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News Corp. Approves Split
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| Parent(s) |
Media
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| Contributor | RP |
| Last Edited | RP Jun 28, 2012 10:37am |
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| Category | News |
| Author | JOHN JANNARONE |
| Media | Newspaper - Wall Street Journal |
| News Date | Thursday, June 28, 2012 12:20:00 PM UTC0:0 |
| Description | News Corp.'s NWSA -1.48% board unanimously approved a plan to split the media conglomerate in two pieces, separating its lucrative entertainment operations from its publishing business, said a person familiar with the situation.
The board made the decision after a meeting in New York Wednesday evening that lasted roughly an hour and a half, the person said. News Corp. Chairman and Chief Executive Rupert Murdoch spoke at the meeting and financial advisers made presentations to the board. The person said many details such as who will run the publishing business have yet to be resolved. The split is expected to be formally announced early Thursday morning.
The entire process is expected to take about a year, and the board must give final approval to the detailed plan.
One company will house entertainment businesses like 20th Century Fox, Fox broadcast network and Fox News Channel while another houses the publishing assets, which include The Wall Street Journal and the Times of London along with HarperCollins book publishing and News Corp.'s education business. |
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