Tag Archives: Chase Carey
News Corp Weighing Strategic Options For MySpace
News Corporation (NASDAQ:NWSA) is currently weighing their options for social network subsidiary MySpace.com. News Corp is considering selling off the social network outright or retaining partial ownership. Either way, News Corp. has further indicated that they are not the best owner for MySpace to fully flourish.
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Categories Chase Carey, MySpace, News Corp, News Corporation
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Liberty Media May Be Selling DirecTV As They Select Former Pepsi CEO To Run The Company
DirecTV Group Inc. (NASDAQ:DTV) has appointed Michael White as their new CEO. White previously worked at PepsiCo (NYSE:PEP) as the Vice Chairman. Interestingly White does not have much experience in the food and beverage industry so that makes the decision quite interesting for DirecTV. There is speculation that he will act as a “baby-sitter” for DirecTV until a take-over happens. AT&T and Verizon are both potential candidates for buying out DirecTV since they both partner with the satellite TV company.
DirecTV has 18 million subscribers and the company launched in 1994. The company is currently owned by The DirecTV Group which is a division of Liberty Media.
White will be taking the CEO position on January 1 and will be replacing Chase Carey. Carey will be leaving to join News Corp. as the COO and President. Shareholders and the DirecTV management team are currently discussing whether to spin off Liberty Media’s entertainment assets into a separate company. DirecTV used to be owned by News Corporation, but Liberty Media exchanged 16.3% of their stake in News Corp. and $625 million in exchange for DirecTV and three sports networks.
Categories Chase Carey, DirecTV, Liberty Media, News Corp, News Corporation
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MySpace Falls Short Of $900 Million Google Deal
In August 2008 Google filed a report with the SEC that their $900 million investment in MySpace “may be impaired.” MySpace made the Google search engine the default for the search engine. Last week, MySpace executives Rupert Murdoch, Chase Carey, and Dave Devoe reported that MySpace fell short of traffic targets.
This means that MySpace will not be paid the full amount by Google. It is likely that MySpace will lose $100 million of the deal, making it an $800 million deal. The loss might be even greater than $100 million. It could even be $300 million according to one of the executives.
MySpace isn’t the only deal to go slightly sour by Google in recent times. Google sold back 5% of their ownership in AOL back to Time Warner. Google bought the 5% of equity for $1 billion and sold it back for $283 million.
Categories Chase Carey, Dave Devoe, Google, MySpace, News Corp, News Corporation, Rupert Murdoch
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Chase Carey Leaves DIRECTV To Join News Corp.
Chase Carey has been the President and CEO of DirecTV since December 2003. This past week Carey stepped down from DirecTV and joined News Corporation to replace Peter Chernin. At one point, News Corp. even owned 34% of DirecTV. When Carey joined DirecTV, he left News Corporation.
To find a replacement for Carey, DirecTV formed a director committee. As a temporary replacement EVP of Legal, HR, and Administration Larry Hunter has become the interim CEO of DirecTV.
“Chase has been an important advisor and a close friend to me for several decades,” stated Murdoch. “I know that his leadership, strategic capabilities and more than 15 years of experience at our company will prove invaluable as we face the challenges and opportunities before us.”
[via LA Times]