The board of News Corp. has formally approved the motion to split the company in two. News Corp.’s newspaper and publishing businesses, along with its Australian businesses, will become the new News Corp., while the company’s TV, film and studio businesses (including Fox News Channel) will now be part of 21st Century Fox.
“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,” said Rupert Murdoch, who will serve as Chairman and CEO of the proposed 21st Century Fox, and Executive Chairman of the new News Corporation. “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.”
The company also announced the board members for the new companies. More information here.