Fox Corp. COO John Nallen says the company is “much more focused on growing the business than we are on selling the business” despite accelerating pay-tv declines and other challenges.
In an appearance Monday at Deutsche Bank’s Media, Internet & Telecom Conference, Nallen was asked if the time may be right for Fox to consider selling given the likelihood of more consolidation in the media sector. Questions about the company’s future have multiplied as the pay-tv bundle has shrunk, given the company’s traditional linear holdings. Additional fuel for speculation came last fall when Rupert Murdoch stepped down as chairman of Fox and sibling News Corp. Murdoch turned 93 years old Monday.
“I was about to say we’re not good sellers, but five years ago we were good sellers,” Nallen dryly observed, drawing a few chuckles in the room. He was referring to the $71.3 billion sale to Disney of...
In an appearance Monday at Deutsche Bank’s Media, Internet & Telecom Conference, Nallen was asked if the time may be right for Fox to consider selling given the likelihood of more consolidation in the media sector. Questions about the company’s future have multiplied as the pay-tv bundle has shrunk, given the company’s traditional linear holdings. Additional fuel for speculation came last fall when Rupert Murdoch stepped down as chairman of Fox and sibling News Corp. Murdoch turned 93 years old Monday.
“I was about to say we’re not good sellers, but five years ago we were good sellers,” Nallen dryly observed, drawing a few chuckles in the room. He was referring to the $71.3 billion sale to Disney of...
- 3/11/2024
- by Dade Hayes
- Deadline Film + TV
Rupert Murdoch and son Lachlan received $22.9 million and $21.7 million in compensation packages from Fox Corp. in the fiscal year that ended June 30, 2023, the parent company of Fox News has revealed.
It will be the final full year in which Rupert Murdoch led the company as chairman, as he will step down and become chairman emeritus effective Nov. 17, the day of the company’s annual meeting.
Rupert Murdoch, Fox’s chairman, received a compensation package worth $22.9 million in the latest fiscal year, compared with $18.4 million in the year before and $31.1 million two years ago.
Lachlan Murdoch, Fox’s executive chairman and CEO, received a pay package totaling $21.7 million, flat from a year earlier and down from $27.7 million in the year before that.
Fox also said that two of its board members, Anne Dias and Jacques Nasser, will also leave the board in November, and is nominating former Australian Prime Minister Tony Abbott...
It will be the final full year in which Rupert Murdoch led the company as chairman, as he will step down and become chairman emeritus effective Nov. 17, the day of the company’s annual meeting.
Rupert Murdoch, Fox’s chairman, received a compensation package worth $22.9 million in the latest fiscal year, compared with $18.4 million in the year before and $31.1 million two years ago.
Lachlan Murdoch, Fox’s executive chairman and CEO, received a pay package totaling $21.7 million, flat from a year earlier and down from $27.7 million in the year before that.
Fox also said that two of its board members, Anne Dias and Jacques Nasser, will also leave the board in November, and is nominating former Australian Prime Minister Tony Abbott...
- 9/22/2023
- by Georg Szalai and Alex Weprin
- The Hollywood Reporter - Movie News
Nexstar is shaking up its top executive ranks.
The local TV giant and CW owner has hired Michael Biard to be its new president and COO, effective Aug. 21. Biard succeeds Tom Carter, who will transition to a senior adviser role.
“Michael is a talented, innovative, and deeply experienced media executive who will be a great leader for Nexstar and the senior management team as we chart the future of the Company,” said Nexstar CEO Perry Sook, to whom Biard will report. “The Board of Directors and I are confident that his vision and judgement will be invaluable as we continue maximizing Nexstar’s shareholder return by furthering the growth of our national brands and audiences, enhancing the value of our spectrum through the additional deployment of Atsc 3.0, and strategically targeting accretive mergers and acquisitions.”
Biard joins Nexstar from Fox Corp., where he had been president of distribution. His deal with Nexstar runs through 2027.
“Perry,...
The local TV giant and CW owner has hired Michael Biard to be its new president and COO, effective Aug. 21. Biard succeeds Tom Carter, who will transition to a senior adviser role.
“Michael is a talented, innovative, and deeply experienced media executive who will be a great leader for Nexstar and the senior management team as we chart the future of the Company,” said Nexstar CEO Perry Sook, to whom Biard will report. “The Board of Directors and I are confident that his vision and judgement will be invaluable as we continue maximizing Nexstar’s shareholder return by furthering the growth of our national brands and audiences, enhancing the value of our spectrum through the additional deployment of Atsc 3.0, and strategically targeting accretive mergers and acquisitions.”
Biard joins Nexstar from Fox Corp., where he had been president of distribution. His deal with Nexstar runs through 2027.
“Perry,...
- 7/25/2023
- by Alex Weprin
- The Hollywood Reporter - Movie News
Mike Biard, a 23-year veteran of Fox Corp., has been appointed president and chief operating officer of Nexstar, the No. 1 owner of local TV stations in the U.S. and the parent of The CW and NewsNation.
He will report to CEO Perry Sook, with current COO Tom Carter staying on as an advisor to the company through the end of the year.
In a 23-year run at Fox and its predecessor companies, Biard held exec posts in a range of areas, most recently holding the title of President, Operations and Distribution. In a role with outsized importance given Fox’s reliance on distribution revenue, Biard led distribution, affiliate operations and business affairs for all divisions, including sports, entertainment and news. He steered the company through a number of key renewals in linear and expansions into digital platforms and streaming while also playing a key role in acquiring sports rights...
He will report to CEO Perry Sook, with current COO Tom Carter staying on as an advisor to the company through the end of the year.
In a 23-year run at Fox and its predecessor companies, Biard held exec posts in a range of areas, most recently holding the title of President, Operations and Distribution. In a role with outsized importance given Fox’s reliance on distribution revenue, Biard led distribution, affiliate operations and business affairs for all divisions, including sports, entertainment and news. He steered the company through a number of key renewals in linear and expansions into digital platforms and streaming while also playing a key role in acquiring sports rights...
- 7/25/2023
- by Dade Hayes
- Deadline Film + TV
Longtime Fox exec Michael Biard has be named the new president and chief operating officer of TV station group giant Nexstar, the owner of NewsNation and the CW Network.
Current Nexstar president and COO Thomas Carter is stepping down from his post and shifting to senior advisor. Carter will support the leadership transition, which begins Aug. 21, through the end of the year. Biard, whose Nexstar contract extends through August 2027, will report directly to Nexstar chairman and CEO Perry Sook.
“Michael is a talented, innovative and deeply experienced media executive who will be a great leader for Nexstar and the senior management team as we chart the future of the Company,” Sook said in a statement Tuesday. “The Board of Directors and I are confident that his vision and judgement will be invaluable as we continue maximizing Nexstar’s shareholder return by furthering the growth of our national brands and audiences,...
Current Nexstar president and COO Thomas Carter is stepping down from his post and shifting to senior advisor. Carter will support the leadership transition, which begins Aug. 21, through the end of the year. Biard, whose Nexstar contract extends through August 2027, will report directly to Nexstar chairman and CEO Perry Sook.
“Michael is a talented, innovative and deeply experienced media executive who will be a great leader for Nexstar and the senior management team as we chart the future of the Company,” Sook said in a statement Tuesday. “The Board of Directors and I are confident that his vision and judgement will be invaluable as we continue maximizing Nexstar’s shareholder return by furthering the growth of our national brands and audiences,...
- 7/25/2023
- by Jennifer Maas
- Variety Film + TV
Total executive compensation declined for top executives at Fox Corp. in fiscal 2022, compared with a year earlier, according to an SEC filing.
Lachlan Murdoch, who is executive chair and CEO, took home a total pay package of 21.7 million, down from 27.7 million in fiscal 2021.
On top of a base salary of 3 million, the exec netted an 8.2 million stock award and 6.3 million through a non-equity incentive plan.
Rupert Murdoch, Lachlan’s father and the company’s chair, made 18.4 million, a steep decline from his 31.1 million package in 2021. The main elements were 5 million in base salary, a stock award of 5.1 million and 6.3 million via the company’s non-equity incentive plan.
Viet Dinh, Fox’s chief legal and policy officer, collected 11.2 million, down from 12.4 million a year earlier. COO John Nallen got 10.2 million, compared with 12.45 million. Steven Tomsic was paid a total of 6.1 million, down from 7.5 million.
Along with disclosing executive compensation, the company...
Lachlan Murdoch, who is executive chair and CEO, took home a total pay package of 21.7 million, down from 27.7 million in fiscal 2021.
On top of a base salary of 3 million, the exec netted an 8.2 million stock award and 6.3 million through a non-equity incentive plan.
Rupert Murdoch, Lachlan’s father and the company’s chair, made 18.4 million, a steep decline from his 31.1 million package in 2021. The main elements were 5 million in base salary, a stock award of 5.1 million and 6.3 million via the company’s non-equity incentive plan.
Viet Dinh, Fox’s chief legal and policy officer, collected 11.2 million, down from 12.4 million a year earlier. COO John Nallen got 10.2 million, compared with 12.45 million. Steven Tomsic was paid a total of 6.1 million, down from 7.5 million.
Along with disclosing executive compensation, the company...
- 9/9/2022
- by Dade Hayes
- Deadline Film + TV
Click here to read the full article.
Rupert and Lachlan Murdoch saw their compensation packages at Fox Corp. trimmed in the fiscal year that ended June 30, 2022.
Rupert Murdoch, Fox’s chairman, received a pay package totaling 18.4 million last year. That was down from 31.1 million a year earlier. Similarly, Lachlan Murdoch, Fox’s executive chairman and CEO, received a 21.7 million pay package, down from 27.7 million a year earlier.
The declines were due in part to a reduction in non-equity incentive plan compensation for both Murdochs, which went to 6.3 million, down from 10.5 million in the prior year. It also reflected a change in value to pension and deferred compensation plans.
The pay packages were disclosed in a securities filing Friday. The filing also revealed that Lachlan Murdoch signed a contract extension in 2021, keeping him at the helm of the company through June 2026.
Other top Fox executives, including CFO Steve Tomsic, chief legal and policy officer Viet Dinh,...
Rupert and Lachlan Murdoch saw their compensation packages at Fox Corp. trimmed in the fiscal year that ended June 30, 2022.
Rupert Murdoch, Fox’s chairman, received a pay package totaling 18.4 million last year. That was down from 31.1 million a year earlier. Similarly, Lachlan Murdoch, Fox’s executive chairman and CEO, received a 21.7 million pay package, down from 27.7 million a year earlier.
The declines were due in part to a reduction in non-equity incentive plan compensation for both Murdochs, which went to 6.3 million, down from 10.5 million in the prior year. It also reflected a change in value to pension and deferred compensation plans.
The pay packages were disclosed in a securities filing Friday. The filing also revealed that Lachlan Murdoch signed a contract extension in 2021, keeping him at the helm of the company through June 2026.
Other top Fox executives, including CFO Steve Tomsic, chief legal and policy officer Viet Dinh,...
- 9/9/2022
- by Alex Weprin
- The Hollywood Reporter - Movie News
The mountains are as gorgeous as ever, the deal climate not so much as boutique investment bank Allen & Co. prepares to host its annual Sun Valley retreat. After guests arrive on Tuesday, official activities get under way Wednesday.
The annual ritual of media-mogul whitewater rafting and shop talk is a 40-year, post-July 4 tradition. It was suspended in 2020 during the worst of Covid but returned last year in a pared-down, masked-and-vaxxed version soon after two major deals were announced — the Warner Media/Discovery merger and Amazon’s planned takeover of MGM. Discovery’s then CEO David Zaslav’s first comment to the Sun Valley press cadre a year ago: “We’re not done yet.”
Now he’s chief executive of the new Warner Bros. Discovery and will likely be more circumspect as the high-debt company tries to deliver on a promised 3 billion in cost savings, and, with its peers, weather a brutal stock market,...
The annual ritual of media-mogul whitewater rafting and shop talk is a 40-year, post-July 4 tradition. It was suspended in 2020 during the worst of Covid but returned last year in a pared-down, masked-and-vaxxed version soon after two major deals were announced — the Warner Media/Discovery merger and Amazon’s planned takeover of MGM. Discovery’s then CEO David Zaslav’s first comment to the Sun Valley press cadre a year ago: “We’re not done yet.”
Now he’s chief executive of the new Warner Bros. Discovery and will likely be more circumspect as the high-debt company tries to deliver on a promised 3 billion in cost savings, and, with its peers, weather a brutal stock market,...
- 7/2/2022
- by Jill Goldsmith
- Deadline Film + TV
Salaries for senior executives at Fox Corporation declined in the company’s most recent fiscal year as the owner of Fox News Channel and the Fox broadcast network reduced compensation packages as part of dealing with conditions spurred by the coronavirus pandemic.
Lachlan Murdoch, CEO of Fox and executive chairman, saw his total compensation fall to $27.7 million in fiscal 2021, compared with $29.2 million in the previous fiscal year, marking a decrease of approximately 5%. Rupert Murdoch, the company’s executive chairman and the CEO’s father, saw his total compensation dip to $31.1 million, compared with $34 million in the previous fiscal year, representing a drop of approximately 8.4%.
The pay packages were detailed Friday in proxy filings with the U.S. Securities and Exchange Commission.
John Nallen, the company’s chief operating officer, saw his total compensation fall to $12.5 million from $13.1 million in the previous fiscal year.
Top executives at Fox had agreed to...
Lachlan Murdoch, CEO of Fox and executive chairman, saw his total compensation fall to $27.7 million in fiscal 2021, compared with $29.2 million in the previous fiscal year, marking a decrease of approximately 5%. Rupert Murdoch, the company’s executive chairman and the CEO’s father, saw his total compensation dip to $31.1 million, compared with $34 million in the previous fiscal year, representing a drop of approximately 8.4%.
The pay packages were detailed Friday in proxy filings with the U.S. Securities and Exchange Commission.
John Nallen, the company’s chief operating officer, saw his total compensation fall to $12.5 million from $13.1 million in the previous fiscal year.
Top executives at Fox had agreed to...
- 9/17/2021
- by Brian Steinberg
- Variety Film + TV
Fox chairman and patriarch Rupert Murdoch’s racked up $31.1 million in total compensation for the company’s fiscal year ended in June, down 8.4% from close to $40 million the year before.
Total compensation for Lachlan Murdoch, executive chairman and CEO of Fox, came in at nearly $27.7 million, down 5% from just over $29 million, according to a proxy statement filed Friday with the Securities and Exchange Commission that details salaries of the top five highest paid corporate executives.
The duo is among the most highly compensated in a highly paid stratosphere of media CEOs. Companies reporting on a calendar year mostly report pay in the spring and the number that came out then were widely criticized not only because of the broad economic fallout of Covid, but also because CEOs, after the pandemic hit last spring, seemed to want to share the pain by forgoing or reducing base salaries. The Murdoch’s both...
Total compensation for Lachlan Murdoch, executive chairman and CEO of Fox, came in at nearly $27.7 million, down 5% from just over $29 million, according to a proxy statement filed Friday with the Securities and Exchange Commission that details salaries of the top five highest paid corporate executives.
The duo is among the most highly compensated in a highly paid stratosphere of media CEOs. Companies reporting on a calendar year mostly report pay in the spring and the number that came out then were widely criticized not only because of the broad economic fallout of Covid, but also because CEOs, after the pandemic hit last spring, seemed to want to share the pain by forgoing or reducing base salaries. The Murdoch’s both...
- 9/17/2021
- by Jill Goldsmith
- Deadline Film + TV
Rupert Murdoch and Lachlan Murdoch both made significantly less money in 2020 than they did in 2019. But don’t feel sorry for either father or son — the senior Fox executives still made tens of millions of dollars apiece.
In 2020, chairman Rupert Murdoch made $34 million, down from $42.2 million in 2019. CEO Lachlan Murdoch earned $29.2 million this fiscal year, down from his $42.1 million haul last year.
Part of the decrease can be attributed to the fact that both Murdochs, along with other senior executives, agreed in May to forgo salaries through September in order to help the company weather the effects of the coronavirus pandemic. Other executives took similar paycuts, including COO John Nallen, chief legal and policy officer Viet Dinh and CFO Steve Tomsic.
Lachlan Murdoch’s base salary declined from $3 million last year to $2.5 million in the fiscal year ending June 30, while Rupert Murdoch’s base salary decreased from $6.5 million to $4.2 million.
In 2020, chairman Rupert Murdoch made $34 million, down from $42.2 million in 2019. CEO Lachlan Murdoch earned $29.2 million this fiscal year, down from his $42.1 million haul last year.
Part of the decrease can be attributed to the fact that both Murdochs, along with other senior executives, agreed in May to forgo salaries through September in order to help the company weather the effects of the coronavirus pandemic. Other executives took similar paycuts, including COO John Nallen, chief legal and policy officer Viet Dinh and CFO Steve Tomsic.
Lachlan Murdoch’s base salary declined from $3 million last year to $2.5 million in the fiscal year ending June 30, while Rupert Murdoch’s base salary decreased from $6.5 million to $4.2 million.
- 9/23/2020
- by Tony Maglio and Reid Nakamura
- The Wrap
Fox Corp. and Walt Disney have both reinstated executive salaries for most of those impacted by temporary pay cuts amid the Covid-19 pandemic, according to those familiar with the situation.
At Fox, the parent company of Fox Entertainment, Fox News, Fox Business and Fox Sports, compensation reductions of 15% for execs at the vice president level and above came to an end on July 31. That move affected around 700 employees at the company.
“The sacrifice you have made over the past several months has allowed us to protect our full-time colleagues with salary and benefit continuation,” said Viet Dinh, Fox’s chief legal and policy officer, in an email to impacted employees.
In April, just weeks after the pandemic forced television and film production to shut down and most of Hollywood to work from home, Fox CEO Lachlan Murdoch informed staff that the company would pay for their health insurance premiums and waive co-pays.
At Fox, the parent company of Fox Entertainment, Fox News, Fox Business and Fox Sports, compensation reductions of 15% for execs at the vice president level and above came to an end on July 31. That move affected around 700 employees at the company.
“The sacrifice you have made over the past several months has allowed us to protect our full-time colleagues with salary and benefit continuation,” said Viet Dinh, Fox’s chief legal and policy officer, in an email to impacted employees.
In April, just weeks after the pandemic forced television and film production to shut down and most of Hollywood to work from home, Fox CEO Lachlan Murdoch informed staff that the company would pay for their health insurance premiums and waive co-pays.
- 8/20/2020
- by Elaine Low
- Variety Film + TV
Exclusive: Thousands of executives across The Walt Disney Company and Fox Corporation are getting their paychecks restored to pre-covid-19 levels.
We hear the temporary pay cuts, which Fox imposed due to the impact of the coronavirus pandemic on the entertainment industry, ended July 31 as originally planned. The Disney temporary salary reductions, which had been open-ended, will be lifted starting August 23., sources say.
The impacted executives from both companies were recently notified in internal emails, we’ve learned.
Citing the adverse affects of the pandemic, Fox Corp. Executive chairman-ceo Lachlan Murdoch on April 22 informed staff that, both chairman Rupert Murdoch and himself, along with COO John Nallen, chief legal and policy officer Viet Dinh and CFO Steve Tomsic, will forgo their salaries through September 30, with the rest of Lachlan Murdoch’s direct reports executive team reducing their salaries by 50% through the same period. Those reductions are still in effect and will...
We hear the temporary pay cuts, which Fox imposed due to the impact of the coronavirus pandemic on the entertainment industry, ended July 31 as originally planned. The Disney temporary salary reductions, which had been open-ended, will be lifted starting August 23., sources say.
The impacted executives from both companies were recently notified in internal emails, we’ve learned.
Citing the adverse affects of the pandemic, Fox Corp. Executive chairman-ceo Lachlan Murdoch on April 22 informed staff that, both chairman Rupert Murdoch and himself, along with COO John Nallen, chief legal and policy officer Viet Dinh and CFO Steve Tomsic, will forgo their salaries through September 30, with the rest of Lachlan Murdoch’s direct reports executive team reducing their salaries by 50% through the same period. Those reductions are still in effect and will...
- 8/20/2020
- by Nellie Andreeva and Dominic Patten
- Deadline Film + TV
As of 9 p.m. Et NFL Network and NFL RedZone are no longer available to Dish and Sling TV subscribers. In a press release, the league said, “NFL Media remains committed to negotiating an agreement and has offered terms consistent with those in place with other distributors.”
The NFL dispute is an additional blow to already sports-starved Dish subscribers. The former Fox regional sports networks — now run by Sinclair — which carry Mlb, Mls, NHL and NBA programming are also dark on the service.
Without a distribution agreement in place for NFL Network and NFL RedZone, Dish and Sling subscribers will miss daily shows Good Morning Football, NFL Total Access and NFL Now and the newly launched Player’s Choice series featuring classic games and long-form storytelling from the NFL Films archive.
For the 2020 season, NFL Network is only place viewers can watch all 65 preseason games, including 23 live out-of-market games. The...
The NFL dispute is an additional blow to already sports-starved Dish subscribers. The former Fox regional sports networks — now run by Sinclair — which carry Mlb, Mls, NHL and NBA programming are also dark on the service.
Without a distribution agreement in place for NFL Network and NFL RedZone, Dish and Sling subscribers will miss daily shows Good Morning Football, NFL Total Access and NFL Now and the newly launched Player’s Choice series featuring classic games and long-form storytelling from the NFL Films archive.
For the 2020 season, NFL Network is only place viewers can watch all 65 preseason games, including 23 live out-of-market games. The...
- 6/19/2020
- by Tom Tapp
- Deadline Film + TV
Now that the last broadcast network (ABC) has set its 2020-21 schedule, the next question for the TV business is how and when networks will sell upfront advertising that helps keep the lights on.
Madison Avenue marketing plans are on an uneven footing due to Covid-19, and the typical upfront negotiations held in the springtime are expected to drag on through the summer. Live sports’ return remains a major question mark and production is at a standstill of now, leading most forecasters to predict the steepest drops in TV ad spending in at least a decade.
In this murky climate, the broadcast networks have taken strikingly different approaches to scheduling and their message to advertisers. Fox and the CW are keeping most of their programming powder dry until January, while ABC, CBS and NBC are planning “regular” slates starting in the fall, with all but a small handful of shows renewed from last season.
Madison Avenue marketing plans are on an uneven footing due to Covid-19, and the typical upfront negotiations held in the springtime are expected to drag on through the summer. Live sports’ return remains a major question mark and production is at a standstill of now, leading most forecasters to predict the steepest drops in TV ad spending in at least a decade.
In this murky climate, the broadcast networks have taken strikingly different approaches to scheduling and their message to advertisers. Fox and the CW are keeping most of their programming powder dry until January, while ABC, CBS and NBC are planning “regular” slates starting in the fall, with all but a small handful of shows renewed from last season.
- 6/17/2020
- by Dade Hayes
- Deadline Film + TV
Though the Ncaa has yet to vote on its plan for the 2020 college football season amid the pandemic, Fox Corporation COO John Nallen doesn’t think that the media giant will need to formulate a backup plan to fill a potential college-football-shaped hole in its programming this year.
“Look, I don’t think that’s the case,” Nallen said during a webcast presentation for the Credit Suisse 22nd Annual Virtual Communications Conference Tuesday, when asked what the “backup plan” would be for the Fox broadcast network and Fox Sports’ cable channel FS1 if there was “no college football this year.”
“College football, the issue there is that there are just so many teams involved, so many universities involved, so many administrators that have to make decisions, not only about football, but about their own universities,” Nallen told the investor conference. “When are they returning? How are they returning? And some...
“Look, I don’t think that’s the case,” Nallen said during a webcast presentation for the Credit Suisse 22nd Annual Virtual Communications Conference Tuesday, when asked what the “backup plan” would be for the Fox broadcast network and Fox Sports’ cable channel FS1 if there was “no college football this year.”
“College football, the issue there is that there are just so many teams involved, so many universities involved, so many administrators that have to make decisions, not only about football, but about their own universities,” Nallen told the investor conference. “When are they returning? How are they returning? And some...
- 6/16/2020
- by Jennifer Maas
- The Wrap
Fox Corp. COO John Nallen confirmed the company is in “very, very early discussions” with the NFL about renewing its rights deal with the league, a closely watched process that he said often gets misconstrued.
Investors should “get away from the press headlines of average annual value growth,” he said during an appearance Tuesday at the Credit Suisse Virtual Communications Conference. “It’s absurd.”
In Fox’s former configuration as 21st Century Fox, it paid a reported $1.1 billion in 2011 to reup with the NFL at the same time NBC, CBS and ESPN also extended their deals in a collective $7 billion outlay. Those rights expire after the 2022 season, and the clout of the NFL — whose top-rated telecasts are a ballast for advertising and pay-tv — has increased scrutiny on the renewal process. After selling about two-thirds of its assets to Disney in 2019, Fox is also a much smaller company than the one...
Investors should “get away from the press headlines of average annual value growth,” he said during an appearance Tuesday at the Credit Suisse Virtual Communications Conference. “It’s absurd.”
In Fox’s former configuration as 21st Century Fox, it paid a reported $1.1 billion in 2011 to reup with the NFL at the same time NBC, CBS and ESPN also extended their deals in a collective $7 billion outlay. Those rights expire after the 2022 season, and the clout of the NFL — whose top-rated telecasts are a ballast for advertising and pay-tv — has increased scrutiny on the renewal process. After selling about two-thirds of its assets to Disney in 2019, Fox is also a much smaller company than the one...
- 6/16/2020
- by Dade Hayes
- Deadline Film + TV
Fox’s senior executive team, including co-chairman Rupert Murdoch and CEO Lachlan Murdoch, will forgo their salaries while other senior-level members will take 50% pay cuts as the company weathers the coronavirus.
Both Murdochs, as well as other executive officers COO John Nallen, chief legal and policy officer Viet Dinh and CFO Steve Tomsic, will not take a salary through September 30, while Lachlan Murdoch’s direct-report executive team, including Fox News CEO Suzanne Scott, will reduce their salaries by 50% through the same period. From May 1st through July 31st, 2020, executives at the VP level and above will reduce their salaries by 15%.
“Collectively, these salary reductions will impact about 700 of our colleagues,” Lachlan Murdoch wrote in a memo. “And we are suspending compensation increases throughout the company, including for the Board of Directors.” The company has also extended its work from home policy through May 15th, which dovetails with the current end...
Both Murdochs, as well as other executive officers COO John Nallen, chief legal and policy officer Viet Dinh and CFO Steve Tomsic, will not take a salary through September 30, while Lachlan Murdoch’s direct-report executive team, including Fox News CEO Suzanne Scott, will reduce their salaries by 50% through the same period. From May 1st through July 31st, 2020, executives at the VP level and above will reduce their salaries by 15%.
“Collectively, these salary reductions will impact about 700 of our colleagues,” Lachlan Murdoch wrote in a memo. “And we are suspending compensation increases throughout the company, including for the Board of Directors.” The company has also extended its work from home policy through May 15th, which dovetails with the current end...
- 4/22/2020
- by Tim Baysinger
- The Wrap
Fox Corp. will cut senior executive salaries on a short-term basis in response to the coronavirus pandemic. The move was announced Wednesday in a memo from chief executive Lachlan Murdoch.
Read the full memo below.
More to come…
Dear Colleagues,
Together, we are navigating an unprecedented health crisis. While most Americans are staying at home, I want to recognize the magnificent work you are doing to keep our neighbors, friends and families informed and entertained and our company running smoothly in this unique moment in history. Because of your effort, and the years of hard work that preceded it, we are in a strong position to weather this storm.
For those of you most affected by the virus, whether directly or through a loved one, I want to offer my deepest concern and compassion. Since the onset of the crisis our priority has been the health and well-being of our people.
Read the full memo below.
More to come…
Dear Colleagues,
Together, we are navigating an unprecedented health crisis. While most Americans are staying at home, I want to recognize the magnificent work you are doing to keep our neighbors, friends and families informed and entertained and our company running smoothly in this unique moment in history. Because of your effort, and the years of hard work that preceded it, we are in a strong position to weather this storm.
For those of you most affected by the virus, whether directly or through a loved one, I want to offer my deepest concern and compassion. Since the onset of the crisis our priority has been the health and well-being of our people.
- 4/22/2020
- by Daniel Holloway
- Variety Film + TV
Fox Corporation is the latest major media company to implement cost-cutting measures to mitigate the impact from the Covid-19 pandemic. The company is imposing temporary across-the-board pay cuts for executives VP and above. Executive Chairman and Chief Executive Officer Lachlan Murdoch just made the announcement in an internal memo. Read it below.
Fox Corporation’s Named Executive Officers – Rupert and Lachlan Murdoch, John Nallen, Viet Dinh and Steve Tomsic– will forego their salaries through September 30, 2020. (Salary reductions increase progressively from 15% for VP level to 50% for the remaining direct Lachlan Murdoch reports.) Raises throughout the company are suspended, including for the Board of Directors. There are no plans for layoffs and furloughs.
Fox...
Fox Corporation’s Named Executive Officers – Rupert and Lachlan Murdoch, John Nallen, Viet Dinh and Steve Tomsic– will forego their salaries through September 30, 2020. (Salary reductions increase progressively from 15% for VP level to 50% for the remaining direct Lachlan Murdoch reports.) Raises throughout the company are suspended, including for the Board of Directors. There are no plans for layoffs and furloughs.
Fox...
- 4/22/2020
- by Nellie Andreeva
- Deadline Film + TV
Over the past two weeks, Disney and Fox Corporation both issued warnings of “adverse impact” from the coronavirus pandemic on their business. Both companies also sold debt securities, raising $6 billion and $1.2 billion, respectively.
Disney, which combines the company’s legacy assets with those acquired in the $71.3 billion Fox acquisition, this week sent an internal memo announcing companywide pay cuts for all executives VP and above.
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Meanwhile, Fox Corporation, comprised of the assets left behind in the merger, two weeks ago sent an internal memo informing employees the company would be covering everyone’s medical insurance premiums for the next six months. “Your health and safety are our priority during this challenging time,” CFO John Nallen wrote in the memo.
Disney, which combines the company’s legacy assets with those acquired in the $71.3 billion Fox acquisition, this week sent an internal memo announcing companywide pay cuts for all executives VP and above.
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Meanwhile, Fox Corporation, comprised of the assets left behind in the merger, two weeks ago sent an internal memo informing employees the company would be covering everyone’s medical insurance premiums for the next six months. “Your health and safety are our priority during this challenging time,” CFO John Nallen wrote in the memo.
- 4/2/2020
- by Nellie Andreeva
- Deadline Film + TV
Fox Corp. will cover medical insurance premiums for employees enrolled in Fox-sponsored and union plans for the next six months, chief operating officer John Nallen said in a memo to staff over the weekend. It’s the latest move in an industry trying to address the financial fallout of the coronavirus pandemic on employees.
See memo below:
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Colleagues,
While we are all focused on staying healthy and safe, I want to highlight for you several features of your Fox medical insurance package, including new benefits offered in response to the spread of Coronavirus.
First, effective with your next pay period and continuing for the next six months,...
See memo below:
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Colleagues,
While we are all focused on staying healthy and safe, I want to highlight for you several features of your Fox medical insurance package, including new benefits offered in response to the spread of Coronavirus.
First, effective with your next pay period and continuing for the next six months,...
- 3/17/2020
- by Jill Goldsmith
- Deadline Film + TV
Fox Corporation intends to add new medical benefits for its employee base in response to concerns about the nation’s coronavirus crisis.
In a memo sent to staffers, Fox Corp. COO John Nallen indicated Fox Corp. would for the next six months ” cover medical insurance premiums for employees enrolled in the Fox-sponsored plans. This means that the premium payment that you make through your normal pay cycle process will be suspended for the next six months while the Company makes that medical insurance premium payment for you.”
He said Fox would also cover “six months of any employee-paid portion of medical insurance premiums for our full-time staff union employees who receive medical coverage through union medical plans.” The company also plans to waive co-payments for a “Telemedicine” service that offers access to doctors by phone or video to employees with Fox benefits.
Additionally, we will be waiving the copay for Telemedicine,...
In a memo sent to staffers, Fox Corp. COO John Nallen indicated Fox Corp. would for the next six months ” cover medical insurance premiums for employees enrolled in the Fox-sponsored plans. This means that the premium payment that you make through your normal pay cycle process will be suspended for the next six months while the Company makes that medical insurance premium payment for you.”
He said Fox would also cover “six months of any employee-paid portion of medical insurance premiums for our full-time staff union employees who receive medical coverage through union medical plans.” The company also plans to waive co-payments for a “Telemedicine” service that offers access to doctors by phone or video to employees with Fox benefits.
Additionally, we will be waiving the copay for Telemedicine,...
- 3/17/2020
- by Brian Steinberg
- Variety Film + TV
Walk the hallways of Fox Entertainment’s headquarters at its Century City lot, and you’ll find posters touting the company’s new mission statements. One hypes Fox’s “brand pillars,” which include “big swings,” “mass appeal” and “visceral reactions.” Another reminds employees, “We don’t play by the rules, we change the game.”
Then there’s the slogan that perhaps best describes Fox’s recent transition into an independent entity: “We break things to make new things.”
Welcome to the new Fox, same as the old Fox — except when it’s not. As he marks his first-year anniversary next month as the CEO of Fox Entertainment, Charlie Collier has leaned on the network’s legacy as an aggressive underdog that disrupted the broadcast business. But he’s using that as the foundation to reposition Fox as a nimble, independent programmer, one that’s no longer part of a huge media conglomerate.
Then there’s the slogan that perhaps best describes Fox’s recent transition into an independent entity: “We break things to make new things.”
Welcome to the new Fox, same as the old Fox — except when it’s not. As he marks his first-year anniversary next month as the CEO of Fox Entertainment, Charlie Collier has leaned on the network’s legacy as an aggressive underdog that disrupted the broadcast business. But he’s using that as the foundation to reposition Fox as a nimble, independent programmer, one that’s no longer part of a huge media conglomerate.
- 10/30/2019
- by Michael Schneider
- Variety Film + TV
In fiscal 2019, a period when the shape of the Murdoch media empire was transformed due to the sale to Disney of most of 21st Century Fox, Rupert and Lachlan Murdoch saw their total compensation decline.
According to a proxy statement filed by Fox Corp. with the SEC, chairman Rupert Murdoch collected $42.2 million in salary and bonuses in the fiscal year ending June 30, down nearly 17% from $49.2 million in 2018. CEO Lachlan Murdoch, meanwhile, took in $42.1 million, a 17% falloff from $50.7 million in the prior year.
The $71.3 billion Disney-Fox deal closed in March, and made Fox Corp. a much smaller and more focused media entity centered on the Fox broadcast network, Fox News, Fox Sports and a local TV station portfolio. After 21st Century Fox faded from the scene, a new publicly held entity, Fox Corp., took its place.
Because of that significant transaction, the proxy filing included a table laying out pro...
According to a proxy statement filed by Fox Corp. with the SEC, chairman Rupert Murdoch collected $42.2 million in salary and bonuses in the fiscal year ending June 30, down nearly 17% from $49.2 million in 2018. CEO Lachlan Murdoch, meanwhile, took in $42.1 million, a 17% falloff from $50.7 million in the prior year.
The $71.3 billion Disney-Fox deal closed in March, and made Fox Corp. a much smaller and more focused media entity centered on the Fox broadcast network, Fox News, Fox Sports and a local TV station portfolio. After 21st Century Fox faded from the scene, a new publicly held entity, Fox Corp., took its place.
Because of that significant transaction, the proxy filing included a table laying out pro...
- 9/23/2019
- by Dade Hayes
- Deadline Film + TV
Fox Sports is entering the legalized sports betting arena “ambitiously, aggressively, but also responsibly,” the division’s chief, Eric Shanks, declared during the Fox Corp. investor day Thursday.
Fox Bet, a new offering catering to those newly permitted to lay wagers in multiple states after a Supreme Court ruling cleared the path, will be “up and running by this football season,” Shanks said. He did not offer a detailed look at the service, which was made possible by a partnership between Fox and Canadian gambling outfit The Stars Group, which was announced yesterday.
Fox will become the first established media company to put its name on betting products aiming to compete in states with legalized betting against companies like FanDuel and DraftKings. In exchange for a $236 million investment in Stars, Fox gets about 5% of the company.
The push into betting was among several key points in Shanks’ presentation to Wall Street...
Fox Bet, a new offering catering to those newly permitted to lay wagers in multiple states after a Supreme Court ruling cleared the path, will be “up and running by this football season,” Shanks said. He did not offer a detailed look at the service, which was made possible by a partnership between Fox and Canadian gambling outfit The Stars Group, which was announced yesterday.
Fox will become the first established media company to put its name on betting products aiming to compete in states with legalized betting against companies like FanDuel and DraftKings. In exchange for a $236 million investment in Stars, Fox gets about 5% of the company.
The push into betting was among several key points in Shanks’ presentation to Wall Street...
- 5/9/2019
- by Dade Hayes
- Deadline Film + TV
Rupert Murdoch began Fox Corp.’s investor day, appearing solo onstage to emphasize the effectiveness of the company’s evolution.
The architect of the Fox empire said that even before the milestone Disney deal, which closed in March, Fox was “pivoting at a pivotal moment while staying true of course to our principles and our purpose.”
In recent years, he said, “Our efforts have been focused on simplifying our structure.” The Disney deal, which involved the transfer of two-thirds of the company, “gave us the opportunity to create a more focused company.”
Lachlan Murdoch, executive chairman and CEO of Fox, said the company is “returning to its roots” and is positioned “at the apex of our peers in the media business.”
He described the company’s run over three-plus decades as a hand-crafted affair. “Our assets, except for the stations, were built from the ground up,” he said. Post-merger, the...
The architect of the Fox empire said that even before the milestone Disney deal, which closed in March, Fox was “pivoting at a pivotal moment while staying true of course to our principles and our purpose.”
In recent years, he said, “Our efforts have been focused on simplifying our structure.” The Disney deal, which involved the transfer of two-thirds of the company, “gave us the opportunity to create a more focused company.”
Lachlan Murdoch, executive chairman and CEO of Fox, said the company is “returning to its roots” and is positioned “at the apex of our peers in the media business.”
He described the company’s run over three-plus decades as a hand-crafted affair. “Our assets, except for the stations, were built from the ground up,” he said. Post-merger, the...
- 5/9/2019
- by Dade Hayes
- Deadline Film + TV
Lachlan Murdoch, CEO of the new slimmed-down Fox Corp., on Thursday squashed any idea of realigning with the Murdoch-controlled NewsCorp. “We will not reunite with News Corporation,” he bluntly said at Fox’s Investor Day.
Instead, the new entertainment company will stick with its “efficient capital structure,” Murdoch said, only taking “measured risks.” He added that the new company, which is heavy on live sports and news since selling off the bulk of its film and TV assets to Disney earlier this year, will remain “focused” and “won’t get distracted.”
New Fox is also still the home to the broadcast network, which houses “Empire,” “The Simpsons,” “Family Guy,” “The Orville,” NFL games and, soon, WWE’s “SmackDown Live.”
Also Read: Fox Beats Wall Street's Expectations in First Quarterly Earnings After Disney Sell-Off
Fox and the Australian-born News Corp. spun off from one-another in 2013. They’ll stay cousins and not brothers,...
Instead, the new entertainment company will stick with its “efficient capital structure,” Murdoch said, only taking “measured risks.” He added that the new company, which is heavy on live sports and news since selling off the bulk of its film and TV assets to Disney earlier this year, will remain “focused” and “won’t get distracted.”
New Fox is also still the home to the broadcast network, which houses “Empire,” “The Simpsons,” “Family Guy,” “The Orville,” NFL games and, soon, WWE’s “SmackDown Live.”
Also Read: Fox Beats Wall Street's Expectations in First Quarterly Earnings After Disney Sell-Off
Fox and the Australian-born News Corp. spun off from one-another in 2013. They’ll stay cousins and not brothers,...
- 5/9/2019
- by Tony Maglio
- The Wrap
Rupert Murdoch opened Fox Corp.’s Investor Day presentation on Thursday with a promise that the slimmed-down company will be a Wall Street growth story.
Murdoch, Fox Corp. chairman, told the crowd in New York that he decided to sell most of his Hollywood assets to Disney in order to make the most out of all that he had assembled over the past few decades. “We were pivoting at a pivotal moment while staying true of course to our principles and our purpose,” he said.
Murdoch asserted that the 20th Century Fox studio and other assets were better off under the Disney umbrella in order to achieve scale rather than struggle to compete against the deep pockets of the tech giants moving into video.
The remaining businesses that form the new Fox Corp. — Fox Broadcasting, Fox News and Fox Sports — will be energized with new focus and resources.
“A good...
Murdoch, Fox Corp. chairman, told the crowd in New York that he decided to sell most of his Hollywood assets to Disney in order to make the most out of all that he had assembled over the past few decades. “We were pivoting at a pivotal moment while staying true of course to our principles and our purpose,” he said.
Murdoch asserted that the 20th Century Fox studio and other assets were better off under the Disney umbrella in order to achieve scale rather than struggle to compete against the deep pockets of the tech giants moving into video.
The remaining businesses that form the new Fox Corp. — Fox Broadcasting, Fox News and Fox Sports — will be energized with new focus and resources.
“A good...
- 5/9/2019
- by Cynthia Littleton
- Variety Film + TV
Fox Corp has named Fox Television Stations chief financial officer Joseph Dorrego as Chief Investor Relations Officer and Evp Corporate Initiatives. He will lead the development and execution of the investor relations program and oversee other initiatives at the company that will come into being when Disney’s merger with 21st Century Fox is completed likely the he first half of this year.
Dorrego had previously been VP Investor Relations at 21st Century Fox, and before that he was VP Finance. In the new company he will report to COO John Nallen.
“Joe will play an important role as Fox Corporation looks to engage and inform shareholders and the financial community,” Nallen said. “Not only is he incredibly familiar with Fox’s portfolio of assets and our vision for the company’s future, Joe also possesses a deep understanding of our industry that will enable him to highlight our unique position in the market.
Dorrego had previously been VP Investor Relations at 21st Century Fox, and before that he was VP Finance. In the new company he will report to COO John Nallen.
“Joe will play an important role as Fox Corporation looks to engage and inform shareholders and the financial community,” Nallen said. “Not only is he incredibly familiar with Fox’s portfolio of assets and our vision for the company’s future, Joe also possesses a deep understanding of our industry that will enable him to highlight our unique position in the market.
- 2/14/2019
- by Patrick Hipes
- Deadline Film + TV
Two days after the announcement of the new Disney-ABC leadership made the prospect of the pending Disney acquisition of Fox assets very real, Fox leaders Peter Rice and John Nallen held a Town Hall meeting to reassure the company rank and file. Rice, President of 21st Century Fox and Chairman and CEO of Fox Networks Group, is headed to Disney as Chairman, Walt Disney Television and Co-Chair, Disney Media Networks. He took questions related to the assets and staffers moving to Disney. Nallen is Senior Evp and CFO of 21st Century Fox and soon-to-be COO of New Fox. He fielded inquiries re: New Fox.
Rice, who opened the meeting, reiterated that the company will be prepared for a January 1 transaction close as the Disney acquisition is expected to be completed anytime during the first half of 2019. That involves Fox’s organizational process readiness; the transition of people will...
Rice, who opened the meeting, reiterated that the company will be prepared for a January 1 transaction close as the Disney acquisition is expected to be completed anytime during the first half of 2019. That involves Fox’s organizational process readiness; the transition of people will...
- 10/10/2018
- by Nellie Andreeva
- Deadline Film + TV
Fox will be logistically ready for its pending mega-deal with the Walt Disney Co. to close Jan. 1, top exec Peter Rice told employees Wednesday. According to sources present at a town hall meeting on the Fox lot in Los Angeles, Rice reiterated that the deal is still on track to close sometime in the first half of 2019, either in the first or second quarter. But he said that structure of New Fox — down to elements such as human resources and payroll — will be ready to go by Jan. 1. Regulatory processes will likely drag the ultimate closure beyond that date.
Rice, the 21st Century Fox president who is set to join Disney as a top TV exec when the deal closes, was joined onstage by John Nallen, the 21st Century CFO. Nallen is set to become COO of so-called New Fox, the company that will be spun out of the remaining...
Rice, the 21st Century Fox president who is set to join Disney as a top TV exec when the deal closes, was joined onstage by John Nallen, the 21st Century CFO. Nallen is set to become COO of so-called New Fox, the company that will be spun out of the remaining...
- 10/10/2018
- by Daniel Holloway
- Variety Film + TV
New Fox — or, as it now calls itself, just “Fox” — has unveiled promotions for five top executives along with other organizational moves before the Disney-21st Century Fox deal closes in the coming months.
The main promotions are: Eric Shanks, to CEO of Fox Sports from his current role of President, Chief Operating Officer & Executive Producer, Fox Sports; Mike Biard, to President, Operations and Distribution for Fox from President, Distribution for Fox Networks Group; Paul Cheesbrough, promoted to Chief Technology Officer and Head of Direct to Consumer Platforms for Fox; and Steve Tomsic to Fox’s Chief Financial Officer. Tomsic is currently 21Cf’s Evp, Finance and Deputy CFO.
As Deadline reported yesterday, Marianne Gambelli will be elevated to President of Ad Sales for Fox. She is currently President of Ad Sales for Fox News Channel and Fox Business Network.
Fox TV Group chairman and CEO Gary Newman is...
The main promotions are: Eric Shanks, to CEO of Fox Sports from his current role of President, Chief Operating Officer & Executive Producer, Fox Sports; Mike Biard, to President, Operations and Distribution for Fox from President, Distribution for Fox Networks Group; Paul Cheesbrough, promoted to Chief Technology Officer and Head of Direct to Consumer Platforms for Fox; and Steve Tomsic to Fox’s Chief Financial Officer. Tomsic is currently 21Cf’s Evp, Finance and Deputy CFO.
As Deadline reported yesterday, Marianne Gambelli will be elevated to President of Ad Sales for Fox. She is currently President of Ad Sales for Fox News Channel and Fox Business Network.
Fox TV Group chairman and CEO Gary Newman is...
- 10/2/2018
- by Dade Hayes
- Deadline Film + TV
“New Fox” has laid out its executive team for what remains after the Disney acquisition.
Here are the key bullet points:
Eric Shanks, elevated to Chief Executive Officer of Fox Sports from his current role of President, Chief Operating Officer & Executive Producer, Fox Sports; Mike Biard, elevated to President, Operations and Distribution for Fox from President, Distribution for Fox Networks Group; Paul Cheesbrough, promoted to Chief Technology Officer and Head of Direct to Consumer Platforms for Fox; currently serves as 21Cf’s Cto; Marianne Gambelli, elevated to President of Ad Sales for Fox; currently serves as President of Ad Sales for Fox News Channel and Fox Business Network; Steve Tomsic, promoted to Fox’s Chief Financial Officer; currently serves as 21Cf’s Evp, Finance and Deputy CFO.
Also Read: Rupert Murdoch and Sons Pay Soars as Fox-Disney Deal Awaits Completion
“We are fortunate to be able to continue working with...
Here are the key bullet points:
Eric Shanks, elevated to Chief Executive Officer of Fox Sports from his current role of President, Chief Operating Officer & Executive Producer, Fox Sports; Mike Biard, elevated to President, Operations and Distribution for Fox from President, Distribution for Fox Networks Group; Paul Cheesbrough, promoted to Chief Technology Officer and Head of Direct to Consumer Platforms for Fox; currently serves as 21Cf’s Cto; Marianne Gambelli, elevated to President of Ad Sales for Fox; currently serves as President of Ad Sales for Fox News Channel and Fox Business Network; Steve Tomsic, promoted to Fox’s Chief Financial Officer; currently serves as 21Cf’s Evp, Finance and Deputy CFO.
Also Read: Rupert Murdoch and Sons Pay Soars as Fox-Disney Deal Awaits Completion
“We are fortunate to be able to continue working with...
- 10/2/2018
- by Tony Maglio and Tim Baysinger
- The Wrap
Lachlan Murdoch unveiled Tuesday the executive team that will run a new, slimmed-down and live-tv-and-sports focused 21st Century Fox once the company sells a large chunk of its assets to Walt Disney Co., a mammoth $71.3 billion deal that is expected to close in 2019.
Murdoch, who will become chairman and CEO of a spun-off entity currently being called “New Fox,” appointed a handful of veteran executives to top roles. Eric Shanks, currently president, chief operating officer and executive producer of Fox Sports, will become CEO of the division. Mike Biard, now president of distribution for Fox Networks Group, will become president of operations and distribution for the whole company. Paul Cheesbrough, currently chief technology officer of 21st Century Fox, will be Cto and head of direct-to-consumer platforms for the new company. Marianne Gambelli, now president of ad sales for Fox News Channel and Fox Business Network, will be president of ad sales for the entire company.
Murdoch, who will become chairman and CEO of a spun-off entity currently being called “New Fox,” appointed a handful of veteran executives to top roles. Eric Shanks, currently president, chief operating officer and executive producer of Fox Sports, will become CEO of the division. Mike Biard, now president of distribution for Fox Networks Group, will become president of operations and distribution for the whole company. Paul Cheesbrough, currently chief technology officer of 21st Century Fox, will be Cto and head of direct-to-consumer platforms for the new company. Marianne Gambelli, now president of ad sales for Fox News Channel and Fox Business Network, will be president of ad sales for the entire company.
- 10/2/2018
- by Brian Steinberg
- Variety Film + TV
Lines are starting to be drawn between the 21st Century divisions that are about to join Disney as part of the company’s $71.3 billion acquisition and those that will remain part of a slimmed down “New Fox.”
With a number of top Fox TV executives headed to Disney, including Peter Rice, Dana Walden and John Landgraf, there had been a lot of speculation in the past several months over the future of Fox TV Group chairman and CEO Gary Newman. I hear the veteran executive, who considered multiple options, is in final negotiations to remain at “New Fox” for the near future and oversee the broadcast network as it ushers a new era as an independent. There is no official comment from Fox on the TV executive leadership as negotiations are still ongoing but one is expected in about week. Disney’s announcement of Fox TV executives who are moving...
With a number of top Fox TV executives headed to Disney, including Peter Rice, Dana Walden and John Landgraf, there had been a lot of speculation in the past several months over the future of Fox TV Group chairman and CEO Gary Newman. I hear the veteran executive, who considered multiple options, is in final negotiations to remain at “New Fox” for the near future and oversee the broadcast network as it ushers a new era as an independent. There is no official comment from Fox on the TV executive leadership as negotiations are still ongoing but one is expected in about week. Disney’s announcement of Fox TV executives who are moving...
- 10/1/2018
- by Nellie Andreeva
- Deadline Film + TV
Rupert Murdoch and sons Lachlan and James saw their total compensation double in fiscal 2018 from 2017 due to restricted stock options related to Disney’s takeover of most of 21st Century Fox.
According to a proxy statement filed with the SEC, Rupert Murdoch’s total compensation reached $49.2 million, up from $29.3 million in 2017. Lachlan Murdoch was at $50.7 million, up from $20.6 million, while James Murdoch reached $50.3 million, compared with $20.3 million.
The huge bumps reflect the agreement with Disney on the $71.3 billion acquisition of everything but the Fox broadcast network, local stations, Fox News and FS1. The filing notes that no more stock options related to the transaction are expected between 2019 and 2021.
John Nallen, the CFO of 21st Century Fox, also saw a major increase in 2018, to $23.8 million from $10.5 million. Gerson Zweifach, the company’s general counsel, went from $7.9 million in 2017 to $19.4 million in 2018.
The Fox-Disney deal is in the final stages of regulatory approval.
According to a proxy statement filed with the SEC, Rupert Murdoch’s total compensation reached $49.2 million, up from $29.3 million in 2017. Lachlan Murdoch was at $50.7 million, up from $20.6 million, while James Murdoch reached $50.3 million, compared with $20.3 million.
The huge bumps reflect the agreement with Disney on the $71.3 billion acquisition of everything but the Fox broadcast network, local stations, Fox News and FS1. The filing notes that no more stock options related to the transaction are expected between 2019 and 2021.
John Nallen, the CFO of 21st Century Fox, also saw a major increase in 2018, to $23.8 million from $10.5 million. Gerson Zweifach, the company’s general counsel, went from $7.9 million in 2017 to $19.4 million in 2018.
The Fox-Disney deal is in the final stages of regulatory approval.
- 9/28/2018
- by Dade Hayes and Dawn C. Chmielewski
- Deadline Film + TV
Fox kicks off its “Thursday Night Football” schedule Thursday night with the Los Angeles Rams hosting the Minnesota Vikings, and the broadcaster is hoping for better luck in the league’s so-far ill-fated attempt at creating a third primetime night.
The stakes are arguably higher for Fox compared to CBS and NBC, who have shared the “Tnf” franchise the past two years. Not only did the network make the biggest financial bet — a five-year deal totaling more than $3 billion — the Murdoch-owned channel will soon be on an island after the 21st Century Fox sell-off to Disney.
During an investor conference earlier this month, 21st Century Fox’s CFO John Nallen was asked why Fox made such a big bet on “Tnf,” considering that CBS and NBC both struggled to turn a profit from their games. “You have to think in the context of New Fox, which is how we acquired that asset.
The stakes are arguably higher for Fox compared to CBS and NBC, who have shared the “Tnf” franchise the past two years. Not only did the network make the biggest financial bet — a five-year deal totaling more than $3 billion — the Murdoch-owned channel will soon be on an island after the 21st Century Fox sell-off to Disney.
During an investor conference earlier this month, 21st Century Fox’s CFO John Nallen was asked why Fox made such a big bet on “Tnf,” considering that CBS and NBC both struggled to turn a profit from their games. “You have to think in the context of New Fox, which is how we acquired that asset.
- 9/27/2018
- by Tim Baysinger
- The Wrap
Viet D. Dinh has been appointed Chief Legal and Policy Officer of “New Fox,” the Murdoch-controlled entity that will be spun off after most of 21st Century Fox is acquired by Disney.
Dinh recently stepped down as an independent director on the board of 21st Century Fox.
The new Fox portfolio will consist of the Fox broadcast network, FS1, Fox News and the company’s portfolio of In his role at Fox, Mr. Dinh will be responsible for all legal, compliance, and regulatory matters, as well as oversight of government and public affairs. He will report to Lachlan Murdoch, who will be chairman and CEO of the new entity, while also serving as a member of the Office of the Chairman. In the months prior to the close of the Disney transaction and the creation of Fox, Mr. Dinh will play an important role in setting up the new company.
Dinh recently stepped down as an independent director on the board of 21st Century Fox.
The new Fox portfolio will consist of the Fox broadcast network, FS1, Fox News and the company’s portfolio of In his role at Fox, Mr. Dinh will be responsible for all legal, compliance, and regulatory matters, as well as oversight of government and public affairs. He will report to Lachlan Murdoch, who will be chairman and CEO of the new entity, while also serving as a member of the Office of the Chairman. In the months prior to the close of the Disney transaction and the creation of Fox, Mr. Dinh will play an important role in setting up the new company.
- 9/17/2018
- by Dade Hayes
- Deadline Film + TV
At first blush, you wouldn’t expect a CFO of a major media company to talk about pro wrestling at an investor conference. But that’s exactly what happened Thursday morning at the Goldman Sachs Communacopia Conference.
John Nallen, who serves as senior executive VP and CFO for 21st Century Fox, discussed the Fox broadcast network’s deal for the WWE’s “SmackDown Live” franchise, which shifts over from USA beginning in 2019.
“It’s a 50 to 52-week-a-year sport with no repeats. It’s a new novella every week,” said Nallen, comparing it to the other sports that Fox airs, including the NFL, college football and pro baseball. “For us to have that kind of appointment programming, that audience, every week of the year, is a really unique opportunity for us.”
Also Read: Michael Luisi Fired as President of WWE Studios
The WWE and Fox agreed to a five-year deal, worth as much as $1 billion,...
John Nallen, who serves as senior executive VP and CFO for 21st Century Fox, discussed the Fox broadcast network’s deal for the WWE’s “SmackDown Live” franchise, which shifts over from USA beginning in 2019.
“It’s a 50 to 52-week-a-year sport with no repeats. It’s a new novella every week,” said Nallen, comparing it to the other sports that Fox airs, including the NFL, college football and pro baseball. “For us to have that kind of appointment programming, that audience, every week of the year, is a really unique opportunity for us.”
Also Read: Michael Luisi Fired as President of WWE Studios
The WWE and Fox agreed to a five-year deal, worth as much as $1 billion,...
- 9/13/2018
- by Tim Baysinger
- The Wrap
21st Century Fox General Counsel Gerson Zweifach will leave the company with The Walt Disney Co.’s acquisition, which is expected to close in the first half of next year.
The company said Zweifach will return to Williams & Connolly where he spent more than three decades prior to joining 21Cf. He’ll remain with Fox to see the $71.3 billion transaction through to completion.
“Gerson is one of the brightest legal minds in the business and has been instrumental in our growth having successfully led our legal and policy strategies across the globe,” said Co-Chairmen Rupert and Lachlan Murdoch in a statement. “We are grateful for his unwavering leadership during a transformational period for our business. ”
Zweifach has been responsible for global legal operations, including litigation, mergers and acquisitions, ethics and corporate governance matters. He joined the company six years ago from Williams & Connolly, where his litigation practice included media and first amendment cases,...
The company said Zweifach will return to Williams & Connolly where he spent more than three decades prior to joining 21Cf. He’ll remain with Fox to see the $71.3 billion transaction through to completion.
“Gerson is one of the brightest legal minds in the business and has been instrumental in our growth having successfully led our legal and policy strategies across the globe,” said Co-Chairmen Rupert and Lachlan Murdoch in a statement. “We are grateful for his unwavering leadership during a transformational period for our business. ”
Zweifach has been responsible for global legal operations, including litigation, mergers and acquisitions, ethics and corporate governance matters. He joined the company six years ago from Williams & Connolly, where his litigation practice included media and first amendment cases,...
- 9/13/2018
- by Dawn C. Chmielewski
- Deadline Film + TV
Lachlan Murdoch, executive chairman of 21st Century Fox, and James Murdoch, the company’s CEO, expressed optimism about the future for most of the company with Disney.
They shed little light on that aspect of their strategy, instead using a condensed conference call with Wall Street analysts to emphasize plans for the operations that will remain after the historic merger closes early next year.
It was likely their last such quarterly call as the company is currently constituted, and the execs expanded somewhat on Fox’s strong fourth quarter results. But the half-hour length of the call, about half the normal duration, left little time for blue-skying, as Disney CEO Bob Iger verged on doing yesterday.
“We haven’t been, and we won’t be, getting into any gun-jumping around trying to guess what comes next,” James Murdoch said, noting the company does not expect the deal to close before...
They shed little light on that aspect of their strategy, instead using a condensed conference call with Wall Street analysts to emphasize plans for the operations that will remain after the historic merger closes early next year.
It was likely their last such quarterly call as the company is currently constituted, and the execs expanded somewhat on Fox’s strong fourth quarter results. But the half-hour length of the call, about half the normal duration, left little time for blue-skying, as Disney CEO Bob Iger verged on doing yesterday.
“We haven’t been, and we won’t be, getting into any gun-jumping around trying to guess what comes next,” James Murdoch said, noting the company does not expect the deal to close before...
- 8/8/2018
- by Dade Hayes
- Deadline Film + TV
It’s probably, finally, going to happen.
After months of will they/won’t they financial reporting, a bidding war with the deep-pocketed Comcast and some concern over the mind-boggling amounts of money involved, The Walt Disney Company is finally on the cusp of purchasing 21st Century Fox and all its yummy mutant flavored intellectual property. This latest step came during separate Disney and Fox shareholder meetings this morning, when 99% of those present voted to approve the deal.
According to Variety, these meetings took place at the New York Hilton and weren’t exactly heated debates over the future of each company. Disney’s meeting was chaired by general counsel Alan Braverman and CFO Christine McCarthy, with voters quick to almost unanimously approve the deal going ahead. There was only one dissenting voice, apparently, arguing that the $71 billion price tag means “we’re overpaying for Fox.”
As this was going on,...
After months of will they/won’t they financial reporting, a bidding war with the deep-pocketed Comcast and some concern over the mind-boggling amounts of money involved, The Walt Disney Company is finally on the cusp of purchasing 21st Century Fox and all its yummy mutant flavored intellectual property. This latest step came during separate Disney and Fox shareholder meetings this morning, when 99% of those present voted to approve the deal.
According to Variety, these meetings took place at the New York Hilton and weren’t exactly heated debates over the future of each company. Disney’s meeting was chaired by general counsel Alan Braverman and CFO Christine McCarthy, with voters quick to almost unanimously approve the deal going ahead. There was only one dissenting voice, apparently, arguing that the $71 billion price tag means “we’re overpaying for Fox.”
As this was going on,...
- 7/27/2018
- by David James
- We Got This Covered
Media companies have to make hard choices to disassociate themselves from even the most lucrative content like ABC’s “Roseanne” when they become tainted by offensive sentiments, 21st Century Fox CEO James Murdoch said Tuesday in an interview on stage at the Code Conference in Palos Verdes, Calif.
“You have to make the right call,” he said. “It’s not just about keeping the audience going. It’s what’s the right thing to do for your company.”
Murdoch touched on the controversy in a Q&A with Recode senior editor Peter Kafka as well as a wide range of issues ranging from Fox’s own future with Disney (or Comcast) to diversity challenges in Hollywood.
Acknowledging that his own father gave up on Twitter after getting flak for some of his tweets, Murdoch commented on the double-edged sword social media can often be.
“I think people tweeting in a public space,...
“You have to make the right call,” he said. “It’s not just about keeping the audience going. It’s what’s the right thing to do for your company.”
Murdoch touched on the controversy in a Q&A with Recode senior editor Peter Kafka as well as a wide range of issues ranging from Fox’s own future with Disney (or Comcast) to diversity challenges in Hollywood.
Acknowledging that his own father gave up on Twitter after getting flak for some of his tweets, Murdoch commented on the double-edged sword social media can often be.
“I think people tweeting in a public space,...
- 5/30/2018
- by Andrew Wallenstein
- Variety Film + TV
Confirming weeks of rumors, Comcast said Wednesday that it is in “advanced stages” of preparing an all-cash offer for entertainment assets of 21st Century Fox — in a move to outflank Disney’s $52.4 billion offer for Fox.
Comcast said that any offer for Fox would be at a “premium to the value of the current all-share offer from Disney,” but it didn’t reveal an anticipated price tag. The media conglomerate added that the structure and terms of its bid for the 21st Century Fox assets — including regulatory-risk provisions and the termination fee it would be required to pay — would be “at least as favorable to Fox shareholders as the Disney offer.”
Under the terms of Disney’s proposed deal for Fox, announced in December 2017, the latter would be on the hook to pay a breakup fee of $1.52 billion if Fox pulls out of the pact for any reason not related...
Comcast said that any offer for Fox would be at a “premium to the value of the current all-share offer from Disney,” but it didn’t reveal an anticipated price tag. The media conglomerate added that the structure and terms of its bid for the 21st Century Fox assets — including regulatory-risk provisions and the termination fee it would be required to pay — would be “at least as favorable to Fox shareholders as the Disney offer.”
Under the terms of Disney’s proposed deal for Fox, announced in December 2017, the latter would be on the hook to pay a breakup fee of $1.52 billion if Fox pulls out of the pact for any reason not related...
- 5/23/2018
- by Todd Spangler
- Variety Film + TV
Lachlan Murdoch will serve as chairman and chief executive of the “New Fox,” to be formed after the proposed sale of most of 21st Century Fox’s film and TV assets to Disney, with Rupert Murdoch serving as co-chairman of new company alongside his son.
John Nallen, Fox’s current chief financial officer, will assume a broader role as chief operating officer.
Fox CEO James Murdoch isn’t mentioned as part New Fox’s leadership but is widely expected to leave Fox to do his own thing. Fox Entertainment Group chairmen and CEOs Dana Walden and Gary Newman are in advanced negotiations for a one-year contract extension to steer the division until the sale is finalized, sources say.
Disney would acquire Fox’s film and television studios, its FX and National Geographic cable networks, Fox’s regional sports networks, its stakes Hulu and in UK pay TV provider Sky, as well as Star India.
John Nallen, Fox’s current chief financial officer, will assume a broader role as chief operating officer.
Fox CEO James Murdoch isn’t mentioned as part New Fox’s leadership but is widely expected to leave Fox to do his own thing. Fox Entertainment Group chairmen and CEOs Dana Walden and Gary Newman are in advanced negotiations for a one-year contract extension to steer the division until the sale is finalized, sources say.
Disney would acquire Fox’s film and television studios, its FX and National Geographic cable networks, Fox’s regional sports networks, its stakes Hulu and in UK pay TV provider Sky, as well as Star India.
- 5/16/2018
- by Dawn C. Chmielewski
- Deadline Film + TV
“New” Fox has named its senior leadership team. It’s no huge surprise that Lachlan Murdoch will serve as chairman and CEO. Dad Rupert Murdoch has been named co-chairman, and current 21st Century Fox CFO John Nallen is sticking around to become the chief operating officer.
The shift in leadership comes after last December’s announcement that the Walt Disney Company plans to acquire many 21st Century Fox assets in a $52.4 billion deal, which is currently pending approval — though rival media giant Comcast has threatened to derail the merger.
“We have worked through the winter ‘standing up’ a reimagined independent Fox. The strengths of the new company, a leader in news, sports and entertainment, present truly unique opportunities,” said Lachlan Murdoch. “I am also personally very pleased that John has agreed to take on the role of Chief Operating Officer, and together we look forward to making further announcements as...
The shift in leadership comes after last December’s announcement that the Walt Disney Company plans to acquire many 21st Century Fox assets in a $52.4 billion deal, which is currently pending approval — though rival media giant Comcast has threatened to derail the merger.
“We have worked through the winter ‘standing up’ a reimagined independent Fox. The strengths of the new company, a leader in news, sports and entertainment, present truly unique opportunities,” said Lachlan Murdoch. “I am also personally very pleased that John has agreed to take on the role of Chief Operating Officer, and together we look forward to making further announcements as...
- 5/16/2018
- by Tony Maglio and Jennifer Maas
- The Wrap
Lachlan Murdoch will serve as chairman and CEO of New Fox, the new company to be formed after 21st Century Fox sells much of its TV and entertainment holdings to the Walt Disney Co.
John Nallen, currently CFO of 21st Century Fox, will serve as chief operating officer of New Fox. Rupert Murdoch will be co-chairman of New Fox.
“We have worked through the winter ‘standing up’ a reimagined independent Fox. The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities,” said Lachlan Murdoch. “I am also personally very pleased that John has agreed to take on the role of Chief Operating Officer, and together we look forward to making further announcements as to the management and structure of this new Fox as we get closer to closing our proposed transaction with Disney.”
The appointments of Lachlan Murdoch and Nallen had been expected,...
John Nallen, currently CFO of 21st Century Fox, will serve as chief operating officer of New Fox. Rupert Murdoch will be co-chairman of New Fox.
“We have worked through the winter ‘standing up’ a reimagined independent Fox. The strengths of the new company, a leader in News, Sports and Entertainment, present truly unique opportunities,” said Lachlan Murdoch. “I am also personally very pleased that John has agreed to take on the role of Chief Operating Officer, and together we look forward to making further announcements as to the management and structure of this new Fox as we get closer to closing our proposed transaction with Disney.”
The appointments of Lachlan Murdoch and Nallen had been expected,...
- 5/16/2018
- by Cynthia Littleton
- Variety Film + TV
Lachlan Murdoch opened 21st Century Fox’s call with investors after its quarterly earnings report by addressing recent press reports of “the potential of a further offer for our business.”
It was a reference to Comcast’s reported plan for a rival bid well above Disney’s, but the exec hastened to add, “We are not going to comment on market speculation.”
Murdoch, echoing sentiment from Disney chief Bob Iger, signaled confidence that the Disney acquisition will proceed as planned. He said the company filed a detailed proxy filing and noted that, once regulatory review is finalized and the deal clears FCC review, “we will request shareholder approval this summer of the merger and creation of a New Fox.” At that time, Murdoch said the company would announce “the new company’s leadership team.”
He did not specifically address a Wall Street Journal report that James Murdoch would leave the...
It was a reference to Comcast’s reported plan for a rival bid well above Disney’s, but the exec hastened to add, “We are not going to comment on market speculation.”
Murdoch, echoing sentiment from Disney chief Bob Iger, signaled confidence that the Disney acquisition will proceed as planned. He said the company filed a detailed proxy filing and noted that, once regulatory review is finalized and the deal clears FCC review, “we will request shareholder approval this summer of the merger and creation of a New Fox.” At that time, Murdoch said the company would announce “the new company’s leadership team.”
He did not specifically address a Wall Street Journal report that James Murdoch would leave the...
- 5/9/2018
- by Dade Hayes and Dawn C. Chmielewski
- Deadline Film + TV
A strong performance from the Fox Networks Group cable wing powered 21st Century Fox’s fiscal third-quarter earnings amid softness and tough year-to-year comparisons for the broadcast TV and studio divisions.
Fox’s adjusted earnings per share fell shy of analysts’ expectations, coming in at 49 cents a share versus estimates of 51-53 cents per share. Revenue was down 2% year-over-year to $7.42 billion while operating income also ebbed 2% to $1.89 billion. Net income was up 8% from the year-ago quarter to $876 million. Higher employee compensation costs associated with its pending sale of major assets to Disney accounted for a $60 million charge during the quarter. Fox’s share of Hulu’s red ink in the quarter also hit earnings as higher programming and marketing costs widened the loss to $148 million, from $62 million in the year-ago frame.
The status of Fox’s plan to sell 20th Century Fox, FX Networks, National Geographic Worldwide and other assets...
Fox’s adjusted earnings per share fell shy of analysts’ expectations, coming in at 49 cents a share versus estimates of 51-53 cents per share. Revenue was down 2% year-over-year to $7.42 billion while operating income also ebbed 2% to $1.89 billion. Net income was up 8% from the year-ago quarter to $876 million. Higher employee compensation costs associated with its pending sale of major assets to Disney accounted for a $60 million charge during the quarter. Fox’s share of Hulu’s red ink in the quarter also hit earnings as higher programming and marketing costs widened the loss to $148 million, from $62 million in the year-ago frame.
The status of Fox’s plan to sell 20th Century Fox, FX Networks, National Geographic Worldwide and other assets...
- 5/9/2018
- by Cynthia Littleton
- Variety Film + TV
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