News Corp Board Approves Split

NEW YORK: News Corporation’s board of directors has formally approved the separation of the business into two distinct publicly traded companies: 21st Century Fox and the new News Corporation.

The split is expected to be complete on June 28. After the complete separation, the board of directors for 21st Century Fox will consist of Rupert Murdoch, Delphine Arnault, James Breyer, Chase Carey, David DeVoe, Viet Dinh, Sir Roderick Eddington, James Murdoch, Lachlan Murdoch, Jacques Nasser, Robert Silberman and Álvaro Uribe. The board of the new News Corporation will be Rupert Murdoch, José María Aznar, Natalie Bancroft, Peter Barnes, Elaine Chao, John Elkann, Joel Klein, James Murdoch, Lachlan Murdoch, Ana Paula Pessoa, Masroor Siddiqui and Robert Thomson.

The board also authorized a $500 million stock repurchase program for the new News Corporation, following the 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.”

Murdoch continued: “The two new industry leaders created by the separation will be guided by the insights of accomplished individuals who collectively bring to each company demonstrated business acumen and a diversity of experience.”