CHICAGO, April 8 (UPI) -- News Corps. has no plans to start spinning off or selling off major assets, as other media firms have been doing recently, The Hollywood Reporter said Friday.
Company president and chief operating officer Peter Chernin told The Reporter in an interview that News Corps. intends to maintain what chairman and chief executive officer Rupert Murdoch has called a "near perfect balance" of complementary assets. Chernin said that could eventually lead to more cable outlets, including a competitor for The Walt Disney Co.'s ESPN, as well as a U.S. version of Murdoch's British Sky Broadcasting satellite operation and a variety of Internet and new tech alliances.
Chernin said News Corps. is not contemplating shedding any major assets.
"We've demonstrated we can run the assets of our company well, as evidenced by the double-digit growth we have had for 12 straight quarters," he said. "We believe there are benefits to having these assets together."
Chernin said the company's upcoming reality cable channel will launch with approximately 20 million subscribers, and could have as many as 25 million by the end of this year.
"It's a good example of how we can use our assets together to create more value," he said.
