News Corp Promotes Rice to Chairman, CEO of Fox Networks Group

Date : 07/23/2012 @ 3:56PM
Source : Dow Jones News
Stock : News Corp. (MM) (NWSA)
Quote : 13.15  0.0 (0.00%) @ 7:00AM

News Corp Promotes Rice to Chairman, CEO of Fox Networks Group

News Corp. (MM) (NASDAQ:NWSA)
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   By Nathalie Tadena 
 

News Corp. (NWSA) has promoted Fox Networks Group executive Peter Rice to be the segment's chairman and chief executive, a move that comes a month after the company unveiled plans to split its entertainment business from its publishing business.

With the forthcoming split, Mr. Rice will play a bigger role in the entertainment company. He has served as chairman of entertainment for Fox Networks Group, which includes Fox Broadcasting Co., Fox Sports Media Group and FX, since 2010. He previously was president of Fox Searchlight and an executive for Twentieth Century Fox.

News Corp. also promoted David Hill, who served as chairman and CEO of Fox Sports since 1999, to a companywide role as senior executive vice president. In this new role, Mr. Hill will focus on programming, digital initiatives and other opportunities spanning the breadth of the company's operating units around the world.

Last month, News Corp. said it will separate its publishing business from its film and television divisions in a move that will split some of the world's biggest media brands into two distinct public companies.

The split culminates years of pressure on Chairman and Chief Executive Rupert Murdoch from investors, who have viewed News Corp.'s slower-growing publishing unit as a drag on earnings at the lucrative cable-television and film division. The decision also comes almost a year after broader revelations of a phone-hacking scandal at News Corp.'s U.K. tabloid division.

News Corp. is the owner of Dow Jones & Co., publisher of this newswire and The Wall Street Journal.

The company's Class A shares recently slid 1.2% to $21.73. The stock is up 14% over the past three months.

-Write to Nathalie Tadena at nathalie.tadena@dowjones.com

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