News Corporation is comprised of six main elements: cable network programming, filmed entertainment, television, direct broadcast satellite television, publishing, other. News Corporations assets are located all over the world: the United States, the United Kingdom, Continental Europe, Australia, Asia and Latin America.
The most notable changes to these assets in the August 15, 2011, 10K, filed by News Corporation, occurred on account of the recent scandal involving the News of the World publication, which is under the control of News Corporation. July 2011 was a very important month for News Corporation. The scandal resulted in closure of the News of the World publication. The Company released information stating that they are cooperating with the investigation, they have “admitted liability” (1) in several civil cases related to phone hacking allegations, and they have created a Management and Standards Committee (MSC) to control all issues related to the scandal. The MSC will also return information to the Board of Directors and will oversee “compliance, ethics, and governance procedures” (1) at News International, the publishing branch of News Corporation. On July 13 of the same month, The Company ended negotiations to buy more than their current share of the British company BskyB with a $63 million settlement. Also in July 2011, the Company sold its interest in “its outdoor advertising businesses in Russia and Romania.” (20) In addition, the NDS Group bought back its shares from News Corp. in March 2011. On June 29, 2011, News Corporation released its holdings on Myspace. Overall, News Corporation has been losing assets, intentionally or unintentionally, over the course of the year.
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