logo
Plus   Neg
Share
Email

News Corp To Sell News America Marketing Business To Charlesbank Capital

News Corp said it agreed to sell its News America Marketing business or "NAM" to Charlesbank Capital Partners, a private equity firm with offices in Boston and New York.

The deal follows a strategic review of NAM as part of News Corp's efforts to optimize its portfolio and simplify the structure of the company.

As per the terms of the agreement, News Corp will receive cash consideration of up to about $235 million, comprised of $50 million in cash upon closing of the transaction and additional deferred cash payments in an aggregate amount of between $125 million and about $185 million, depending on the timing of such payments.

The deferred consideration is payable on or before the five-year anniversary of closing. In addition, News Corp has the opportunity to benefit from NAM's future success through an option to retain up to 15% equity in the business.

The transaction is expected to close in the fourth quarter of fiscal 2020.

For comments and feedback contact: editorial@rttnews.com

Business News

Editors Pick
House-Autry Mills, Inc. issued a recall for its 9 ounce bottles of House-Autry Tartar Sauce due to the co-manufacturer's verification of spoilage associated with the product, according to a statement published by the U.S. Food and Drug Administration or FDA. The North Carolina-based company said the product may be unsuitable for consumption. Kimberly-Clark Corp. (KMB) on Monday reported a profit for the fourth quarter that edged down from last year, hurt by higher expenses, despite 6 percent sales growth. Both adjusted earnings per share and net sales topped analysts' expectations. The company also initiated adjusted earnings and net sales growth guidance for the full-year 2021. Shares of Philips Electronics NV were gaining around 3 percent in Amsterdam trading after the Dutch consumer electronics giant reported Monday higher results in its fourth quarter. The company also proposed dividend, and said it sees growth in fiscal 2021 comparable sales and adjusted margin.
RELATED NEWS
Follow RTT