News Corp. To Split Into Two Companies
June 28, 2012 at 5:36 AM (PT)
NEWS CORP. is planning to split into two publicly traded entities, separating its publishing and entertainment businesses.
MARKETWATCH.COM reports, "With the split, holders would get shares of both companies, and the two companies would benefit from 'enhanced strategic alignment and increased operational flexibility,' NEWS CORP. said in a statement. The board authorized management to pursue the split after the directors met on WEDNESDAY, the company said."
Both companies will have RUPERT MURDOCH as Chairman, who will also serves as CEO of the media and entertainment company.
The media and entertainment company will have CHASE CAREY as Pres./COO.
The split is expected to take a year to complete.