News Corp. Shareholders Approve Publishing Spinoff
News Corp.’s shareholders have given the green light for a spinoff of the company’s publishing assets, which the conglom expects to complete June 28.
Stockholders approved the measure today at a special meeting to discuss the separation, which will create two distinct independent companies. One company will include News Corp.’s media and entertainment businesses, including 20th Century Fox, while the other will include newspaper assets like the Wall Street Journal and the New York Post.
Company announced its intent to spinoff its publishing assets on June 28 of last year.
News Corp. previously announced it plans to rename its entertainment operations “21st Century Fox” after the separation is complete. Those assets include the film and television studios, the latter of which includes Fox News Channel, Fox Sports Network, National Geographic Channels and FX.
“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,” News Corp. chairman and CEO Rupert Murdoch said in a statement announcing today’s shareholder approval.
In May, News Corp.’s board of directors formally approved the proposed spinoff.