News Corp’s Board of Directors approves separation of businesses
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.
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