News Corporation
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| News Corporation | |
|---|---|
| Name | News Corporation |
| Type | Public |
| Industry | Media |
| Founded | 1979 |
| Founder | Rupert Murdoch |
| Headquarters | New York City, United States |
| Key people | Rupert Murdoch, Lachlan Murdoch |
News Corporation
News Corporation was a global media conglomerate founded by Rupert Murdoch that operated across newspapers, book publishing, television, film, and digital media. The company expanded through acquisitions and divestitures, interacting with entities such as 21st Century Fox, HarperCollins, The Wall Street Journal, The Times, and Dow Jones & Company. News Corporation’s activities influenced markets in the United States, United Kingdom, Australia, and other territories, intersecting with regulatory bodies like the Federal Communications Commission and courts including the High Court of Australia.
History
News Corporation originated from the international expansion of media interests by Rupert Murdoch beginning with Australian newspapers such as The News (Adelaide), later acquiring titles including The Times and The Sun in the United Kingdom. Major milestones included the purchase of Dow Jones & Company and The Wall Street Journal assets, and investments in television networks like Sky plc and film studios such as 20th Century Fox. Structural changes culminated in corporate restructurings and a 2013 split that created separate entities associated with 21st Century Fox and a new publishing-focused company. The company’s trajectory intersected with prominent events like inquiries by the Leveson Inquiry and merger reviews by the European Commission and the Australian Competition and Consumer Commission.
Corporate Structure and Holdings
News Corporation’s portfolio encompassed subsidiaries and holdings spanning publishing conglomerates such as HarperCollins Publishers and broadcast properties including stakes in Sky and partnerships with BSkyB. The corporate architecture included regional divisions for operations in the United States, United Kingdom, Australia, and Asia Pacific. Ownership links connected principal shareholders and families such as the Murdoch family to institutional investors like BlackRock and Vanguard Group. Governance interactions involved regulatory frameworks from entities like the Securities and Exchange Commission and oversight mechanisms employed by stock exchanges including the NASDAQ Stock Market.
Major Publications and Media Assets
News Corporation’s major print assets included legacy newspapers and periodicals such as The Wall Street Journal, The Times, The Sunday Times, The Sun on Sunday, and Australian titles like The Australian and The Herald Sun. In book publishing, its imprint HarperCollins produced works across authors linked to publishing awards such as the Pulitzer Prize and the Booker Prize. Broadcast and film holdings affiliated with the company or its successors involved entities like 20th Century Fox, cable and satellite networks related to Sky Atlantic, and digital platforms that competed with services from Netflix, Amazon (company), and Hulu. News Corporation also engaged in sports media through rights and partnerships involving organizations such as FIFA and Union of European Football Associations.
Controversies and Legal Issues
News Corporation was central to several high-profile controversies, notably the Phone hacking scandal investigated by the Metropolitan Police Service and examined by the Leveson Inquiry. Legal and regulatory scrutiny involved investigations by the United States Department of Justice and reviews by the Federal Trade Commission over merger and antitrust concerns. Lawsuits and settlements included defamation and privacy actions in jurisdictions such as the High Court of Justice in London and courts in New York (state). Corporate responses to controversies implicated senior figures and prompted hearings before parliamentary committees like the Select Committee on Culture, Media and Sport.
Financial Performance
News Corporation’s financial results reflected revenue streams from advertising, subscription sales, book publishing, and content licensing, with earnings reported to regulators including the Securities and Exchange Commission and filings on exchanges such as the Australian Securities Exchange. Performance metrics were affected by declines in print circulation amid digital disruption and competition from platforms like Google and Facebook. Strategic moves such as asset sales, spin-offs, and investments in pay-TV sought to offset print revenue pressures; financial outcomes were compared with peers like Time Warner and The Walt Disney Company in analyst reports from firms such as Moody's Investors Service and Standard & Poor's.
Corporate Governance and Leadership
Leadership at News Corporation featured the Murdoch family with figures such as Rupert Murdoch and Lachlan Murdoch occupying executive and board roles, alongside non-executive directors drawn from media, finance, and legal sectors. Governance structures adhered to listing requirements on exchanges like the NASDAQ Stock Market and reporting standards set by the Financial Accounting Standards Board. Board oversight engaged audit committees and remuneration committees that interacted with institutional investors including BlackRock and Vanguard Group and were subject to shareholder resolutions and proxy advisory firms such as Institutional Shareholder Services.