Sky Deutschland (SKYD), giving it majority control and putting it a step closer to creating a pan-European broadcaster.

MUMBAI: Rupert-Murdoch controlled News Corporation is gearing up to give ESPN a fight in the US. The company has acquired 49 per cent stake in Yankees Entertainment and Sports Network (Yes), the cable network channel owned by baseball team New York Yankees and its partners.

The Yes Network delivers exclusive live local television coverage of New York Yankees baseball and Brooklyn Nets basketball, as well as other leading local and national sports-related programming. The Yes Network also announced a media rights agreement that will keep Yankees baseball on the Yes Network through 2042.

The media rights agreement is subject to Major League Baseball approval. The investment is expected to close by the end of the calendar year.

Following the stake acquisition, News Corp-owned Fox Sports Media Group will negotiate distribution deals with the operators on behalf of Yes Network as part of a larger package of sports channels which would allow Yes to raise the subscriber fee. However, Fox sports channels will not manage the channel nor will provide local or national sports programming to Yes.

The current owners - Yankee Global Enterprises, Goldman Sachs and other investors - will reduce their ownership in connection with this transaction. After three years, News Corporation may acquire an additional stake in the Yes Network that could bring its ownership to 80 per cent, at which time Yankee Global Enterprises would retain a significant minority stake in the network.

Since its inception in 2002, Yes has grown its footprint to include local availability in New York, Connecticut, New Jersey, and parts of Pennsylvania, as well as national availability on several cable and satellite television distributors. The network currently showcases live Yankees and Nets games to approximately 9 million households in the teams? television territory in the New York area. Outside of the New York area, the Yes Network also distributes a variety of national programming to millions of homes across the country.

"We?ve long been a believer in the unique appeal of sports entertainment. Partnering upstream with rights holders is even more important today in the dynamic media marketplace in which we compete. This is a tremendous opportunity to enhance News Corporation?s industry-leading portfolio of sports properties, while also strategically re-entering the New York market," said News Corporation Deputy COO James Murdoch.

"The Yes Network represents the gold standard for regional sports networks and is a pioneer in sports media. We look forward to working with Yankee Global Enterprises, the network?s management team, and all of our partners to build on a decade of success and take the YES Network to even greater heights."

Yankee Global Enterprises Chairman Hal Steinbrenner said, "This transaction underscores the great value we and our partners created in establishing the Yes Network and sets the network on the path for even greater achievements in the future. We are excited to have News Corporation as a partner. Its stature and acumen in sports broadcasting on a global scale is unmatched. We look forward to the many opportunities for growth and development that this investment by News Corporation will bring to Yes. The Steinbrenner family expects to have a continuing, long-term ownership stake in the Yes Network and we will continue our yearly commitment of fielding a championship caliber team for decades to come."

MUMBAI: News Corp chief Rupert Murdoch and his son James Murdoch, who is the deputy COO of the company, have seen their annual bonuses decline courtesy the phone hacking scandal, which led to shutting of News of the World newspaper, multi-million dollar suits, arrest of top officials and deferred bid to buyout BSkyB.

As per regulatory filings, News Corp has determined to award only half of the qualitative portion of the annual bonuses for four top executives namely Rupert Murdoch, James Murdoch, David DeVoe and Chase Carey for the fiscal year 2012.

The company?s 81-year-old chairman and chief executive had earned a bonus of $10.4 million in 2012, while his son James earned a bonus of $5 million. As per the filing, Jr Murdoch had declined to take his $6 million bonus in fiscal year 2011 as a result of the hacking scandal.

Overall, Rupert Murdoch?s total compensation too declined for the fiscal year to just over $30 million against $33.3 million in 2011. However, son James? total compensation increased from $11.9 million in 2011 to $16.8 million in the 2012 fiscal.

News Corp Senior EVP and Chief Financial Officer David DeVoe and deputy chairman, president and COO Chase Carey had received an annual bonus of $4.17 million and $8.3 million respectively.