Media mogul Rupert Murdoch's News Corp. (NWS: Quote, NWSA) said Tuesday that its shareholders have approved the separation of its businesses into two independent, publicly traded companies.
At a special meeting of shareholders held on Tuesday, shareholders approved the proposed amendments that will enable the separation of the company's businesses. News Corp's board of directors had approved the separation in May.
The company will file the final results of the vote with the SEC on a Form 8-K.
Rupert Murdoch, Chairman and CEO of News Corp. said, "We are pleased that the proposals have been approved by an overwhelming majority of the outstanding shares, and that our shareholders clearly recognize the anticipated benefits of the separation. We are on track to complete the separation on June 28 and look forward to launching two new industry leaders."
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.
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.
As of March 31, 2013, News Corp. had total assets of about $68 billion and total annual revenues of about $35 billion.
NWS closed Tuesday's trading at $31.78, down $0.30 or 0.94 percent on a volume of 7.99 million shares.
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by RTT Staff Writer
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