News Corp. board approves split, stock buyback

May 24, 2013

(AP)—News Corp. says its board of directors has approved plans to split its entertainment and publishing businesses into two separate companies.

News Corp. also said Friday that the target date for the split is June 28. The company holding its TV and movie properties will be 21st Century Fox. The new News Corp., a smaller entity, will be focused on newspapers and publishing. Both will be publicly traded.

The board also approved a program for the publishing business to buy back $500 million of shares after the split.

.'s board had previously approved a preliminary split plan. The latest vote was on the formal proposal to split. Shareholders are expected to approve the split on June 11.

will be chairman of both companies and CEO of Fox.

Explore further: Clooney slams skittish Hollywood after Sony hack

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.

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 insurers pay $139M in shareholder suit

Apr 22, 2013

News Corp. says that the insurers backing its board of directors will pay the company $139 million to settle shareholder lawsuits over the British phone hacking scandal and the controversial purchase of an entertainment company ...

Shareholder unrest voiced at News Corp

Oct 16, 2012

Media tycoon Rupert Murdoch faced calls to give up some of his control at the News Corp. conglomerate at a shareholder meeting Tuesday that was unlikely to change the balance of power.

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

2012 movie massacre hung over 'Interview' decision

13 hours ago

When a group claiming credit for the hacking of Sony Pictures Entertainment threated violence against theaters showing "The Interview" earlier this week, the fate of the movie's big-screen life was all but ...

Clooney slams skittish Hollywood after Sony hack

20 hours ago

Film star George Clooney slammed the Hollywood movie industry for failing to stand up against the cyber threats that prompted Sony Pictures to cancel release of the movie "The Interview."

Atos shares soar after Xerox acquisition

22 hours ago

Shares in French tech firm Atos soared nearly five percent on Friday as traders cheered the news it had bought the IT wing of Xerox for more than $1 billion.

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.