Siobhan McKenna to Retire from News Corp, Leaving a Lasting Legacy

Strategic Insights -

After two decades as a transformational force at News Corp, Siobhan McKenna is retiring from her roles as CEO of broadcasting, chair of Sky News Australia, and chair of Nova. McKenna, considered the most influential figure within the News Corp stable in Australia, steered the sale of Foxtel to British streamer DAZN earlier this year and has now relinquished her remaining positions. Her decision marks the end of an era at News Corp, with global boss Robert Thomson hailing her as a "visionary" who will be "missed by me and by all those who have had the privilege of her presence."

Key Takeaways:

  • Siobhan McKenna, considered the most influential figure within the News Corp stable in Australia, is retiring from her roles as CEO of broadcasting, chair of Sky News Australia, and chair of Nova.
  • McKenna steered the sale of Foxtel to British streamer DAZN earlier this year, marking a significant achievement in her career.
  • McKenna has been Lachlan Murdoch's closest corporate ally for two decades, coming on as a founding partner of Illyria, which initially took stakes in companies like Prime Media Group, Nova, and Network Ten.
  • During her time as CEO of broadcasting, McKenna oversaw the merger of Fox Sports and Foxtel, launched the digital sports streamer Kayo, and struck a new carriage deal between Foxtel and Sky, opening the door to millions in extra annual funding for the conservative news channel.
  • McKenna was central to the launch of Binge, a new streaming service that helped offset costly content deals amid declining cable revenues.
  • McKenna remains chair of Australia Post and has been selected by the Albanese government to serve in this position since 2022.

Statistics:

  • News Corp achieved a net loss after tax of $27.4 million for the year.
  • The company's Australian accounts showed a drop in both print advertising revenue and in circulation and subscription revenue.
  • Foxtel's sale to DAZN was completed, with News Corp taking a 6% stake in the British streamer.

Sources:

  • Good Weekend: "Siobhan McKenna profiled"
  • News Corp's Australian accounts, published on Wednesday
  • Quote from Robert Thomson, global News Corp boss.