News Corp. said its split into separate entertainment and publishing businesses would occur on June 28. The “new” News Corp. will consist of newspapers, Australian TV and online assets. The other business, including News Corp.’s TV channels and film studio, will be called 21st Century Fox.
News Corp. also announced it had adopted a “poison pill” to prevent challenges to the Murdoch family’s control,
the
Financial Times
reported.
The company plans to let current shareholders, including Murdoch family members, buy new shares at a 50% discount if anyone buys 15% or more of either company’s voting shares, the
FT
article said. The plan will be in effect for a year.
The
FT
report said the poison pill will prevent the Murdoch family from raising its 39.4% stake in either company for a year unless another investor buys 15% or more.
News Corp. also announced its directors for the two companies’ boards, the
FT
article said. Rupert Murdoch and his sons Lachlan and James are the only News Corp. directors to have seats on both boards. (Source:
Financial Times,
May 25-26, 2013.)
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