Shares of 21st Century Fox, New News Corp. to Begin Trading Next Week
News Corp. said Thursday that shares of the two new companies it will soon become will begin trading next Wednesday on the NASDAQ.
One company, 21st Century Fox, will be comprised of television and film holdings. The other, the new News Corp., will consist of publishing and education assets.
The split is scheduled to be completed at the close of trading on June 28, 2013, so the shares of the two companies will be traded on the "when-issued" market, meaning they will be settled once securities are actually issued.
On Tuesday, News Corp. shareholders approved a plan to split the company into two distinct and publicly traded media conglomerates.
The decision to fundamentally alter the makeup of News Corp. was announced last summer and was partly undertaken to shield the company's more valuable film and television assets from the phone hacking scandal that its British tabloids. The news gathering tactics at the now-defunct News of the World brought a wave of legal troubles and bad publicity.
21st Century Fox will include Fox broadcasting, 20th Century Fox, National Geographic and Fox News; the new News Corp. will be made up of such titles as the Wall Street Journal and the New York Post.