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| News Corp shareholders approve breakup plan | News Corp shareholders approve breakup plan |
| (about 5 hours later) | |
| News Corp shareholders formally approved a plan to split the media giant's troubled publishing assets from its entertainment division on Tuesday at a special meeting in New York. | |
| Rupert Murdoch, the chairman and chief executive, said the majority of shareholders had approved the plan, which will create two companies out of the media empire he created. The News Corp name will carry on as the home of the company's publishing assets while the entertainment division will be called 21st Century Fox. | Rupert Murdoch, the chairman and chief executive, said the majority of shareholders had approved the plan, which will create two companies out of the media empire he created. The News Corp name will carry on as the home of the company's publishing assets while the entertainment division will be called 21st Century Fox. |
| Both companies will be chaired by Murdoch, who will also be chief executive of 21st Century Fox. The Murdoch family controls the majority of News Corp's shares. Shares in the two companies will begin trading separately on 1 July. | Both companies will be chaired by Murdoch, who will also be chief executive of 21st Century Fox. The Murdoch family controls the majority of News Corp's shares. Shares in the two companies will begin trading separately on 1 July. |
| "Today's announcement is a significant step in creating two independent companies with the world's leading portfolios of publishing and media and entertainment assets," said Murdoch. " "We continue to believe that the separation will unlock the true value of both companies and their distinct assets." | "Today's announcement is a significant step in creating two independent companies with the world's leading portfolios of publishing and media and entertainment assets," said Murdoch. " "We continue to believe that the separation will unlock the true value of both companies and their distinct assets." |
| Dissident shareholders who have been critical of Murdoch's stewardship of the media empire in the wake of the phone-hacking scandal voiced concerns about the media mogul's roles at the new companies. | Dissident shareholders who have been critical of Murdoch's stewardship of the media empire in the wake of the phone-hacking scandal voiced concerns about the media mogul's roles at the new companies. |
| "With the proposed structure, News Corp will create two new companies that again lack independent leadership. We believe this is a fundamentally flawed foundation from which to begin," said Julie Tanner, assistant director of socially responsible investing at Christian Brothers Investment Services (CBIS). | "With the proposed structure, News Corp will create two new companies that again lack independent leadership. We believe this is a fundamentally flawed foundation from which to begin," said Julie Tanner, assistant director of socially responsible investing at Christian Brothers Investment Services (CBIS). |
| "Last year, two-thirds of independent shareholders called on the board to appoint an independent chair, sending a clear message for improved corporate governance. Today represents a lost opportunity for a fresh start aimed at protecting long-term shareholder value," she said. | "Last year, two-thirds of independent shareholders called on the board to appoint an independent chair, sending a clear message for improved corporate governance. Today represents a lost opportunity for a fresh start aimed at protecting long-term shareholder value," she said. |
| News Corp's assets will include newspapers the Times and the Sun in the UK plus the Wall Street Journal and New York Post in the US and book publisher HarperCollins. Among other asset,s 21stCentury Fox will house the Fox broadcast and cable networks and the 20th Century Fox film studio. | News Corp's assets will include newspapers the Times and the Sun in the UK plus the Wall Street Journal and New York Post in the US and book publisher HarperCollins. Among other asset,s 21stCentury Fox will house the Fox broadcast and cable networks and the 20th Century Fox film studio. |
| Shareholders have long held a negative opinion of News Corp's publishing assets which have suffered alongside their peers as advertising revenue has migrated online. The company's shares have risen sharply since news of the split. | Shareholders have long held a negative opinion of News Corp's publishing assets which have suffered alongside their peers as advertising revenue has migrated online. The company's shares have risen sharply since news of the split. |
| At a presentation for investors late last month, Murdoch laid out growth plans for the publishing firm, which will be headed by Robert Thomson, the former Times editor and managing editor of the Wall Street Journal. Thomson promised investors "relentless" cost cutting at the division and said print remained a "powerful platform". | At a presentation for investors late last month, Murdoch laid out growth plans for the publishing firm, which will be headed by Robert Thomson, the former Times editor and managing editor of the Wall Street Journal. Thomson promised investors "relentless" cost cutting at the division and said print remained a "powerful platform". |