MAM
News Corp board gives the nod regarding US reincorporation
MUMBAI: Media conglomerate News Corporation has announced that a special committee of non-executive directors and the full board of directors have recommended the proposed reorganisation of the company.
It was in April that the company’s CEO Rupert Murdoch had announced plans to shift its incorporation to the US from Australia.
News Corp expects the reorganisation to be completed by the end of the year. As reported earlier by Indiantelevision.com the move to reincorporate in the US makes sense as 75 per cent of News Corp’s revenues and profits are from US based businesses like Fox and now Directv.
However the proposed move will not result in a change in strategy. The reorganisation must now be approved by News Corp’s shareholders.
As part of the plan, the board has approved of a deal under which News Corp. would acquire from the Murdoch family a holding company that owns News Corp shares and a 58 per cent stake in Australian newspaper publisher Queensland Press. News Corp already owns the rest of Queensland Press. This will result in the full consolidation of the Queensland Press publishing business,
The board, adviser bank UBS and the Murdoch family agreed to value the Queensland Press publishing business at 2.45 billion Australian dollars ($1.75 billion), after deducting about 500 million Australian dollars for debt.
After the deals are done, the Murdoch Interests, which are controlled by News Corp. Chief Executive Rupert Murdoch and his family, will own 29.48 percent of the voting shares of News Corp. US. This will be slightly less than the 29.87 per cent that they now own.
In a statement, the company said the deals would enhance demand for its stock and improve its performance by increasing the U.S. shareholder base and allowing the company to be included in U.S. stock indexes.
The deals will also simplify News Corp’s structure and allow external reporting consistent with its peer group.
Brands
Hard Rock kitchen appliances to enter India through EBG Group
Coffee machines and gadgets set to tap Rs 29,000 crore market
MUMBAI: EBG Group has partnered with Hard Rock International to bring a new range of Hard Rock branded coffee machines and small kitchen appliances to Indian consumers, marking the global brand’s entry into the country’s premium home appliance segment.
The partnership will see EBG Group design, develop, manufacture and distribute the appliances under a licensing agreement. The collaboration is backed by a planned investment of Rs 100 crore and is targeting revenue of Rs 500 crore over the next five years.
The companies are looking to tap into India’s fast growing premium home appliance market, estimated at around Rs 29,000 crore and expanding at an annual growth rate of about nine per cent. Their aim is to capture roughly five per cent market share in the coming years.
Globally, Hard Rock has built a strong presence across hospitality, entertainment, retail and lifestyle merchandise. The new venture extends the brand’s music inspired identity into everyday household products, bringing its distinctive design language to modern kitchens.
EBG Group founder and chief executive officer Irfan Khan said the collaboration blends brand appeal with product performance. “Hard Rock represents energy, authenticity and a globally aspirational lifestyle. Through this partnership we aim to introduce a differentiated portfolio of premium coffee machines and kitchen appliances that combine design, reliability and strong brand experience,” he said.
The upcoming product range will pair Hard Rock’s bold aesthetics with high performance technology and premium materials. The first phase of the launch will focus on key metropolitan markets, followed by expansion into other major cities.
Products will be available through leading retail chains, major e commerce platforms and select premium distribution channels, targeting urban consumers looking for appliances that deliver both performance and lifestyle appeal.
