Updated from 1:18 p.m. EDT

News Corp. ( NWSA) shares rose Wednesday after an announcement the previous day that the company would form a new portal to share content between its news properties.

John Moody, executive vice president of news editorial for Fox News, will oversee the portal, which will make use of content from such outlets as The Wall Street Journal and Fox News, among others. Of some interest to investors -- and to News Corp.'s roughly 64,000 employees -- Moody also will work to "identify areas of cost savings," according to a news release.

News Corp. shares rose 1.8% to close at $7.53. New York Times ( NYT) shares rose 4.7% to $5.74. A.H. Belo ( AHC) shares rose 6.1% to $1.73. Gannett ( GCI) shares climbed 6.7% to $3.49. Washington Post ( WPO) rose 2.4% to $396.90.