4/4/2023 0 Comments Gemstar video plus![]() ![]() Amoroso will run the merged entity and keep the same titles. Gemstar CEO Rich Battista will leave the company when the deal closes. At the time, Gemstar was worth $30 billion, though at the purchase price announced Friday, News Corp.’s investment is worth just $1.15 billion. purchase seven years ago of a major stake in Gemstar is considered a rare misstep for the conglomerate. Plus, it has been eyeing a sale of its Russian outdoor advertising business in what analysts estimate to be another $1 billion-plus deal.Ī sale of Gemstar had been expected since 41%-shareholder News Corp. also is expected to announce the sale of nine Fox TV stations to private-equity firm Oak Hill Capital for about $1 billion. ![]() satellite TV giant British Sky Broadcasting and in the new position will report to News Corp. 3 executive and confirming him as the heir apparent to one day run the corporation. move late in the week, James Murdoch, son of chairman and CEO Rupert Murdoch, ascended to the post of chairman and CEO of News Corp.’s European and Asian operations, pretty much making him the conglomerate’s No. deal and reorganization activity as the conglomerate ties up loose ends before the close of the year, including the proposed acquisition of Dow Jones & Co., which is expected to be completed after shareholders vote on the deal Thursday. The acquisition, Amoroso said, complements last month’s buy of All Media Guide Holdings, which provides metadata for music, movies and video games.įriday’s news was part of a flurry of News Corp. “Without a guide, viewers would simply be overwhelmed in this sea of content,” he said. He noted that 7,000 hours of daily programming is available on 530 channels nowadays, not including VOD, HD and mobile channels. Now armed with Gemstar’s popular interactive programming guide, Macrovision is angling to transform from a company that merely protects digital content into one that also distributes it and allows consumers to more easily search for it.Īmoroso said the Gemstar acquisition completes the loop, calling Gemstar’s IPG a “critical solution for managing the largest and most rapidly expanding entertainment option in the home today: television programming.” Gemstar led the day’s decliners on The Hollywood Reporter’s Showbiz 50 stock index. Not only did Gemstar’s stock sink Friday, but Macrovision’s stock shed 21%. Investors immediately panned the acquisition, concerned about the amount of debt involved and a price tag that was just an 11% premium to Gemstar’s closing price Thursday. ![]()
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