12:50 pm Mar. 8, 2013
The Lineup collects the media stories, big and small, that are on our radar each day.
How much cash will News Corp's forthcoming publishing spinoff—a k a the "New News Corp," a k a "PubCo"—be infused with when it bursts out of the gate later this year?
$2.6 billion and no debt, according to a recent S.E.C. filing.
"The company confirmed on Friday what analysts had expected: Rupert Murdoch will make sure his beloved trove of more than 100 newspapers will have plenty of capital once they are split off on their own," writes The New York Times' Amy Chozick.
The cash pile could come in handy for acquisitions or just to shore up the publishing business, which includes the Wall Street Journal in the U.S. and the Sun newspaper in the U.K. The unit, which will become a separate publicly held business in June, will also have access to a revolving credit line, New York-based News Corp. said today in a filing.
While News Corp. spins off publishing with $2.6bn in cash, TWX is expected to spin off Time Inc. with ~$1bn in debt. is.gd/cj0Uiv— Keach Hagey (@keachhagey) March 8, 2013
...that Sheila McClear has landed a full-time gig at the Daily News. McClear, who had been freelancing for the News since leaving rival tabloid the New York Post last September, is the latest addition to the News' feature desk, where the Gawker alumna will be writing about fashion, lifestyle and other such similar topics.
In other news...
The Star-Ledger and the New York Post both passed on the Menendez prostitution story because they didn't find the sourcing credible. [The Huffington Post]
Allow Henry Blodget to take you inside last night's swanky Sheryl Sandberg book party. [Business Insider]
Did Nate Thayer, who drew attention this week for raging against an unpaid freelance offer, plagiarize parts of the very article that put him in the headlines in the first place? [Daily Intel; Felix Salmon; CJR]
Recently ex-Wired digital editor Evan Hansen has landed at Ev Williams and Biz Stone's Medium. [AllThingsD]
Journalism awards season is upon us. [W.W.D.]
Joy Behar is leaving "The View." [Deadline]
Quote of the day...
Everyone is focused on airtime and getting another slot. I don’t think I’ll be off the radar screen. When I took a couple of years to do the documentaries after I left American Morning—what was I gone for, five years?—I didn’t feel that I was floating under the radar. Reporters will say, “But there’s CNN and Fox and MSNBC. There must be one place there where you want to be.” No. What’s exciting is to own my own product. I think of myself as a journalist and a storyteller. Now I get to be an entrepreneur, too.
Attempting to lean into Mike Bloomberg and Barry Diller's party conversation.— Glynnis MacNicol (@GlynnMacN) March 8, 2013
Here's a wide-ranging video interview with Rupert Murdoch from the other day:
From our inbox...
Ours must have gotten lost in the mail, but here is the star-studded invite to The New York Observer's 25th anniversary soiree next week at the Four Seasons, via someone who received it (no hard feelings, because we're told "most of the Observer staff is not invited to the anniversary party" either, although members of the newsroom were):
Newsweek's latest cover, "The Myth of Bob Woodward", is animated (click to enlarge):
More by this author:
- 'Village Voice' fires Michael Musto in yet another round of cuts
- 'New York Post' buyouts focus on 'loyal soldiers ... highest paid'