News Corp. to file with U.S. regulators to split into two companies
Media conglomerate News Corp announced on Friday that it had filed a document with US regulators describing its split into two independent companies.
The statement did not specify a date for the planned split into one company focused on news and publishing, to retain the News Corp name, and another on television and film, to be called Fox Group.
The company had announced the restructuring in June, a move partly seen as a nod to shareholders angered by the reputational damage and costs inflicted by a phone hacking scandal, and partly because of troubles within the group’s publishing arm.
The announcement on Friday was “another important step forward in the evolution of our company and in the establishment of two independent global leaders in Fox Group and the new News Corporation,” Murdoch said in the statement.
The company has been actively preparing for the restructuring.
In early December, Murdoch named people to top posts for the new branches, and announced the end of the media group’s iPad newspaper The Daily.
News Corp’s publishing division has annual revenues of $8.8 billion and in addition to the Wall Street Journal it owns the New York Post.
In London, News Corp owns The Times, The Sunday Times and The Sun, as well as newspapers in Australia and the HarperCollins publishing house.
The Fox Group will include the 20th Century Fox studios, Fox broadcasting operations and cable television, with annual revenues of $23.5 billion.