Finance

News Corp. Finalizes Split Into Two Companies

TV and Movie Business 21st Century Fox to Trade on NASDAQ 6/28/2013 1:00 PM Eastern

 

The split of News Corp. into two separate media companies was completed on Friday.

Effective at 4:30 p.m. (ET), News Corp. became 21st Century Fox, with existing shareholders receiving one share in the new News Corp., which owns the company's publishing assets and some businesses in Australia, for every four shares they own in the old media company.

21st Century Fox's assets include Fox Broadcasting; cable channels FX, Fox News Channel and the soon-to-launch Fox Sports 1; 20th Century Fox Film; 20th Century Fox Television; and Shine Group.

Rupert Murdoch, who will serve as chairman of both companies, as well as CEO of 21st Century, will control nearly 40% of the voting stock in each.

"21st Century Fox launches as a unique force bringing news and entertainment to more than a billion customers every day in over 100 languages," Murdoch said in a statement. "Our success will continue to be rooted in a deep belief in originality and a commitment to empowering creative minds and entrepreneurs around the world. Our management teams are the best in the business and we will drive growth and shareholder value by expanding our existing assets and brands, while embracing new opportunities and technology."

Starting Monday, 21st Century Fox's common stock will begin regular trading on NASDAQ market using the symbols FOXA for class A shares and Fox for class B shares.

 

 

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