DirecTV CEO in talks to join News Corp.
June 1, 2009 By DEBORAH YAO and RYAN NAKASHIMA , AP Business WritersThe chief executive of DirecTV Group Inc. is in talks to return to News Corp. to be Rupert Murdoch's second in command.
Chase Carey is in "serious negotiations" to rejoin to News Corp. and talks have been going on for a while, but there's no set title for him yet, according to a person with knowledge of the negotiations. This person was not authorized to comment and spoke on condition of anonymity, confirming earlier reports.
The move would fill a gap at News Corp. after Peter Chernin, its president and chief operating officer, steps down June 30 to embark on a lucrative movie production deal with News' 20th Century Fox studio.
But it would leave a leadership vacuum at DirecTV, the nation's largest satellite TV provider.
DirecTV is combining with Liberty Media Corp.'s entertainment unit and forming a new, publicly traded company.
It's unclear how Carey would get out of his DirecTV employment agreement, which runs until the end of 2010. His contract also does not allow him to participate in ventures that compete with DirecTV during the term of his agreement, and also for 12 months after leaving the company.
DirecTV had no comment and a call to Carey was not immediately returned. Liberty did not return a call for comment.
Carey had been co-chief operating officer at News Corp., as well as CEO of its satellite TV unit, Sky Global Networks Inc.; co-COO of Fox Entertainment Group and CEO of Fox Television.
Carey would likely provide operational leadership and help News Corp. interact with Wall Street, where he is highly regarded, said Barclays Capital analyst Anthony DiClemente.
"I think that if Chase came in, it'd be a huge plus," DiClemente said. "You need operational leadership at News Corp. to fill the Chernin void."
But it will also leave room for the eventual succession of 36-year-old James Murdoch, the chief executive of News Corp. in Asia and Europe and Murdoch's fourth child, DiClemente said.
Billionaire Rupert Murdoch, 78, controls more than a third of News Corp.'s shares, mostly through a family trust that will be passed onto his children. James Murdoch is viewed as being groomed to take over his father's spot.
The appointment would also mark the latest in an executive shuffle at News Corp. following the announcement of Chernin's departure.
Among other moves, Fox Searchlight president Peter Rice was moved to take over Fox Broadcasting, former AOL chief executive Jonathan Miller was hired to run News' digital businesses, and Facebook veterean Owen Van Natta took over social networking site MySpace.
Meanwhile, Liberty Media's chief executive, Greg Maffei, has said there's a possibility that DirecTV could be sold to a phone company after it's spun off. Speculation has centered on a major phone company, such as AT&T Inc., as a possible suitor.
AT&T and Verizon Communications Inc. are rolling out TV services to compete with cable, but they are not hooking up most of the country. A tie-up with DirecTV would allow them to instantly offer video nationwide.
Currently, AT&T has a partnership with DirecTV that lets them sell each other services.
DirecTV was once controlled by News Corp. In February 2008, Liberty Media swapped its 16.3 percent stake in News Corp. plus $625 million in cash for a controlling stake in DirecTV and three regional sports networks.
Media mogul John Malone, who controls Englewood, Colo.-based Liberty Media, will hold a 24 percent voting stake at the new company. He will remain as chairman of DirecTV after the spin-off.
Shares of El Segundo, Calif.-based DirecTV rose 48 cents to $22.98 in afternoon trading in an up market, while New York-based News Corp. gained 62 cents to $11.85.
Liberty's entertainment unit tracking stock, Liberty Entertainment Group, was up 56 cents to $24.72.
©2009 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
-
DirecTV, Liberty Media detail spinoff plans
May 04, 2009 |
not rated yet |
0
-
Liberty Media CEO says DirecTV sale 'possible'
May 08, 2009 |
not rated yet |
0
-
Former AOL head to run News Corp. digital
Apr 01, 2009 |
not rated yet |
0
-
In Briefs: TiVo, DirecTV extend service agreement
Apr 13, 2006 |
not rated yet |
0
-
Sirius XM Radio planning to stream to iPhone, iPod
Mar 12, 2009 |
not rated yet |
0
-
Engineers build first sub-10-nm carbon nanotube transistor
Feb 01, 2012 |
4.9 / 5 (33) |
30
-
Something old, something new: Evolution and the structural divergence of duplicate genes
Jan 31, 2012 |
4.6 / 5 (7) |
1
-
The hidden nanoworld of ice crystals: Revealing the dynamic behavior of quasi-liquid layers
Jan 30, 2012 |
5 / 5 (4) |
1
-
Stock market network reveals investor clustering
Jan 27, 2012 |
3.9 / 5 (23) |
8
-
Of microchemistry and molecules: Electronic microfluidic device synthesizes biocompatible probes
Jan 26, 2012 |
5 / 5 (2) |
0
-
How to calculate total compressibility in liquid porous solid system
2 hours ago
-
Need help reading 3-D
22 hours ago
-
A way to send and receive wireless data
Feb 11, 2012
-
Calling function with no input argument
Feb 10, 2012
-
Force free body diagram problem on gym equipment
Feb 10, 2012
-
Empirical data regarding shower heads and water
Feb 10, 2012
- More from Physics Forums - General Engineering
More news stories
Google might launch Drive for cloud storage soon
(PhysOrg.com) -- Google's next big move, according to the Wall Street Journal, is a cloud storage service called Drive. Hardly first to the plate, Google is simply catching up to introducing its cloud reposi ...
Iran blocks email, restricts net access: reports
Iran has further restricted access to the Internet and blocked popular email services for the past few days, in a move a top lawmaker said could "cost the regime dearly," media reports said on Sunday.
3 hours ago |
5 / 5 (1) |
3
Love a click away in Indonesia's Twitter Republic
He was a geeky kid from Yogyakarta, she a glamorous city girl in Jakarta. In a country with one of the world's most vibrant social networking scenes they fell in love on Twitter.
11 hours ago |
4 / 5 (1) |
0
Walney offshore wind farm is world's biggest (for now)
(PhysOrg.com) -- The Walney wind farm on the Irish Sea--characterized by high tides, waves and windy weather--officially opened this week. The farm is treated in the press as a very big deal as the Walney ...
Navy to begin tests on electromagnetic railgun prototype launcher
The Office of Naval Research (ONR)'s Electromagnetic (EM) Railgun program will take an important step forward in the coming weeks when the first industry railgun prototype launcher is tested at a facility ...
Feb 06, 2012 |
4.5 / 5 (17) |
94
|
Overeating may double risk of memory loss
New research suggests that consuming between 2,100 and 6,000 calories per day may double the risk of memory loss, or mild cognitive impairment (MCI), among people age 70 and older. The study was released today and will be ...
Scientists discover molecular secrets of 2,000-year-old Chinese herbal remedy
For roughly two thousand years, Chinese herbalists have treated Malaria using a root extract, commonly known as Chang Shan, from a type of hydrangea that grows in Tibet and Nepal. More recent studies suggest that halofuginone, ...
New method to examine batteries -- MRI from the inside
There is an ever-increasing need for advanced batteries for portable electronics, such as phones, cameras, and music players, but also to power electric vehicles and to facilitate the distribution and storage of energy derived ...
Lab study raises questions over nano-particle impact
Tests involving chickens have raised questions about the impact on health from engineered nano-particles, the ultra-fine grains commonly used in drugs and processed foods, scientists said on Sunday.
Injured boomers beware: Know when to see doctor
(AP) -- It happened to nurse Jane Byron years after an in-line skating fall, business owner Haralee Weintraub while doing "men's" push-ups, and avid cyclist Gene Wilberg while lifting a heavy box.
A mitosis mystery solved: How chromosomes align perfectly in a dividing cell
Although the process of mitotic cell division has been studied intensely for more than 50 years, Whitehead Institute researchers have only now solved the mystery of how cells correctly align their chromosomes during symmetric ...