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The News Corporation Announces Intent To Pursue Separation Of Entertainment And Publishing Businesses To Enhance Strategic Alignment And Operational Flexibility


Thursday, 28 Jun 2012 07:31am EDT 

The News Corporation announced that it intends to pursue the separation of publishing and media and entertainment businesses into two distinct publicly traded companies. Upon closing of such a transaction, shareholders would hold interests in a publishing company, consisting of collection of publishing assets and a new digital education group, and an global media and entertainment company. The new global publishing company that would be created through the proposed transaction would consist of News Corporation’s current publishing businesses, as well as book publishing, education and integrated marketing services divisions. Upon closing of the proposed transaction, News Corporation’s shareholders would receive one share of common stock in new company for each same class News Corporation share currently held. Following the separation, each company would maintain two classes of common stock Class A Common and Class B Common Voting Shares. Upon closing of proposed transaction, Rupert Murdoch would serve as Chairman of both companies and CEO of media and entertainment company. Chase Carey would serve as President and COO of media and entertainment company. The separation is expected to be completed in approximately 12 months. During the closing process, News Corporation will remain focused on delivering possible results for benefit of consumers, customers and shareholders. 

Company Quote

16.61
-0.27 -1.60%
10:28am EDT