New York – News Corporation and the new News Corporation have announced that the separation of News Corporation into two distinct publicly traded companies – 21st Century Fox and the new News Corporation, has been formally approved by the company’s Board of Directors. The company also announced appointments to the Boards of Directors of both companies, effective upon the completion of the separation, which is expected to occur on June 28.

In connection with the separation, the company’s Board has additionally approved the distribution of all shares of the new News Corporation to the company’s stockholders in a ratio of one share of the new News Corporation for every four shares of News Corporation. Also, the Board has authorized a USD$500 million stock repurchase program for the new News Corporation following completion of the separation.

“Today’s announcement is a significant step in creating two independent companies with the world’s leading portfolios of publishing and media and entertainment assets,” said Rupert Murdoch, who will serve as Chairman and CEO of the proposed 21st Century Fox, and Executive Chairman of the new News Corporation. “We continue to believe that the separation will unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division.”