News Corporation (NWS) is a diversified media conglomerate with interests all over the world and in most facets of media.

NWS is broken up into six main segments:

>>Cable Network Programming, which includes names like the FOX News Channel, FOX Business Network, FX, STAR and many other popular pay-TV channels.
>>Filmed Entertainment, which includes Fox Filmed Entertainment, Twentieth Century Fox Television and Fox Television Studios.
>>Television, which includes the FOX Broadcasting Company, the 27 stations in the Fox Television Stations group, and various television operations throughout the world.
>>Publishing, this includes over 150 newspaper brands and book publisher HarperCollins.
>>Director Broadcast Satellite Television, which includes several pay TV providers, such as Australia’s FOXTEL.
>>Other, is a broad segment that pretty much covers any other assets don’t fit into any of the above categories, such as a JV with NBC and Disney to create an online video site.

By the end of June, News Corp. plans to split its giant entertainment businesses, which include its 20th Century Fox film studio and Fox television assets, from its publishing division to create two separately listed companies.

2Q24 Results

NWS’ second quarter results were solid. The company’s revenue was $9.43 billion, up 5% on the same period in 2012.

The group’s underlying operating income was $1.66 billion, a 5% increase on the second quarter of the prior year.

Double-digit revenue growth in the Cable and Television businesses, along with improvements in the Publishing segment, drove group revenue and earnings growth.

Fox Sports

NWS announced its plans to launch a new USA sports network, Fox Sports 1, on August 17. The new network will be available in around 90 million homes, according to the company.

The new channels are being launched through a rebranding of Fox’s existing Speed network, a niche cable channel dedicated to motor sports.

Offerings on the channel include; Major League Baseball, Primetime Basketball, Primetime Football, NASCAR events; and soccer games including UEFA Champions League and Europa League, as well as the FIFA Women’s World Cup in 2015/2019 and the FIFA Men’s World Cup in 2018/2022.

Speed currently charges 22 cents per subscriber. We would expect this fee to be significantly higher given the wide variety of coverage, but we don’t see this being nearly as high as ESPN’s charge of $5.

Outlook

NWS’ 2Q13 results were solid and we expect more of the same in the upcoming 3Q results.

We expect the publishing division to perform strongly with independent data released showing NWS’s flagship product, The Wall Street Journal, maintaining its position as the USA’s largest newspaper by average weekday circulation.

The paper had an average weekday circulation of 2.4 million, including print and digital subscribers, as of March 31, up 12% from a year earlier.

We believe this, coupled with the optimism surrounding the new Fox Sports 1, will see continued share price appreciation for NWS in the near-term.

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Austar United (ASX:AUN) is the largest provider of pay TV in regional and rural Australia, with around 730,000 customers receiving the company’s primary service of satellite digital television.

AUN was dealt a blow on Friday after the ACCC blocked Foxtel’s takeover for the group.

In blocking the bid, the competition regulator warned that a Foxtel-Austar tie-up would substantially reduce competition in the pay-TV market.

The ACCC denied that the decision was related to the Newscorp (NWS) phone hacking scandal.  Foxtel is 25% owned by NWS.

A final decision on the bid will be made on 8 September, although it is unlikely the ACCC will change its mind.

AUN shares sank 16.2% on the day, making it one of the worst performers in the stock market.

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News Corp (NWS) is a diversified media conglomerate with interests all over the world and in most facets of media.

NWS thus has a wide range of household name services and assets under its belt, including Fox Filmed Entertainment, Twentieth Century Fox Television, Fox Sports, book publisher Harper Collins, the New York Post in the US, web services Photobucket and MySpace, and Dow Jones.

The group is also considered a blue chip stock among global investors and is one of the biggest companies in the Australian share market.

Last week, NWS advised that third quarter net profit fell 24% from a year earlier to $639 million.  The profit result missed analyst estimates.

The result came on the back of a 6% decrease in revenue, which NWSattributed to weakness in its filmed entertainment and publishing divisions.

However, the cable division was a bright spot, with operating earnings rising 25% on-year amid stronger advertising revenue.

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Austar United (AUN) is the largest provider of pay TV in regional and rural Australia, with around 730,000 customers receiving the company’s primary service of satellite digital television.

Yesterday, AUN confirmed its major shareholder, US-based Global Inc., and Foxtel have entered talks about a possible takeover of the company.

AUN was responding to earlier media reports which suggested Foxtel had made a $2 billion offer for the group.

Foxtel, which is 50% owned by Telstra (TLS), 25% owned by Newscorp (NWS) and 25% owned by Consolidated Media (CMJ), did not confirm the rumours.

AUN flew 10.6% following the announcement, making it one the best shares for the day in the Australian share market.

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