UPDATED: The vote today to move ahead on plans to split News Corp into separate publishing and entertainment companies comes after the board approved the restructure last month. Three amendments to News Corp’s certificate of incorporation were voted on at a special shareholders meeting in New York that keeps the split on track for a June 28 separation, the Wall Street Journal reported. Shareholders will get one share of the publishing company for every four shares of News Corp they currently own, with the new companies set to begin trading on their own July 1. “We are pleased that the proposals have been approved by an overwhelming majority of the outstanding shares, and that our shareholders clearly recognize the anticipated benefits of the separation”, Rupert Murdoch said today in the company’s official announcement of the vote. “We are on track to complete the separation on June 28 and look forward to launching two new industry leaders”. The new entertainment-focused arm, renamed 21st Century Fox, will include the Fox broadcast network and cable networks, 20th Century Fox Television and Shine Group, and the 20th Century Fox film studio. The new News Corp will will hold newspapers, information services and integrated marketing services, digital real estate services, book publishing, digital education and sports programming and pay-TV distribution in Australia.
News Corp Split Approved By Shareholders
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