News Media history

In October 1985 National Paragon filed for bankruptcy protection under Chapter 11 of the Bankruptcy Reform Act.

A year later it emerged from Chapter 11 and in November 1986 acquired Media Arts International as part of its approved reorganization plan.

On July 24, 1987, National Paragon Corporation adopted its present name, National Media Corporation.

Fiscal 1988 (ending March 31, 1988) was the company’s first profitable year following its emergence from bankruptcy protection, when it reported net income of $4.2 million on revenues of $31.9 million.

For fiscal 1989 it had net income of $2.5 million on sales of $31.8 million.

In September 1990, the company’s stock, which had been trading on the NASDAQ, was approved for listing on the New York Stock Exchange.

Fiscal 1992 was a pivotal year for National Media, the first in which the company embarked on a new global vision.

In December 1993 National Media settled a lawsuit filed earlier in the year by Positive Response Television, Inc., its business partner in the “Amazing Discoveries” infomercial series.

In May 1994 National Media expanded its programming into Brazil and Taiwan through its subsidiary Quantum International.

International revenues were $151 million, up from $80 million in fiscal 1995.

The acquisition was completed in May 1996 for 1.8 million shares of common stock valued at $25.9 million.

It was part of a series of acquisitions that left the company in financial straits in 1997.

However, dissident shareholders at Value Vision’s annual meeting in April 1998 threatened to exercise “dissenter’s rights,” which would require them to be paid in cash rather than in stock under Minnesota law, where Value Vision was based.

The Times and The Sunday Times launch their own website, which will go behind a paywall in 2010.

On June 28, 2012, Rupert Murdoch announced that News Corporation’s publishing operations would be spun off to form a new, publicly traded company.

The new News Corp formally began trading on the NASDAQ under the symbol “NWS” on July 1, 2013; at the same time, the former News Corporation (now consisting purely of media properties, such as Fox Entertainment Group and20th Century Fox) was renamed 21st Century Fox.