News Corp. Board OKs Split With 21st Century Fox24 May, 2013 By: Erik Gruenwedel
Media giant is separating into two publicly traded companies focusing on print and media properties, respectively.
News Corp. May 24 said its board formally approved the separation of News Corp. into two publicly traded companies, 21st Century Fox and the new News Corp.
21st Century Fox will be home to 20th Century Fox Studios, including 20th Century Fox Home Entertainment.
News Corp. announced appointments to the boards of both companies, effective upon the completion of the separation, which is expected to occur on June 28.
“Today’s announcement is a significant step in creating two independent companies with the world’s leading portfolios of publishing and media and entertainment assets,” Rupert Murdoch, who will serve as chairman and CEO of the proposed 21st Century Fox, and executive chairman of the new News Corp., said in a statement. “We continue to believe that the separation will unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division.”