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News Corp. TV Assets to Be Owned by Fox Group

New Name for TV, Movie Company Follows Separation of Publishing Business 12/03/2012 7:43 AM Eastern

News Corp. announced that when it separates into two publicly traded companies, the media and entertainment businesses will be named Fox Group.

Fox Group will have Rupert Murdoch as its chairman and CEO, Chase Carey will be president and COO and James Murdoch will be deputy chief operating officer.

News Corp. also announced that Robert Thompson will become CEO of the company holding the publishing assets, which will be known as News Corp. Thompson had been editor-in-chief of Dow Jones and managing editor of The Wall Street Journal.

"This is an incredibly exciting time, for me personally, and for our companies' ambitious futures," Rupert Murdoch said in a statement.  "The challenges we face in the publishing and media industries are great, but the opportunities are greater."

Murdoch added: "At Fox Group, what began with the acquisition of a modest film studio over 25 years ago has grown into one of the world's most successful media companies of all times, defying conventional wisdom at every turn by pursuing excellence in creativity and innovation.  Fox Group is perfectly positioned to deliver even more inspiring stories that engage audiences through film, television, sports and digital platforms, driving not only financial results but a lasting imprint on the millions of people who enjoy our various services, in every corner of the world."

News Corp. announced plans to split into two companies in June. The company is pursuing regulatory and shareholder approval for the transaction.

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