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☆ NBA, NHL voice concerns over future of Diamond Sports, as it tries to craft post-bankruptcy plan
▼ + stars: | 2024-06-04 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Diamond Sports — which operates its networks under the Bally Sports brand — has been under bankruptcy protection since March of last year. The leagues are worried the owner of the largest portfolio of regional sports networks won't have a viable business plan sorted out ahead of the 2024-25 season. Meanwhile, numerous NBA and NHL teams have reached deals with local broadcast station groups to carry local games. Diamond Sports must put together a reorganization plan, outlining its future outside of bankruptcy protection, and receive court approval to move forward with it. The NBA has pushed for Diamond Sports to have "a very clear business plan no later than July," Indelicato said Tuesday.

Persons: Diamond, Vincent Indelicato, Indelicato, Sinclair Organizations: Bally, MLB's Houston Astros, Minnesota Twins, Target, National Basketball Association and National Hockey League, Diamond Sports, Sports, Bally Sports, NBA, NHL, Major League Baseball, Comcast Corp, Comcast, MLB, Regional, Distributors, CNBC Locations: Minneapolis , Minnesota, NBCUniversal

The current leadership of Paramount Global presented a go-forward plan at the company's annual shareholder meeting Tuesday in the event a sale of the company doesn't happen. Redstone has been supportive of the Office of the CEO leadership team that has run the company since former CEO Bob Bakish stepped down in late April. The plan that Paramount Global shareholders are hearing on Tuesday will essentially serve as Redstone's alternate option if she chooses not to sell. "We'll be thoughtful with how we deploy capital, with our world-class content being the priority," said Robbins during the presentation Tuesday. On Tuesday, Robbins said the company has been "aggressively exploring all options" when it comes to partnerships with other streamers.

Persons: George Cheeks, Chris McCarthy, Brian Robbins —, —, David Ellison's, Shari Redstone, Bob Bakish, Robbins, Cheeks, McCarthy Organizations: Paramount, SAG, Paramount Global, CBS, Paramount Media Networks, Paramount Pictures, Media, RedBird Capital, KKR, CNBC, Amusements Locations: Los Angeles , California, U.S

☆ Paramount and Skydance agree to terms of a merger deal
▼ + stars: | 2024-06-03 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Paramount and Skydance have agreed to terms of a merger, CNBC's David Faber reported Monday. A Paramount special committee and the buying consortium — David Ellison's Skydance, backed by private equity firms RedBird Capital and KKR — agreed to the terms. The deal currently calls for Redstone to receive $2 billion for National Amusements, Faber reported Monday. Following the close of the deal, Skydance and RedBird would own two-thirds of Paramount, and the class B shareholders would own the remaining third of the company, Faber reported. The deal will not require a vote from the shareholders, which was part of the negotiations, Faber reported.

Persons: Skydance, CNBC's David Faber, — David Ellison's Skydance, KKR —, Shari Redstone, Faber, RedBird, Paramount's, Bob Bakish, George Cheeks, Chris McCarthy, Brian Robbins Organizations: Paramount, Columbia, —, RedBird Capital, KKR, Amusements, Apollo Global Management, Sony Pictures, National Amusements, Wall Street, CNBC, Apollo, Sony, Redstone, CBS, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon Locations: Hollywood , California

☆ New basketball league Unrivaled lands star-studded investor lineup, aims to pay highest average salary in women's pro league sports
▼ + stars: | 2024-05-30 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

A new women's basketball league has attracted a star-studded roster of investors from the media and sports world at a time when ratings and general interest in the WNBA and other professional women's leagues is rising. Unrivaled, the pro women's basketball league founded last year by New York Liberty's Breanna Stewart and Minnesota Lynx's Napheesa Collier of the WNBA, said Thursday that it had closed on a seed funding round ahead of its January launch. Athletes will be given equity in the new league, and Unrivaled said it will also feature contract opportunities that will offer the highest average salary in women's pro sports league history. Many female athletes play in other countries when the WNBA season ends to boost their earnings potential. Unrivaled's season will run from January to March and feature 30 of the top women's basketball players across six teams for a 3-on-3, compressed full court style of play on a soundstage in Miami.

Persons: Napheesa Collier, New York Liberty's Breanna Stewart, John Skipper, Turner, David Levy, Ann Sarnoff, Star Carmelo Anthony, Alex Morgan, David, Skipper, Alex Bazzell, Stewart, Collier Organizations: Minnesota Lynx, New York Liberty, Target, New York, ESPN, Warner Bros, NBA, U.S, soccer, Meadowlark Media, WNBA Locations: Minneapolis , Minnesota, New, Minnesota, U.S, Miami

☆ Advertisers boost spending at retailers such as Walmart and Amazon as TV shrinks
▼ + stars: | 2024-05-24 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Global retail media ad spending is expected to more than double from $114.18 billion in 2023 to $233.89 billion in 2027, according to eMarketer. Retail media is expected to represent a larger percentage of digital advertising spending, which has begun to eclipse traditional media spending, growing from 18.9% of that segment in 2023 to 25.7% in 2027, according to eMarketer. "What we hear from brands most directly is they no longer wake up with a recipe to buy X amount of TV, X amount of social, X amount of digital. GSTV screens reach 115 million viewers per month across 49 states. "It's the new TV for mass reach advertising," said Mark Boidman, head of media and entertainment investment banking at Solomon Partners.

Persons: Sean McCaffrey, McCaffrey, Mark Boidman Organizations: Television, Facebook, Walmart, Kroger, WPP, Global, Brands, Solomon Partners Locations: eMarketer, It's

☆ Media giants lean on sports as Hollywood strikes still loom over content slates
▼ + stars: | 2024-05-18 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Media giants relied on sports last year when they had to woo advertisers during the Upfronts meeting week at a time when a Hollywood strike and cost cutting bit into their content and star power. This year, while stars once again graced the stages following the end of the strikes, the presentations still leaned more on sports than scripted shows. The hangover from last year's work pause meant some media companies had fewer series and movies to highlight during their presentations. He noted two key issues for the traditional media companies: the decline of traditional TV and the increasing fees companies have to pay to air live sports. "If you're going to maintain a reduced level of content spending, by definition, that means your entertainment programming has to be reduced," Rogers said.

Persons: Brock Purdy, Tom Rogers, Rogers Organizations: San Francisco 49ers, Kansas City Chiefs0, Las Vegas , Nevada . Media, Hollywood, Disney, Warner Bros, Oorbit Gaming, Entertainment, NBC Cable Locations: Las Vegas , Nevada

Netflix's cheaper, ad-supported tier has amassed 40 million global monthly active users, the company said Wednesday. That's nearly double the 23 million figure the streaming giant shared in January. The company also said it would launch its own advertising platform and no longer partner with Microsoft for that technology. The tech giant will remain a programmatic advertising partner, but will also be joined by other ad tech companies including The Trade Desk, Google Display & Video 360 and Magnite. The streaming giant joined its media peers for the second time in making an annual pitch to lock in advertising for its platform.

Persons: That's, Ted Sarandos, Sarandos Organizations: Microsoft, Netflix, National Football League, CNBC, NFL Locations: Canada, U.S

☆ Amazon's appearance at Upfronts highlights push beyond digital ads and into traditional media
▼ + stars: | 2024-05-15 | by ( Annie Palmer | In Annierpalmer | ) www.cnbc.com time to read: +4 min

But it's no longer just about digital ad dollars, and Amazon's inaugural presence at this year's Upfronts events is the clearest indication that the e-commerce giant is prepared to take on traditional media. Amazon's Prime Video and other streamers would historically be featured at Newfronts, which is digital media's take on Upfronts. This year, they're projected to spend roughly $18.8 billion on traditional TV ads during Upfronts, an increase of 1% from a year earlier, according to eMarketer. 1 question all of you asked was, 'When are you going to show ads on Prime Video?'" He showed how the business has evolved to include digital video ads on Prime Video.

Persons: they're, Cowen, Alan Moss, we've, Reese Witherspoon, Jake Gyllenhaal, Paul Kotas, We've, Kotas, we're, — CNBC's Lillian Rizzo, Alex Sherman Organizations: Meta, Google, Amazon, Disney, Comcast, Netflix, Google's YouTube, Prime, Revenue, National Football League, CNBC Locations: Amazon, U.S

☆ Comcast offers subscribers Peacock, Netflix and Apple TV+ bundle
▼ + stars: | 2024-05-14 | by ( Sara Salinas | In Saracsalinas | ) www.cnbc.com time to read: +1 min

Comcast said Tuesday it will introduce a streaming bundle for its cable, broadband and mobile subscribers, tying together Peacock, Netflix and Apple TV+ at a discounted rate. Comcast's offer follows a model similar to several bundles from Verizon : Its streaming bundle will be offered to existing Comcast subscribers, which could help prop up its pay-TV subscribers. The company lost 487,000 cable TV customers during the first quarter, Comcast reported during earnings on April 25. Peacock subscription plans start at $5.99 per month, though that's increasing to $7.99 per month this summer. Netflix plans start at $6.99 per month, and Apple TV+ costs $9.99 per month.

Persons: Peacock, Max, Comcast's, Brian Roberts, —, Kerry Caufield, Lillian Rizzo, Alex Sherman Organizations: Comcast, Netflix, Apple, Disney, Warner Bros . Discovery, Verizon, CNBC Locations: New York

Here's what will likely be topics of discussion during Upfronts week, whether it's on stage, in the audience or in private. That dependsMedia companies just finished reporting quarterly earnings, which showed traditional TV is still lagging behind streaming and digital when it comes to ad revenue. Streaming advertising was up 22% across media companies, and now makes up 18% of total advertising. Tech companies including Snap , Roku , Google and Microsoft each saw digital advertising revenue make a comeback this past quarter. Streaming advertising revenue jumped 70%, but the overall number is much lower — just $175 million.

Persons: Kevin Mazur, David Zaslav, Tim Nollen, Mike Kemp, Bob Iger, YouTube's, Tom Hiddleston, Loki, Peacock, Hugh Johnston, Hulu —, NBCUniversal, LeBron James, Jevone Moore Organizations: Getty, Getty Images Media, Hollywood, Warner Bros, Discovery, Media, Upfronts, Macquarie, Tech, Google, Microsoft, Netflix, Disney, Amazon Prime, Amazon, National Football, YouTube, Nielsen, Comcast, Radio City Music Hall, ESPN, Madison, Warner Bros . Discovery, Max, Fox, Sports, NBA, Los Angeles Lakers, Los Angeles Clippers, Crypto.com Arena Locations: Waterloo, London, United Kingdom, U.S, New York City, Hulu, Los Angeles

Signage stands outside the Sinclair Broadcast Group Inc. headquarters in Cockeysville, Maryland, U.S., on Friday, Aug. 10, 2018. Sinclair , one of the largest owners of broadcast stations in the U.S., is looking to sell more than 30% of its footprint, according to people familiar with the matter. Sinclair owns or operates 185 TV stations in 86 markets. Broadcast TV station groups have suffered in the past five years as millions of Americans have canceled traditional pay TV. Most stations make money from so-called retransmission fees, paid on a per-subscriber rate by traditional TV distributors, such as Comcast, DirecTV, and Charter, for the right to carry the stations.

Persons: Sinclair, Moelis, Chris Ripley, we've, Ripley, Spokespeople Organizations: Sinclair, Group Inc, Fox, NBC, ABC, CBS, Tennis, Bloomberg, Comcast, DirecTV Locations: Cockeysville , Maryland, U.S, Minneapolis, Portland, Pittsburgh, Austin , Texas, Fresno, Calif

☆ Warner Bros. Discovery misses first-quarter estimates despite streaming growth
▼ + stars: | 2024-05-09 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

In this article WBD Follow your favorite stocks CREATE FREE ACCOUNTIn this photo illustration, the Warner Bros. Here is how Warner Bros. Discovery performed, compared with estimates from analysts surveyed by LSEG: Loss per share: 40 cents vs. 24 cents loss expected40 cents vs. 24 cents loss expected Revenue: $9.96 billion vs. $10.231 billion expected Warner Bros. Warner Bros. While NBCUniversal holds the U.S. rights for the Olympics, airing the games on its TV networks and Peacock streaming service, Warner Bros.

Persons: Rafael Henrique, Discovery, —, Max, Hulu —, I've, David Zaslav, Zaslav, NBCUniversal, Discovery's Max Organizations: Warner Bros, Getty, Discovery, TNT, Justice League, Disney, Hulu, CNBC, Warner Bros . Discovery, Fox Corp, Sports, NBA, Olympics Locations: U.S, Paris, Europe

Disney and Warner Bros. Discovery are planning to offer their streaming services — Disney+, Hulu and Max — in a bundle mirroring the traditional cable TV package, the companies said Wednesday. Disney will essentially act as the distributor in this case, collecting subscription fees from subscribers and paying out Warner Bros. Warner Bros. Disney has been offering its streaming services — Disney+, Hulu and ESPN+ — as a bundle for sometime.

Persons: Max —, Lachlan Murdoch Organizations: Disney, Warner Bros, Hulu, ABC, Fox, TNT, TBS, CNN, Discovery Channel, Food Network, Disney Channel, Warner Bros ., ESPN, Fox Corp, Warner Bros . Discovery Locations: Max

☆ Disney quarterly results are on deck. Here's what to expect
▼ + stars: | 2024-05-07 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

The "Partners" statue of Walt Disney and Mickey Mouse, at Cinderella Castle at the Magic Kingdom, at Walt Disney World, in Lake Buena Vista, Florida, photographed Saturday, June 3, 2023. This will also be Disney's first earnings call since it won a proxy fight against Nelson Peltz's Trian Partners. Here is what Wall Street expects Disney to report Tuesday morning, according to LSEG:Earnings per share: $1.10 expectedRevenue: $22.11 billion expectedThe subscriber growth at its flagship streaming service, Disney+, will once again be a top focus. Last quarter Disney's direct-to-consumer unit — which also includes Hulu and ESPN+ — saw its losses narrow to $216 million from $1.05 billion in the same period a year earlier. Visitor traffic to Disney's theme parks in the U.S. will also be in focus.

Persons: Walt Disney, Mickey Mouse, Bob Iger, Nelson Peltz's Trian, Jessica Reif Ehrlich, Reif Ehrlich Organizations: Magic, Walt Disney World, Disney, BofA Securities, Hulu, ESPN, Deutsche Bank, Comcast, Universal, CNBC Locations: Lake Buena Vista , Florida, Hulu, U.S, Orlando, Universal Orlando, NBCUniversal

A number of private equity firms have been considering a buyout of Peloton as the connected fitness company looks to refinance its debt and get back to growth after 13 straight quarters of losses, CNBC has learned. A number of other private equity firms have been circling Peloton as an acquisition target, but it's unclear if they have held formal discussions. Last week, Peloton announced a broad restructuring plan that's expected to reduce its annual run-rate expenses by more than $200 million by the end of fiscal 2025. Last week, Peloton announced CEO Barry McCarthy would be stepping down as it issued a disastrous earnings report that missed Wall Street's expectations. One source close to the company said Peloton isn't expected to have any issues refinancing its debt.

Persons: Barry McCarthy, Goldman Sachs Organizations: Interactive, CNBC, JPMorgan Locations: New York

Shari Redstone, chair of Paramount Global, attends the Allen & Co. Media and Technology Conference in Sun Valley, Idaho, on Tuesday, July 11, 2023. The consortium has been waiting for word from Paramount's special committee on whether the panel will recommend its bid to acquire the company to Redstone. Spokespeople for Skydance, Redstone's National Amusements and Paramount's special committee declined to comment on Friday. Previously, Redstone rejected an offer by Apollo in favor of exclusive talks with Skydance. Redstone has preferred a deal that would keep Paramount together, as Skydance's offer would, CNBC previously reported.

Persons: Shari Redstone, David Ellison's Skydance, CNBC's David Faber, Ellison, Spokespeople Organizations: Paramount Global, Allen, Co . Media, Technology Conference, Skydance, Apollo Global Management, Sony Pictures, RedBird Capital, KKR, Paramount, Apollo, Sony, CNBC, Redstone Locations: Sun Valley , Idaho

Spokespeople for Paramount, Redstone's National Amusements, the special committee and Skydance declined to comment. Sony Pictures and private equity firm Apollo Global Management have sent a letter to the Paramount Global board expressing interest in acquiring the company for about $26 billion, according to people familiar with the matter. Paramount Global shares jumped more than 12% on the news that Sony and Apollo submitted a letter formalizing its interest, earlier reported by The New York Times and Wall Street Journal. A $26 billion offer for Paramount Global values the company higher than the company's current $22 billion enterprise value. Redstone could also argue she's more comfortable with pushing forward at Paramount Global without a sale.

Persons: Skydance, hasn't, David Ellison's Skydance, Shari Redstone, It's, Redstone's, Bob Bakish Organizations: Paramount, Sony, Apollo, Skydance, RedBird Capital, KKR, Sony Pictures, Apollo Global Management, Paramount Global, The New York Times, Wall Street Journal, Hollywood, Matrix Asset Advisors, Aspen Sky Trust, Redstone Locations: Apollo

☆ Bally Sports regional networks go dark for Comcast cable customers
▼ + stars: | 2024-05-01 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

Negotiations between Comcast and Bally Sports' operator Diamond Sports Group, which has been under bankruptcy protection since last year, broke down following a dispute over terms. Pay-TV distributors have been losing customers at a fast clip in recent years as customers opt for cheaper streaming options. Comcast had more than 13.6 million pay-TV customers as of March 31, after losing 487,000 subscribers during the first quarter. Some regional sports networks have begun offering streaming options to customers at a price point that doesn't upend the pay-TV model. In addition to Comcast, Diamond has held negotiations in recent weeks with Charter Communications — which provides pay-TV services under the Spectrum brand — DirecTV and Cox Communications.

Persons: Diamond, Cox Organizations: Bally, Houston Astros, Minnesota Twins, Target, The Astros, Twins, Comcast, Bally Sports, Diamond Sports Group, MLB, Detroit Tigers, NBA, NHL, Diamond, Comcast ., Communications, DirecTV, Cox Communications, Charter, Google, Disney, San Diego Padres, Phoenix Suns, CNBC Locations: Minneapolis , Minnesota, NBCUniversal

☆ Paramount says CEO Bob Bakish is stepping down, will be replaced by a trio of executives
▼ + stars: | 2024-04-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +4 min

David A. Grogan | CNBCParamount Global CEO Bob Bakish is stepping down, the company announced Monday, as merger negotiations with Skydance Media continue. Bakish climbed the corporate ladder after joining Viacom in 1997, until he became CEO of the company in 2016. Following the merger of Viacom and CBS, he became CEO of the combined company in 2019, which was later renamed as Paramount Global. Paramount will now be led by CBS president and CEO George Cheeks; Chris McCarthy, president and CEO of Showtime/MTV Entertainment Studios and Paramount Media Networks; and Brian Robbins, the head of Paramount Pictures and Nickelodeon. Paramount said it added 3.7 million Paramount+ subscribers during the quarter, bringing the total to 71 million.

Persons: Bob Bakish, David A, Bakish, George Cheeks, Chris McCarthy, Brian Robbins, Naveen Chopra, Chopra, LSEG, Bob Marley Organizations: Viacom, Allen & Company Sun Valley Conference, Grogan, CNBC Paramount Global, Skydance Media, CBS, Paramount Global, Paramount, Showtime, MTV Entertainment Studios, Paramount Media Networks, Paramount Pictures, Nickelodeon, LSEG, Super, BET, MTV, NFL, TV Media, Hollywood Locations: Sun Valley , Idaho

☆ Peacock streaming subscription prices to increase by $2 ahead of the Summer Olympics
▼ + stars: | 2024-04-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Subscription prices for Peacock, Comcast 's answer to the streaming wars, will increase by $2 this summer. The Summer Olympics begin in late July. Effective last August, ad-supported Peacock's price rose $1 to $5.99, and ad-free went up $2 to $11.99 per month. The streaming service launched in 2020 in time for the Summer Olympics in Tokyo — which was pushed to 2021 due to the pandemic. This was due in part to increased advertising revenue, which has lagged for traditional TV networks recently.

Persons: Peacock, Comcast's, Oppenheimer Organizations: Peacock, Comcast, Media, NFL, Premier League, Summer, Universal Pictures, NBC, CNBC Locations: Paris, Tokyo, NBCUniversal

☆ Pittsburgh Pirates, Penguins launch streaming service for local games
▼ + stars: | 2024-04-29 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +1 min

SportsNet Pittsburgh on Monday unveiled SNP 360, which will cost fans in its local market $17.99 a month to watch Pirates and Penguins games outside of the pay-TV bundle. It also follows a shakeup at SportsNet Pittsburgh last year. The network is now owned by the Pirates and Penguins. Fenway Sports Group and Delaware North, also the parent company of the Boston Bruins, own the regional sports network NESN, which manages SportsNet Pittsburgh. "Our desire has been to reach fans wherever they are and give them options to access our clubs' telecasts," said NESN and SportsNet Pittsburgh CEO Sean McGrail.

Persons: —, Sean McGrail Organizations: MLB, NHL, Pittsburgh, Monday, Pirates, Penguins, SportsNet Pittsburgh, Warner Bros, Discovery, Warner Media, Fenway Sports Group, Boston Red Sox, Delaware, Boston Bruins, SportsNet Locations: SportsNet Pittsburgh

☆ Comcast beats earnings estimates even as it sheds more broadband subscribers
▼ + stars: | 2024-04-25 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

Comcast beat first-quarter earnings expectations on Thursday, as broadband drove revenue even as the company and its peers have seen customer growth slow. Revenue from the domestic broadband customers segment boosted that growth as rates increased, even as Comcast lost 65,000 customers during the quarter. The three businesses now report under the same segment, which collectively saw revenue rise 1.1% to $10.37 billion. The service added 3 million paid subscribers during the quarter, bringing its total number of customers to 34 million. While domestic advertising was flat during the quarter, the company saw its domestic distribution revenue increase, driven by the growth at Peacock.

Persons: NBCUniversal, Peacock, Oppenheimer Organizations: Comcast, LSEG, Revenue, Universal Pictures, CNBC Locations: Peacock, NBCUniversal

☆ Sports programming still dominates TV, and Netflix is leaning more into it
▼ + stars: | 2023-10-18 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

Whether it's streaming or traditional TV, sports keep audiences coming back to their screens — and Netflix is working on getting more into the game. Netflix announced it would broadcast "The Netflix Cup" live, a matchup between athletes that appeared in the Formula 1 docuseries and the golf series "Full Swing." Even though customers are fleeing traditional TV, from the cable-TV bundle to broadcast, those that stick around often do so for the live sports. That showed in September, when the return of the National Football League and college football seasons propelled both broadcast and cable-TV viewership. It has been a gradual move toward both sports and live streaming — Netflix had technical issues when it aired the finale of reality show "Love is Blind" earlier this year — but one the streamer appears ready to make.

Persons: Max, NBCUniversal's Peacock Organizations: Netflix, Sports, Heineken Silver Las Vegas, National Football League, Nielsen, ESPN, Warner Bros, Disney, NFL, NBC, CNBC Locations: Las Vegas

☆ Disney gives investors a look at ESPN financials, including recent revenue declines
▼ + stars: | 2023-10-18 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +3 min

The reorganization of Disney 's business is giving investors a glimpse at ESPN's financials for the first time. The company is now broken down into three divisions, one of which is an ESPN segment that includes the TV network and ESPN+ streaming service. A part of the fight was Disney's future prospects for ESPN on streaming. Disney plans to make the ESPN channel a direct-to-consumer option outside of the bundle for customers in the future. However, last week, Trian upped its stake in Disney and now a second proxy battle is brewing, CNBC reported.

Persons: financials, Read, Nelson Peltz, Trian Organizations: Disney, ESPN, Star India, Netflix, Charter Communications, Trian, Management, CNBC Locations: Parks

☆ Starboard CEO makes case for spinning off real estate assets from WSJ owner News Corp
▼ + stars: | 2023-10-17 | by ( Lillian Rizzo | ) www.cnbc.com time to read: +2 min

– in particular to see its real estate business separated from the rest of the company. Smith said News Corp. should split out its real estate assets, including an interest in REA Group of Australia. On Tuesday, Smith called out the valuation discrepancies between the news and real estate businesses. Meanwhile, News Corp.'s real estate assets trade at eight-times, he said. "It's a great business, a great asset, it's just too cheap," Smith said of News Corp.'s stock price.

Persons: Jeffrey Smith, CNBC's David Faber, Smith, Murdoch, It's, it's Organizations: News Corp, –, REA Group of Australia . News Corp, Dow Jones, Wall Street, New, CNBC, Reuters, Street, Fox Corp, New York Times Locations: New York

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