News Corp. completed the spinoff of its publishing assets Friday, setting the stage for both companies to prove themselves on the open market. Shares for both companies began early trading on June 19, but normal trading will begin this week.
Rupert Murdoch bowed to investor pressure to split his six-decade-old publishing business from the rest of News Corp.’s media empire. Now it’s time for the newspaper unit to prove it can make it on its own. The publishing unit officially becomes independent today, losing the backing of News Corp.’s entertainment business as it pursues growth in a declining industry. The newspaper company, which will keep the News Corp. name, is valued at about $8.9 billion — a seventh the level of entertainment business, now called 21st Century Fox.
News Corp’s new media and entertainment spinoff company has found its voice. Julie Henderson has been upped to EVP, chief communications officer, at 21st Century Fox, where she’ll oversee global communications initiatives and work to familiarize worldwide audiences with the new brand.
News Corp’s publishing and entertainment arms began trading separately on a preliminary basis today, one of the last steps before Rupert Murdoch’s company officially splits in two on June 28.
Following the corporate spinoff set for June 28, Janet Nova, News Corp. deputy general counsel, will become executive vice president and deputy group general counsel for 21st Century Fox. She will help manage day-to-day operations of one of the nation’s busiest corporate legal offices.
News Corp. said its Chief Financial Officer David DeVoe would retire following the company’s separation into two business at the end of June. The company said Deputy CFO John Nallen will become CFO of 21st Century Fox, which will hold News Corp.’s media and entertainment businesses after the split.
Exclusives
Murdoch’s New Empire: Who’s Up, Down
With News Corp.’s split set for June 28, here’s a breakdown of the mogul’s big bet on his legacy, son James’ bigger role at Fox, and how to read the tea leaves.
Rupert Murdoch’s News Corp. moved closer to the planned breakup of the $76-billion global media conglomerate as board members this week formally approved the split. June 28 is the target separation date.
Today’s announcement from Rupert Murdoch: “A few weeks ago I shared with you the new name for our independent media and entertainment company: 21st Century Fox. Today I am proud to unveil our new logo, which serves as a powerful symbol of the inspiration and high bar set by our company. Like our name, the logo reflects the rich creative heritage of Twentieth Century Fox and signals the promise of the 21st century and our restless drive toward the future. Ultimately, our new logo celebrates the powerful commitment of you and your colleagues to the excellence and innovation that will propel 21st Century Fox forward. Click here and take a look!”
News Corp. CEO Rupert Murdoch has settled on a name for the entertainment and media company that will split off from the media conglomerate’s publishing division — 21st Century Fox.
