Chase Carey's Star Rises On Wall Street After News Corp Split Announcement

Rupert Murdoch was the one taking the bows last week when News Corp announced its intention to split into two entities: one housing its vibrant entertainment assets and another with its older publishing ones. But COO Chase Carey is getting much of the glory in the eyes of shareholders, even though he’ll keep the No. 2 job at the entertainment unit where Murdoch will be CEO and chairman; Murdoch also will be chairman of the publishing company, with a CEO to be named later. News Corp shares have jumped 12% in the week since the news first broke. That’s at least partly due to the perception that the arrangement will shift power from Murdoch to Carey. “In a perfect world we would have liked to see Chase Carey in the CEO role and Rupert move up to the chairman role,” a senior fund manager at Invesco — News Corp’s third-biggest investor — says today in the UK paper The Telegraph. Kevin Holt adds that “Chase Carey’s involvement in this company is very important to our ownership.” (more…)

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