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Stock Market & Financial Investment News

News Breaks
August 6, 2014
13:41 EDTTWX, FOX, NWSA, FOXAEarnings Preview: Fox withdraws Time Warner offer prior to Q4 earnings
21st Century Fox (FOXA, FOX) is scheduled to report fourth quarter earnings after the market close on Wednesday, August 6, with a conference call scheduled for 4:30 pm ET. 21st Century Fox is a media company that operates the cable, broadcast, and film assets formerly bundled under the News Corp. (NWSA) umbrella. EXPECTATIONS: Analysts are looking for EPS of 38c on revenue of $7.99B, according to First Call. The consensus range for EPS is 36c-41c on revenue of $7.59B-$8.54B. LAST QUARTER: Fox reported third quarter adjusted EPS of 47c on revenue of $8.22B, which compared to estimates for earnings of 35c on revenue of $7.99B, respectively. Fox reported Q3 cable network revenue of $3.15B and filmed entertainment revenue of $2.28B. Fox reported that its Q3 television revenue was $1.59B. COMPANY NEWS: On June 10, Fox said in a filing that president and COO Chase Carey agreed to a two-year contract extension. On June 16, Both Time Warner (TWX) and Fox confirmed an earlier CNBC report that Time Warner rejected an $80B takeover offer from Fox. Time Warner said it turned down Fox's offer to acquire all of the outstanding shares of the company for a combination of 1.531 of Fox Class A non-voting common shares and $32.42 in cash per share. Time Warner added that its board is confident that continuing to execute its strategic plan will "create significantly more value for the company and its stockholders and is superior to any proposal that Fox is in a position to offer." 21st Century Fox also confirmed that it made a formal proposal to Time Warner, which was rejected, and added that the companies are not currently in any discussions. On August 5, however, Fox announced that it has withdrawn its proposal to acquire Time Warner. Chairman and CEO Rupert Murdoch commented: "We viewed a combination with Time Warner as a unique opportunity to bring together two great companies, each with celebrated content and brands. Our proposal had significant strategic merit and compelling financial rationale and our approach had always been friendly. However, Time Warner management and its Board refused to engage with us to explore an offer which was highly compelling. Additionally, the reaction in our share price since our proposal was made undervalues our stock and makes the transaction unattractive to Fox shareholders. These factors, coupled with our commitment to be both disciplined in our approach to the combination and focused on delivering value for the Fox shareholders, has led us to withdraw our offer." On July 25, Fox announced that it transferred Sky Italia and its 57.4% interest in Sky Deutschland to BSkyB to create a pan-European digital television leader through the combination of these assets. In exchange for the transfer, Fox will receive approximately $9.3B in value from BSkyB comprised of approximately $8.6B in cash and BSkyBís 21% interest in National Geographic Channels International, raising Foxís ownership stake to 73%. In addition, Fox participated in BSkyBís announced equity offering by purchasing approximately $900M of additional shares in BSkyB to maintain the companyís 39.1% ownership interest. The net, after-tax cash proceeds to be received by Fox upon completion of all the elements of this transaction approximated $7.2B. STREET RESEARCH: Wall Street research had been quiet on Fox during the quarter. On July 1, Goldman Sachs downgraded Fox to Buy from Conviction Buy after cutting its rating on the U.S. Entertainment sector to Neutral from Attractive. Right after the company confirmed its Time Warner takeover offer, ISI Group downgraded Fox to Buy from Strong Buy and removed shares from the Top Picks list following news of its buyout bid for the firm. Cowen downgraded Fox to Market Perform from Outperform on July 23. PRICE ACTION: Since the first day of trade following its Q3 report, shares of Fox are roughly unchanged. In afternoon trading ahead of its Q4 report, Fox is up more than 4.6%.
News For FOXA;FOX;TWX;NWSA From The Last 14 Days
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December 19, 2014
16:16 EDTNWSANews Corp acquires BigDecisions.Com in India
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December 17, 2014
11:09 EDTFOXAFormer Hulu CEO gears up to launch Vessel, Re/code reports
Former Hulu CEO Jason Kilar is getting ready to launch a web video service called Vessel, which utilizes YouTube stars, Re/code reports. Reference Link
09:40 EDTFOXA21st Century Fox, Apollo Global complete joint venture transaction
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07:48 EDTFOX, FOXA21st Century Fox reaches preliminary agreement to acquire true[X] media
21st Century Fox announced it has reached a preliminary agreement to acquire true[X] media, a leading video advertising company that specializes in consumer engagement and on-demand marketing campaigns. Closing of the transaction is subject to the completion of a definitive agreement and other customary closing conditions. Financial terms were not disclosed. As part of the acquisition, true[X] will work closely with Fox Networks Group to drive engagement between brands and consumers on Foxís proprietary digital platforms.
December 16, 2014
08:29 EDTTWXComcast to launch online live stream of NBC, WSJ reports
Comcast's (CMCSA) NBC is launching a live stream of its broadcast network online today and plans for it to be available on mobile platforms early next year, but NBC does not plan to sell a separate online version without requiring a pay-TV subscription, unlike peers CBS (CBS) and Time Warnerís (TWX) HBO, said The Wall Street Journal. Reference Link
06:36 EDTTWXAmazon says HBO GO now available on Fire TV
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December 14, 2014
17:21 EDTFOXNasdaq announces annual re-ranking of the NASDAQ-100
The NASDAQ OMX Group (NDAQ) announced the results of the annual re-ranking of the NASDAQ-100 (NDX), which will become effective prior to market open on Monday, December 22. The following three companies will be added to the Index: American Airlines Group (AAL), Electronic Arts (EA) and Lam Research (LRCX). As a result of the revision in the index methodology allowing multiple share classes of index participants to be included in the index, the following three securities will also be added to the index: Comcast Corporation Class A Special (CMCSK), Twenty-First Century Fox Class B (FOX) and Liberty Global plc Class C (LBTYK). As a result of the re-ranking, the following three companies will be removed from the Index: Expedia (EXPE), F5 Networks (FFIV) and Maxim Integrated Products (MXIM).
December 12, 2014
06:17 EDTTWXTime Warner CEO talks potential mergers in media space, NY Post reports
Time Warner CEO Jeff Bewkes discussed the potential of a merger with CBS (CBS) and Viacom (VIA) at yesterday's DealBook conference, New York Post reports. Bewkes said, "They may want to be a merger partner for somebody or maybe even for themselves."Reference Link
December 11, 2014
07:49 EDTTWXThe New York Times to hold a conference
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06:24 EDTFOXA, FOXDISH plans to leave broadcast channels out of basic online TV package, WSJ says
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December 10, 2014
06:03 EDTTWXHBO plans to launch web-only service in April, Fortune reports
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05:59 EDTTWXHBO CTO Berkes to exit cable network, Variety reports
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December 9, 2014
15:03 EDTFOXA, TWXDiscovery Communications rises after CEO sees outperforming U.S. peers
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13:53 EDTTWXTime Warner CEO: Bundle will continue to be dominant
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11:11 EDTFOX, FOXADiscovery, Hulu announce new distribution agreement
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08:55 EDTFOX, FOXA21st Century Fox co-COO says company has 'clear' succession plan
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08:54 EDTFOX, FOXA21st Century Fox co-COO says on track for FY15, FY16 guidance
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07:32 EDTTWX, FOXUBS to hold a conference
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06:48 EDTTWX, FOXAAnalysts say Netflix undermining TV ad revenue, NY Times reports
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December 8, 2014
10:00 EDTTWX, FOXAOn The Fly: Analyst Initiation Summary
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