News Corp’s board has approved the company’s split into separate media and publishing businesses and has named the boards of the new media company, 21st Century Fox, and the new News Corp publishing business.
The formal separation of the companies is expected to take place on June 28. News Corp’s board has approved the distribution of all shares of the new News Corp to the company’s stockholders in a ratio of one share of the new News Corporation for every four shares of News Corp.
The board also authorized a US$500 million (€390 million) stock repurchase programme for the new News Corp following completion of the separation.
The 21st Century Fox board will comprise Rupert Murdoch, James Breyer, Chase Carey, David DeVoe, Viet Dinh, Sir Roderick Eddington, James Murdoch, Lachlan Murdoch and Álvaro Uribe as well as new additions Delphine Arnault, director of Christian Dior, Jacques Nasser, a non-executive advisory partner of One Equity Partners and Robert Silberman, the executive chairman of Strayer Education.
The new News Corp board will comprise Rupert Murdoch, José Maria Aznar, Natalie Bancroft, Peter Barnes, Elaine Chao, Joel Klein, James Murdoch, Lachlan Murdoch and new additions John Elkann, Ana Paula Pessoa, Masroor Siddiqui and Robert Thomson.