News Corp. divides into two companies; 21st Century Fox is born

Rupert Murdoch's sprawling, $75-billion global empire has broken into two separate companies: 21st Century Fox and a much smaller News Corp.

Friday afternoon, just after the close of trading, the company finalized the transaction that had been in the works for more than a year. Beginning Monday, shares of the two companies, both controlled by Murdoch and his family, will trade separately on the NASDAQ stock exchange.

The 82-year-old media baron has spent the last 60 years building an enormous empire from a single newspaper in his native Australia. Murdoch will serve as executive chairman of both News Corp. and 21st Century Fox. He also will be chief executive of Fox, the larger of the two entities.
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21st Century Fox will boast assets that have generated three-quarters of the consolidated company's revenue and nearly all of its profits: the 20th Century Fox movie and television studios, Fox News Channel, Fox Sports, FX, National Geographic and the Fox broadcast network.
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The publishing group will take the name News Corp. It will include such newspapers as the Wall Street Journal, Times of London, New York Post, the Australian, the HarperCollins book publishing house, several Australian television properties and a nascent educational materials business called Amplify.

http://www.latimes.com/entertainment/envelope/cotown/la-et-ct-news-corp-21st-century-fox-20130628,0,2975128.story