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TheStreet Open House

News Corporation Announces Details Regarding Proposed Separation Of Businesses

Stock quotes in this article: NWS, NWSA

“I’m delighted that Mike Darcey has agreed to take the reins as News International’s new CEO,” said Rupert Murdoch. “Mike is a world-class executive with unprecedented strategic and commercial experience and I look forward to benefiting from his many talents. His broadcasting background will provide important leadership in the development of our already impressive suite of digital products at News International.”

NEWS CORPORATION SEPARATION

On June 28, 2012, News Corporation announced that it intends to pursue the separation of its publishing and its media and entertainment businesses into two distinct publicly traded companies. The global publishing company that would be created through the proposed transaction would consist of the Company’s publishing businesses, its education division and other Australian assets. The global media and entertainment company would consist of the Company’s cable and television assets, filmed entertainment, and direct satellite broadcasting businesses. The global publishing company that would be created through the proposed transaction would consist of the Company’s current publishing businesses, as well as its education division. Following the separation, each company would maintain two classes of common stock: Class A Common and Class B Common Voting Shares. The separation is expected to be completed in approximately one year from the date of announcement. In addition to final approval from the Board of Directors and stockholder approval, the completion of the separation will be subject to receipt of regulatory approvals, opinions from tax counsel and favorable rulings from certain tax jurisdictions regarding the tax-free nature of the transaction to the Company and to its stockholders, further due diligence as appropriate, and the filing and effectiveness of appropriate filings with the SEC. There can be no assurances given that the separation of the Company's businesses as described will occur. The Company expects to make preliminary filings regarding the proposed separation with the SEC shortly.

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