News Corp’s entertainment and publishing arms begin trading under separate companies today following the completion of its split.
The entertainment division of Rupert Murdoch’s company, which houses its film and television assets, will now be known as 21st Century Fox after spinning out of the publishing arm, which will remain trading as News Corp.
The old News Corp formally split on Friday after the close of trading, though some preliminary shares of the new units have been on the market since Wednesday.
Under the news set up, Murdoch will control around 40% of the controlling shares of both – akin to his level of influence in the previous organisation.
21st Century Fox will house assets including a Hollywood studio, the Fox television network and its sister channels in the Fox Networks Group, Fox International Channels and other pay TV stakes it holds around the world.
Murdoch first announced the split last year in the face of shareholder concern of the performance of the publishing arm following the UK phone hacking scandal that enveloped the company in 2011. The entertainment wing, on the other hand, has been shovelling in huge profits and recording major growth, especially through its international pay TV operation.