Arab Today, arab today news corp approves murdoch split for june 28
Last Updated : GMT 03:27:31
Arab Today, arab today
Arab Today, arab today

News Corp approves Murdoch split for June 28

Arab Today, arab today

Arab Today, arab today News Corp approves Murdoch split for June 28

New York - AFP

News Corp\'s board on Friday approved the break-up of the conglomerate into two independent companies, separating the high-flying entertainment assets from the struggling newspaper operations. The decision, which sets a date for the split for June 28, all but assures the implementation of a plan proposed last year by News Corp chief Rupert Murdoch. It must also be approved next month by shareholders, but the Murdoch family holds a majority of the voting shares. \"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 Murdoch, who will be chairman and chief executive of 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.\" One company will focus on news and publishing, to retain the News Corp name, and another on television and film, to be called 21st Century Fox. The split spins off the publishing operations, which have been hit by the slump in the newspaper industry, from the more profitable entertainment assets. The company announced the restructuring last June, a move partly seen as a nod to shareholders angered by the reputational damage and costs inflicted by a phone hacking scandal in Britain, and partly because of troubles within the group\'s publishing arm. The new News Corporation will include newspapers in Britain, Australia and the United States, including The Wall Street Journal and The Times of London. It also includes digital real estate services, book publishing, digital education and sports programming and pay-TV distribution in Australia. Doug Mitchelson at Deutsche Bank said the new News Corp faces \"structural challenges\" but added that \"investors may be surprised how little of its value the \'troubled assets\' represent,\" and maintained that \"management is working diligently to revitalize them.\" The 21st Century Fox unit includes the Fox studios in Hollywood and a global array of cable and broadcasting networks and properties, including Fox broadcasting and cable operations, National Geographic Channels, Fox Pan American Sports, MundoFox, STAR, and 28 local television stations. It has pay-TV services in Europe and Asia, including Sky Deutschland, Sky Italia and stakes in BSkyB and Tata Sky. Analyst Benjamin Swinburne at Morgan Stanley said that after the split, Fox will hold an attractive asset portfolio with the pricing power to drive subscription fees in the US, with content and distribution assets globally that tap into rising international pay-TV penetration.\" The board approved the distribution of one share of the new News Corporation for every four shares of the existing company. The board also authorized a $500 million stock repurchase program for the new News Corporation following the separation and a shareholder rights, or \"poison pill,\" plan to make a hostile takeover more difficult. Under the poison pill, existing shareholders of News Corp could buy new shares at a discount if any buyer acquires more than 15 percent of the company. This would make a takeover more expensive. The company said in March the newspaper and publishing side will begin operations with $2.6 billion in cash and that it was looking at \"possible acquisitions and dispositions of certain businesses.\" In December, Murdoch named close confidante Robert Thomson, an Australian, as the new boss of the newspaper and publishing empire. News Corp shares rose 0.65 percent to $33.07.

arabstoday
arabstoday

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today news corp approves murdoch split for june 28 Arab Today, arab today news corp approves murdoch split for june 28

 



Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today news corp approves murdoch split for june 28 Arab Today, arab today news corp approves murdoch split for june 28

 



Arab Today, arab today
Arab Today, arab today Youssra depended on colored foam

GMT 16:53 2017 Tuesday ,05 September

Youssra depended on colored foam
Arab Today, arab today unveils Joon - the 'millenials' airline

GMT 13:36 2017 Saturday ,23 September

unveils Joon - the 'millenials' airline
Arab Today, arab today Etiquette expert underlines importance of gifts

GMT 17:52 2017 Sunday ,03 September

Etiquette expert underlines importance of gifts
Arab Today, arab today Iran tests new medium-range missile

GMT 21:24 2017 Saturday ,23 September

Iran tests new medium-range missile
Arab Today, arab today Saudi Arabia to unblock internet calling apps

GMT 11:31 2017 Wednesday ,20 September

Saudi Arabia to unblock internet calling apps
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today Ministry seeks to improve education

GMT 14:49 2017 Sunday ,17 September

Ministry seeks to improve education
Arab Today, arab today All eyes on May as she prepares

GMT 10:16 2017 Friday ,22 September

All eyes on May as she prepares
Arab Today, arab today Big Western brands polluting oceans

GMT 20:10 2017 Saturday ,23 September

Big Western brands polluting oceans
Arab Today, arab today The history of solar eclipses

GMT 05:16 2017 Sunday ,20 August

The history of solar eclipses
Arab Today, arab today Carmakers face billions in European

GMT 12:37 2017 Saturday ,23 September

Carmakers face billions in European
Arab Today, arab today Mercedes pumps 1 bln euros    

GMT 06:04 2017 Friday ,22 September

Mercedes pumps 1 bln euros    
Arab Today, arab today Lebleba is preoccupied in filming 'Back Street'

GMT 08:56 2017 Thursday ,21 September

Lebleba is preoccupied in filming 'Back Street'
Arab Today, arab today Puerto Rico, Virgin Islands brace

GMT 12:01 2017 Wednesday ,20 September

Puerto Rico, Virgin Islands brace

GMT 08:59 2017 Wednesday ,20 September

Youssra prepares for launching her program

GMT 18:09 2017 Thursday ,21 September

China lifts 10-year travel ban

GMT 16:53 2017 Saturday ,02 September

Mai importance of gifts during Eid Al-Adha

GMT 06:21 2017 Wednesday ,20 September

France hopeful of persuading Trump

GMT 10:46 2017 Saturday ,05 August

Nanis reveals simple ideas for home renovation

GMT 08:39 2017 Friday ,22 September

New Hurdles as Republicans Rush

GMT 06:49 2017 Friday ,22 September

O'Leary: Could ground more planes

GMT 17:12 2017 Monday ,07 August

Al-Shawaifi reveals secrets of total solar eclipse

GMT 12:46 2017 Thursday ,21 September

Google likely to buy stake in Taiwan smartphone maker HTC

GMT 11:37 2017 Saturday ,12 August

Fashion designer reveals her new collection
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday