News Corp said yesterday that its shareholders have approved the Company’s plan to split into two publicly traded companies.
Approval has been expected and clears the way for News Corp to complete the separation of its entertainment and publishing businesses on June 28. The Company’s board of directors approved the split late last month.
The Company said shareholders’ approval came with an overwhelming majority of support. It did not immediately break down vote totals.
After the split, the Company holding its TV and movie properties will be 21st Century Fox. The new News Corp, a smaller entity, will be focused on newspapers and publishing.
Both will be publicly traded, under separate ticker symbols.
Rupert Murdoch, who controls News Corp’s stock, will be Chairman of both companies and CEO of Fox.
Investors have been supportive of the split, as most see the publishing unit as a drag on earnings and revenues.