News Corp has quashed rumours of cost-cutting office move measures and any senior exits at its majority stake-owned ad sales house Multi Channel Network (MCN).
AdNews understands that some staff contracts are at renewal stage, with some in negotiation. It is thought well-respected MCN CEO Anthony Fitzgerald – who has successfully led the business for nearly 15 years - may also be in the process of renewal.
“MCN is a robust, highly performing business with exceptional executive leadership,” a News Corp spokesperson told AdNews this morning, stressing that “there are no high levels exits from MCN”.
Mixed commentary also surfaced about what this means for MCN execs, with talk of some Pyrmont-based staff moving into News Corp’s Surry Hills HQ.
Speculation also mounted over News Corp MD of national sales Lou Barrett, who has extensive TV experience as former executive general manager of Network Ten, taking a more involved role with the ad sales house.
“There are no high levels exits from MCN nor is Lou Barrett, managing director network sales for News Corp Australia, moving to any role within MCN," the spokesperson added.
News Corp has today also told AdNews that no MCN staff are moving into News Corp’s Holt St office.
Network Ten has the remaining 24.99% stake in MCN and following CBS acquiring Ten, it remains to be seen what happens in relation to their relationship.
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