News Corp. Board Approves Company Split | WAMU 88.5 - American University Radio

NPR : News

Filed Under:

News Corp. Board Approves Company Split

Media empire News Corp., parent of Fox and The Wall Street Journal, will be cleaved into two businesses starting June 28: a publishing arm and one for entertainment.

The plan was first announced a year ago. As we reported at the time:

"News Corp. is responding to pressure from some investors who aren't interested in its relatively slow-growing publishing ventures, which include The Wall Street Journal and New York Post, newspapers in Australia and a collection of British tabloids that have been caught up in the U.K."

The publishing part of the business will retain the News Corp. brand, and the entertainment half will be known as 21st Century Fox, the company's Board of Directors said.

"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," Murdoch said.

Shareholders are expected to formally approve the split on June 11.

Reuters reports that the company named current directors Lachlan Murdoch and James Murdoch to the board of the new News Corp.

Copyright 2013 NPR. To see more, visit http://www.npr.org/.

NPR

Reports: Fashion Icon Oscar De La Renta Dies After Long Cancer Fight

Fashion designer Oscar de La Renta, 82, died Monday after a decade-long battle with cancer, The New York Times and other media outlets report.
NPR

Sandwich Monday: The Primanti Bros. Pitts-burger

For this week's Sandwich Monday, we try a sandwich from the famous Primanti Bros. of Pittsburgh.
NPR

Close Iowa Senate Race Could Come Down To How Women Vote

Joni Ernst, who's an officer in the Iowa Army National Guard, presents herself as a mother, soldier, leader. But many women aren't responding to that.
NPR

Tunisia's Emerging Tech Sector Hampered By Old Policies

When Tunisia's young people protested in 2011, they had one key demand: jobs. Now, despite new political leadership, that demand remains unmet — even in tech, the sector that offers the most promise.

Leave a Comment

Help keep the conversation civil. Please refer to our Terms of Use and Code of Conduct before posting your comments.