News Corp. said Tuesday that its shareholders have approved its plan to split into two separate companies, a move that could be completed before the end of the month.
News Corp. proposed a plan to separate its publishing and entertainment businesses into two separate entities – News Corp. and 21st Century Fox last June.
At a special meeting of shareholders on Tuesday, shareholders overwhelmingly approved the split. The company said it is positioned to complete the separation on June 28.
“We are pleased that the proposals have been approved by an overwhelming majority of the outstanding shares, and that our shareholders clearly recognize the anticipated benefits of the separation,” News Corp. chairman and CEO Rupert Murdoch said in a statement. “We are on track to complete the separation on June 28 and look forward to launching two new industry leaders.”