Shares of media company News Corp (NWSA) - Get Free Report were rising nearly 6% Tuesday to $12.97 after the company announced that it was looking to sell its News America Marketing business as part of an effort to simplify its structure.
The company is reviewing its marketing businesses in order to focus on what it calls its primary pillars, "including the creation and distribution of premium content and global digital real estate services."
"We believe this strategic review will result in enhanced shareholder value, as we seek to streamline our company, with the aim of greater transparency and profitability," said Robert Thomson, CEO of News Corp. "Candidly, the NAM business has been transformed from one based on newspaper inserts to one of the leading in-store marketing companies in the U.S., with a growing digital component and an expanding array of tech partners."
Thomson also noted that NAM has extensive access to first-party shopper data and close relationships with companies that have placements in thousands of retail stores. The business reportedly has marketing media options in more than 60,000 stores in the U.S. and Canada.