Murdoch Vows To Promote Creativity, And Profits, As News Corp Split Becomes Official

Rupert Murdoch‘s business empire started a new chapter at 4:30 PM ET. The corporate entity that used to house all of his biggest assets became 21st Century Fox. It keeps the main movie and TV properties. Murdoch, who will remain its CEO, calls Fox “a unique force” that will have “a commitment to empowering creative minds and entrepreneurs around the world” — and pay off for shareholders. His newspaper and publishing operations, and several Australian businesses, are part of a new company that inherits the News Corp name. Murdoch — who controls about 40% of the voting shares of both companies — is the chairman. The new CEO, Robert Thomson, says News Corp has “a robust balance sheet and a team of creative, energetic and passionate employees who are determined to make the company a resounding success and to make a positive difference in their communities.” Beginning on Monday, Fox’s two classes of shares will trade on NASDAQ as FOXA and FOX, while News Corp also will have two classes of shares, NWS and NWSA. In its last day of trading, the old News Corp closed at $32.58, giving the company a market value of $75.4B. (more…)

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