News Corporation board approve plans to split

By DOMINIC JEFF
Published 25th May 2013, 01:00 BST
THE board of Rupert Murdoch’s News Corporation yesterday approved plans to split the conglomerate into separate entertainment and publishing businesses.

The group set 28 June as the target date for completing the split, and said it would spend $500 million (£330m) on a share buyback programme at the publishing arm, which will retain the News Corp name.

The company holding its TV and movie assets will be called 21st Century Fox after the separation, which is expected to be approved by shareholders at a meeting on 11 June. Both companies will be publicly traded.

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