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News Corp Splits Asia TV Unit
By Zacks Investment Research on August 20, 2009 | More Posts By Zacks Investment Research | Author's Website
News Corp. (NWS) recently announced a split in its Asian broadcast business, the Star TV, into three independent units, namely, Star India, Star Greater China and Fox International Channels.
The restructuring of the Asian business will not only enhance the operational efficiencies but will also allow the company to tap the rapidly growing Indian entertainment market.
As a result of this overhaul, Paul Aiello, CEO of Star TV, News Corp.’s Asian broadcaster will step down. He will be replaced by James Murdoch, Chairman and Chief Executive for News Corp. in Europe and Asia, who will be taking direct control of Star TV operations in Asia.
Uday Shankar, the CEO of Star India, will now report to James Murdoch. He will also be responsible for Star’s operations in the Middle East, the UK and the US apart from overseeing all Fox-branded channels in India.
Star India will now manage News Corp.’s 19 television channels in the Indian market, whereas Fox International Channels will now look after the sales and distribution of the English-language channels such as Star World, Star Movies and Channel V.
The restructuring will result in the reduction of headcount in Hong Kong by about 150-200 people or nearly 30% of the total strength over the next 10 months.
News Corp. closed at $12.51 on Aug 18, up 2.29% from the previous day.
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