News Corp. to spin off publishing with $2.56B cash

Mar 08, 2013

News Corp. says it will spin off its publishing division with $2.56 billion in cash and no debt, giving it the means to invest in digital operations and acquire businesses.

The amount of cash the publishing unit will receive was included in a securities filing on Friday. The amount includes a payment of $1.82 billion from the , to be renamed Fox Group. Another $741 million is already held in cash by the businesses to be spun off.

The separation of the publishing businesses from the TV and movie businesses is expected by June.

The publishing company will include newspapers such as The , the HarperCollins book publisher, Australian TV assets and its fledgling for-profit education business, Amplify.

Explore further: BlackBerry courts iPhone users with cash

not rated yet
add to favorites email to friend print save as pdf

Related Stories

News Corp. confirms it's considering split in 2

Jun 26, 2012

(AP) — Under pressure to limit contagion from the British phone hacking scandal, Rupert Murdoch's News Corp. confirmed Tuesday that it is considering splitting into two publicly traded companies.

Time Warner to spin off publishing unit Time Inc.

Mar 06, 2013

Time Warner said Wednesday it would spin off its publishing arm Time Inc. as a separate company by the end of the year, allowing the US conglomerate to focus on its television and film operations.

News Corp. posts higher 2Q earnings, revenue

Feb 06, 2013

Media conglomerate News Corp. says earnings for the last three months of 2012 grew, helped by higher revenue at its pay TV networks and gains from acquisitions.

News Corp split in motion. Murdoch names unit chief

Dec 03, 2012

Rupert Murdoch put the future of his newspaper and publishing empire in the hands of a fellow Australian on Monday as he set in motion the split of his media-entertainment conglomerate, News Corp.

Recommended for you

BlackBerry courts iPhone users with cash

11 hours ago

Canadian smartphone maker BlackBerry is wooing Apple customers with a cash offer for trade-ins of iPhones for its new square-screened, keyboard-equipped Passport.

HP earnings show continued struggle

12 hours ago

Venerable tech giant Hewlett-Packard has been struggling for three years to turn its business around. Its latest earnings show it still has more work ahead.

Apple market value hits $700 bn

18 hours ago

A rise in Apple shares Tuesday pushed the market value of the trend-setting US tech icon above $700 billion, becoming the first company to hit that milestone.

User comments : 0

Please sign in to add a comment. Registration is free, and takes less than a minute. Read more

Click here to reset your password.
Sign in to get notified via email when new comments are made.