News Corp.'s publishing spinoff began preliminary trading at a value of $9.1 billion, making it "the biggest U.S. newspaper publisher by market capitalization," according to Bloomberg Businessweek.
The preliminary trading is part of News Corp.'s plan to split its subsidiary businesses into two independent, publicly-traded companies. Shareholders approved the split at a meeting last week and the two entities will officially separate on June 28.
“[Investors] are going to be making the decision about whether they keep both, or shed one and keep the other,” market strategist Evan Lucas told Bloomberg.
Current News Corp.
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