News Corp investors approve split

The split of Rupert Murdoch’s News Corp has been formally approved by its shareholders.
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The global media company is breaking up into two parts – a publishing firm and a film and television unit – and the vote overnight was expected as the Murdoch family holds a majority of the voting shares.

‘‘We are pleased that the proposals have been approved by an overwhelming majority of the outstanding shares, and that our shareholders clearly recognise the anticipated benefits of the separation,’’ Mr 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.’’

The entertaining firm will be called 21st Century Fox while the publishing company will retain the name News Corp.

The Australian assets of News Corp, including its interests in pay TV provider Foxtel and in Fox Sports, will be included in the publishing unit. It will also include international publishers such as the Wall Street Journal, the New York Post and HarperCollins.

The new News Corp will have $US2.56 billion in cash, including a $US1.82 billion payment from 21st Century Fox, and no debt.

The 21st Century Fox company will include assets such as the 20th Century Fox movie studio, the Fox News Channel and the Fox broadcast TV network.

Mr Murdoch will be the chairman of both firms and the chief executive of 21st Century Fox. His sons, James and Lachlan Murdoch, will sit on both boards.

Australian Robert Thomson, who was the Wall Street Journal’s managing editor, will be the chief executive of News Corp.

Mr Thomson said in an investor briefing in Sydney last week he was optimistic about the medium-term prospects of his company, despite the struggles facing by the newspaper industry amid a decline in revenues.

The original release of this article first appeared on the website of Hangzhou Night Net.

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