Page 25 - ARUBA TODAY

BUSINESS Saturday 10 december 2016
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Murdoch’s 21st Century Fox agrees to buy Europe’s Sky

TALI ARBEL of about 11.2 billion pounds talking about some terms Fox News, FX and the Fox Murdoch, Rupert’s son and
Associated Press ($14.1 billion). and a definitive deal is still broadcast channel and a the CEO of 21st Century
NEW YORK (AP) — Rupert Fox already owns just over not certain. Murdoch had major Hollywood film studio, Fox, became chairman of
Murdoch may get all of Eu- 39 percent of Sky, and the previously tried to take full a distributor in Europe. Sky Sky in April. He had been
ropean broadcaster Sky af- deal price values the en- control of Sky but was side- plc has 22 million customers CEO of Sky, then known as
ter all after the U.K. phone- tire broadcaster at 18.5 bil- lined in 2011 amid a phone- in the U.K., Ireland, Germa- BSkyB, from 2003 to 2007
hacking scandal scotched lion pounds. Shares in Sky hacking scandal at his Brit- ny, Austria and Italy. It sells and chairman from 2007 to
a previous effort. jumped 27 percent in Lon- ish newspapers that rocked TV and internet service, has 2012.
Sky said Friday that Mur- don. Stock of 21st Century the U.K. political and me- its own news operation and The pound’s 16 percent
doch’s entertainment con- Fox fell more than 3 per- dia establishment. The out- sports channels and makes drop against the dollar
glomerate 21st Century Fox cent in afternoon trading in cry has largely died down some TV shows. since June, when Britain
has reached a preliminary New York. since then. There has long been spec- voted to leave the Euro-
deal to buy the rest of Sky However, Sky and 21st Taking control of Sky would ulation that another take- pean Union, would have
for 10.75 pounds ($13.60) Century Fox both said in give 21st Century Fox, over deal was coming from made the U.K.-based Sky
per share, the equivalent statements that they’re still which owns cable networks 21st Century Fox. James cheaper to acquire.q

Coca-Cola names Quincey as next CEO, Kent stays as chairman

JOSEPH PISANI companies who will handle
AP Business Writer the bottling of sodas and its
NEW YORK (AP) — Coca- other drinks. This means less
Cola CEO Muhtar Kent revenue, but fewer costs,
will step down from that for Coca-Cola as it focuses
role next year and be suc- on selling syrups and con-
ceeded by the company’s centrates to the bottlers
No. 2 executive, at a time as well as expanding its
when people are drinking brands.
less sugary soda including Coca-Cola’s annual rev-
its flagship Coke drink. enue has fallen in the past
Chief Operating Officer four years and Wall Street
James Quincey, long ex- analysts expect revenue
pected to become the for the current year to fall
next CEO, will take over about 5 percent from the
leadership of the world’s year before. In October,
largest beverage maker the company said its third-
on May 1, the company quarter profit fell 28 per-
said Friday. Kent will remain cent.
as chairman of the board. Quincey, 51, spent much
Quincey, who’s worked at of his career with the com-
Coca-Cola for about two pany in Latin America and
decades, has led its drive was named president and
to cut down the sugar in The Coca-Cola logo appears above the post where it trades on the floor of the New York Stock chief operating officer last
its drinks and said Friday Exchange, Friday, Dec. 9, 2016. Coca-Cola said Friday that CEO Muhtar Kent will step down as year. Wall Street analysts
CEO next year and be replaced by Chief Operating Officer James Quincey.
that he’ll continue to do (AP Photo/Richard Drew) said they had expected
that as CEO. He also said Quincey to be promoted
he’ll keep pushing for more companies and any other volume for regular Coke is said had more protein and to the top job, but some
low-calorie beverages and platform customers go to in down 14 percent over the less sugar than regular milk. thought it would be an-
for offering soda in smaller the future. past decade, according It also makes Sprite, Fanta nounced early next year.
cans and bottles. “The iPhone didn’t ex- to the industry tracker Bev- and Dasani water, and has Analysts at Stifel said “job
He said he wants to “stay ist when Muhtar became erage Digest, while Diet invested in options like bot- one” for Quincey is to im-
relevant” with custom- CEO,” Quincey said. Coke’s volume is down 29 tled teas that have bigger prove revenue growth.
ers by continuing to “digi- The Atlanta-based com- percent. growth potential. Shares of The Coca-Cola
tize” the business, selling pany has been diversifying So last year Coca-Cola The company is in the midst Co. rose $1.06, or 2.6 per-
Coca-Cola’s drinks on- its drinks to try to adapt to rolled out nationwide a milk of selling off its bottling busi- cent, to $42.04 in afternoon
line, through food delivery changing tastes. U.S. sales drink called Fairlife that it nesses to independent trading Friday.q
South Africa company to buy Stillwater Mining Co. for $2.2B

MATTHEW BROWN agreement expected to at a smelter and refinery in “It’s business as usual,” to expand operations with
Associated Press close in the second quarter the small Montana town of McMullen told The Associ- two mining projects locat-
BILLINGS, Mont. (AP) — The of 2017, said Stillwater Chief Columbus. ated Press in a telephone ed near its existing mines
company that owns Mon- Executive Officer Mick Mc- As precious metals prices interview. “These guys and known as Blitz and
tana’s largest mining com- Mullen. dropped in recent years, (Sibanye) have bought into Lower East Boulder will con-
plex announced Friday Stillwater is the only U.S. the company cut its work- a company that’s not a tinue.
that it will be acquired by a producer of platinum and force significantly, includ- turnaround story. This thing The deal was approved
South African company for palladium, precious metals ing at least 120 workers is running itself.” unanimously by Stillwater’s
$2.2 billion in a deal that re- used in catalytic convert- from the Stillwater Mine A U.S. subsidiary of Sibanye board of directors, of which
quires U.S. government ap- ers to reduce pollution from and the Columbus facility. (sih-BAHN’-yay) will pay former Montana Gov. Brian
proval. cars and tracks, and as jew- With prices rising for pal- $18 per share in cash in the Schweitzer is chairman.
Sibanye Gold Limited will elry. It employs more than ladium, McMullen said he acquisition, Stillwater said. The two-term governor
buy Littleton, Colorado- 1,400 people at two mines does not anticipate further Sibanye also will take on and other board members
based Stillwater Mining in southern Montana’s job losses following Friday’s some of Stillwater’s debt. will resign when the deal
Company under a merger Beartooth Mountains and announcement. Stillwater’s pending plans closes.q