MUMBAI: News Corp is launching FXX, a network for young adults, on 2 September in the US market.

The channel will replace Fox Soccer, which lost the EPL rights. With the addition of FXX, FX Networks will become a suite of three networks consisting of FX, FXX and FXM.

Fox Soccer?s matches, including the Uefa Champions League fixtures, will be transferred to Fox Sports 1, a new channel that will also likely launch later this year.

FXX will be available in 74 million homes in the first year, making it one of the most widely distributed entertainment networks ever for an ad-supported cable network in its inaugural year.

FXX initially will be built on a foundation of original comedy series, movies and acquired series, and expand to include original drama series, all primarily designed to attract young adults 18-34.

FX, the flagship of FX Networks, will continue to offer original comedy and drama series, movies and acquired series targeted to Adults 18-49. FX will increase the number of drama series and begin offering limited series and miniseries.

FXM will continue to be home to prestige movies, and related short-form original programming. As its universe grows, it will begin to televise its own limited series and miniseries.

FX Networks president, GM John Landgraf said, "This is a landmark day in the almost 20-year history of FX Networks. As we add FXX to become a suite of three channels, FX will remain the foundation of the brand, which is why we chose to include it in the names of each of our three networks. We will maintain the exceptional quality associated with the FX brand, a reputation we have established with consumers through our numerous, award-winning hit comedy and drama series for more than a decade.

"With this expansion, FX, FXX and FXM will specifically target one of the three major adult demos, enabling us to focus on creating passionate engagement across the entire range of adult viewers ages 18 to 54. This will enable the FX Networks to deliver more impressions and gain greater reach across all key adult demos without falling into the ?all things to all people? pitfall that plagues broadcast television.

"We are embarking on an incredibly ambitious ramp-up of programme development and production required to sustain these networks. I?m very confident that the pilots, projects and talent we have deals with will allow us to double our already best-in-class roster of scripted original series over the next several years. Our three-network platform will enable us to achieve even greater goals and solidify our position as a leader in quality scripted original programming."

FX Networks will invest in original programming and ramp up its development and pilot production slate, more than doubling its current offerings to feature 25 scripted original series across the three networks over the next three years.

Also, additional season orders have been placed for returning series including ?Justified?, ?It?s Always Sunny In Philadelphia?, ?The League? and ?Legit?. The late night series ?Totally Biased? with W. Kamau Bell will become a five-nights-per-week strip.

MUMBAI: News Corp?s Asian subsidiary Star Entertainment has offloaded its 5.28 per cent stake in Chinese media company Phoenix Satellite Television for approximately $92 million.

Following the sale, the Hong Kong-based television broadcaster?s total ownership stake in Phoenix will be reduced to approximately 12.16 per cent.

News Corp Deputy COO James Murdoch said, "Mr Liu Changle and Phoenix?s accomplishments in the media industry in China are remarkable. We believe the company?s strong position in all of the segments in which it operates, combined with the country?s robust consumer market, will continue to drive growth. Today?s sale is simply a part of our broader global agenda of simplifying our affiliate ownership structures.?
The move comes ahead of News Corp?s planned division into two distinctly owned public companies, one that will house the publishing business and the other under which the television and entertainment business will fall.

MUMBAI: News Corp?s new publishing entity that will be formed after proposed separation from the high -growth media & entertainment business will have net cash of $2.6 billion and no debt, reflecting head honcho Rupert Murdoch?s continued love for the print business that has been rapidly declining in developing markets.

As per the company?s filing with the U.S. Securities and Exchange Commission (SEC), out of $2.6 billion net cash about $1.82 billion will come from the parent company.

The new News Corporation, as the publishing company would be known as, will have $18.6 billion in total assets. The media & entertainment group would be known as Fox Group.

The new News Corporation will comprise a range of market-leading brands in news and information services, integrated marketing services, digital real estate services, book publishing, and digital education, as well as sports programming and pay-TV distribution in Australia.

Media reports in US say that Murdoch would utilise the cash pile in acquiring newspapers with Tribune Co?s newspaper assets also on his radar. The unit, which will become a separate publicly held business in June, will also have access to a revolving credit line.

?The new News Corporation?s strong balance sheet will provide the Company with full financial flexibility to pursue its strategic agenda, which is to further develop and expand the power of its market-leading brands over a myriad of platforms,? News Corporation Chairman and CEO Rupert Murdoch.

?We believe the new News Corporation?s strong balance sheet, along with its diversified revenue base, will be key competitive assets that will allow the company to lead in innovation and the creation of long term shareholder value.?

Meanwhile, News Corp has appointed Michael Florin as Senior Vice President and Head of Investor Relations for the new News Corporation, the proposed global publishing entity. In his new role, effective 1 April, he will report to Chief Financial Officer of the new News Corporation, Bedi Ajay Singh.

MUMBAI: Rupert Murdoch-promoted News Corp has decided to exit Sky Network Television, New Zealand?s pre-eminent pay television broadcasting service, by divesting its 44 per cent stake in the company.

The global media conglomerate is the largest shareholder in Sky New Zealand through its subsidiary News Limited.

The company has appointed Deutsche Bank to underwrite and, together with Craigs Investment Partners, to manage the sales of its Sky shares. The shares are expected to be sold to a broad range of institutional and retail investors.

Following the sales, News Limited will no longer have any holding in Sky Network Television. As a result of the sale, Michael Miller, Regional Director of News Limited, will resign from the board of Sky.

News Corp President and COO Chase Carey said, "Sky is a world class subscription television business and has been an outstanding investment for News Corporation. We and Sky have always enjoyed an excellent, arms-length working relationship and we expect this to continue unaffected by the sale. In particular, we do not anticipate any change to current arrangements regarding access to content and collaboration on technology."

According to The Australian newspaper, News Limited shares were being offered at NZ$ 4.80 each, giving the stake a value of NZ$ 815 million ($671 million).

MUMBAI: UK pay TV service provider BSkyB and News Corp are said to be looking at being involved in a new cycling series.

Teams that take part in the Tour de France would be involved in this new series.

BSkyB finances the cycling team, Team Sky. Media reports have speculated that BSkyB and News Corp might take a stake in the series.

The ?breakaway? series was first proposed over a year ago. UCI was firmly opposed to it as it feared that the appeal of some of the existing races would be affected. However subsequently Lance Armstrong admitted to doping which tarnished the image of the Tour de France and weakened UCI which has come under some fire.

Races will be held globally if the series takes flight. The aim would be to broaden the reach and appeal of the sport which is trying to recover from the Armstrong debacle.

MUMBAI: James Murdoch has reiterated the importance of India as a market for News Corp.

Murdoch believes pay TV operators in the country will consolidate over time due to regulatory changes.

?India is a very important market for us, it?s one of our largest international markets," Murdoch, the Deputy COO of News Corp said at an investment conference in San Francisco.

He is also satisfied with the progress being made in South America. "We?ve also made great strides in South America over the last few years, particularly the launch of our sports business there," he added.

Murdoch also stated that the investment in UK pay TV service provider BSkyB, which News Corp un-successfully tried to buy out, is an unfinished business.

News Corp in the recent years has been trying to streamline its overseas businesses that aren?t consolidated.

Last month, the company increased its stake in German pay-TV company Sky Deutschland (SKYD), giving it majority control and putting it a step closer to creating a pan-European broadcaster.