Hong Kong – In a recession-fuelled climate of self-preservation, the rumour mill has been functioning to over-capacity – with executives deflecting press attention from their own woes by pointing at their competitors. The most persistent speculation amongst senior executives this week is that STAR India will no longer report into the region, but directly to James Murdoch, erstwhile head of STAR in Asia, now chairman and CEO Europe & Asia, News Corporation. With STAR India accounting for over 70 percent of STAR’s revenues in the region, it is seen that, were India to report to London rather than Hong Kong, the rest of the region would be left weakened and vulnerable. But a STAR spokesperson said that, “It is absolutely untrue and inaccurate to say that STAR India reports to James. Please note that STAR India is part of STAR and its CEO, Uday Shankar, reports to Paul Aiello, CEO of STAR.” When contacted, spokesperson said that Shankar was currently in Hong Kong working with Aiello to craft out some development plans for India. “We are not aware that News Corp is not happy with STAR and in fact Mr Rupert Murdoch and Mr Peter Chernin are fully behind our development and expansion plans.” Meanwhile, a Deutsche Bank analyst cut his 2009 earnings estimates for (STAR parent company) News Corp., projecting a further slide in the advertising and DVD markets. The analyst now expects News Corp. to earn 89 cents per share in 2009, down from a previous forecast of $1.06 cents per share. Analysts polled by Thomson Reuters expect 96 cents per share on average.
Ad – Before Content
Related Articles
- Insight TV partners with China’s CGTN and JOIIN on Sweet Planet series
- Golden Boy renewed for Season 3, now sold to over 120 territories worldwide
- Tiny Desk Concerts Come to NHK WORLD-JAPAN
- BBC Strikes Deal with Amazon Music to Bring BBC Podcasts to Amazon Music Listeners Globally for the First Time
- AIB members elect new Executive Committee
- Keshet International unveils spring slate brimming with diverse premium content ahead of MIPTV