News Corp has promoted former Citibank Australia head of TMT Investment Banking, Andrew Cramer, as its new deputy CFO.
Cramer’s new remit will see him responsible for its office of the CEO function, as well as business development and M&A, the Australian Financial Review reported on Monday.
The newly appointed deputy CFO joined the New York team of the Murdoch-owned media company in 2019 as senior vice president, corporate finance.
CFO Susan Panuccio said in an email announcing Cramer’s new role: “Andrew is a highly talented finance executive who has become an integral part of the finance community since joining the business three years ago.”
Last month, News Corp Australia announced it increased its investment in Medium Rare Content Agency, acquiring 20 per cent of the commercial content business it did not previously own.
See also: News Corp Australia increases investment in Medium Rare content agency
Michael Miller, News Corp Australasia executive chairman, said: “From the day we launched Medium Rare as a joint venture with founders Gerry Reynolds and Sally Wright in 2014 we’ve had high aspirations for the business and confidence in the growth of the commercial content category. Gerry, Sally, and the Medium Rare team have exceeded these ambitions.”
The increased investment from News Corp Australia in Medium Rare caps off a spate of strategic investments designed to further scale News Corp Australia’s fast-growing commercial content business.
Last October, the company purchased a stake in Australia’s largest full-service video production company Visual Domain and in May took a position in digital finance news and marketing group Stockhead while Medium Rare bought content marketing agency Storyation in December 2019.
“It was a logical decision to increase the company’s exposure to Medium Rare, with a tier-one client list including Coles, David Jones, Foxtel, Bunnings and Qantas,” Miller said.
“The combined skills and capabilities of Medium Rare, Visual Domain and Storyation, as well as Suddenly and our internal creative agency Roller, to leverage News Corp Australia’s data, audio, commerce along with the company’s digital audience networks and brands provides our clients compelling campaign solutions,” he added.
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Top image: Andrew Cramer