Media mogul Rupert Murdoch's News Corp. (NWS,NWSA) on Tuesday unveiled a new logo for its publishing division, ahead of the company's separation into two distinct publicly traded companies set to occur on June 28. The new logo, in cursive writing, is based on the writing of Rupert Murdoch and his father Keith.
At the new News Corp. Investor Day meeting on Tuesday, Lex Fenwick, CEO of Dow Jones, noted that 20 percent of Wall Street Journal's digital traffic comes from six international sites that have been already launched, replicating U.S. audience as well as revenue.
The CEO noted that long-term growth drivers will be subscriber expansion through geography, in addition to subscriber price increases and increasing the company's shares of the large institutional spend.
Bedi Singh, CFO of new News Corp. noted that fiscal 2012 free cash flow available to new News Corp. is $408 million.
New York-based News Corp. announced its plan in June 2012 to separate its publishing unit and entertainment business into two publicly traded companies. The move came after the company's British newspaper unit got involved in a phone hacking scandal that led to the closure of its 168-year old 'News of the World' tabloid in July 2011.
Last Friday, News Corp. said its board of directors approved the company's separation into two publicly traded companies. The independent media and entertainment company, christened 21st Century Fox, which will be home to a portfolio of cable and broadcasting networks and properties, including FOX, STAR, National Geographic Channels, film studio Twentieth Century Fox Film, and television production studios Twentieth Century Fox Television as well as Shine Group, among others.
Meanwhile, News Corp.'s newspaper and publishing assets will remain under the banner of the new News Corp. The publishing business will include newspapers in each of the U.S., Australia and the U.K., including The Wall Street Journal, The Times, and The Sun, as well as a portfolio of Australia media and sports businesses.
The media and entertainment giant also announced appointments to the boards of directors of both companies. Further, News Corp.'s board approved the distribution of all shares of the publishing business, which will retain the News Corp. name, to the company's stockholders in a ratio of one share of the new News Corp. for every four shares of Class A or Class B common stock of News Corp. held by them. In addition, the board authorized a $500 million stock repurchase program for the new News Corp. following completion of the split.
News Corp. said that it will write down the value of its Australian and U.S. publishing assets by up to $1.4 billion. The company added that the goodwill impairment charge will be incurred in the fourth quarter ending June 30, 2013.
NWSA closed Tuesday's trading at $33.24, up $0.15 or 0.45 percent on a volume of 14.20 million shares.
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