3 Media Stocks in Focus: News Corp’s Sale, IMAX Expands, and Fox Teams with Sirius
News Corp. (NASDAQ:NWSA): News Corp. sold the Dow Jones Local Media Group to an affiliate of Fortress Investment Group for an undisclosed amount. The group operates 33 local papers nationwide, primarily on the East Coast. ”We are confident that the papers will prosper under the new owners, but they were not strategically consistent with the emerging portfolio of the new News,” News Corp. CEO Robert Thomson said to The Wall Street Journal.
IMAX Corp. (NASDAQ:IMAX): IMAX said it has plans to open its first theater in South African city of Durban. The venture will be a partnership between IMAX and Star-Kinekor, a South African subsidiary of the Primedia Group.
21st Century Fox (NYSE:FOXA): 21st Century Fox hammered out a deal with SiriusXM Radio (NASDAQ:SIRI) to allow the continued broadcasting of Fox News Channel and Fox Business Network over the satellite airwaves. The deal will last for seven years, and it marks the return of Fox Business Network to the realm of radio after it was dropped by Sirius as part of a deal five years ago. Fox’s networks will also be available through Sirius’s smartphone app.