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May 24, 2013 - 10:45am
News Corp (NASDAQ:NWSA) announced earlier this year that it would spin off its publishing division into a separate company. Today Bloomberg’s Crayton Harrison reports that the separate publishing company will receive $500 million to buy back shares of its stock. News Corp’s Board Authorizes Split A statement from News Corp (NASDAQ:NWSA) today said its board of directors approved the split of the companies. It will happen on June 28, and the publishing division will keep the News Corp name. The new publishing company will include The Wall Street Journal and the U.K. newspaper the Sun. The name for the combined television and film divisions will be 21st Century Fox. After the split, each shareholder of News Corp (NASDAQ:NWSA) will receive one share in the publishing company for every four shares of News Corp they own. News Corp Publishing Division Starts Off Well In March, regulatory filings indicated that the publishing spinoff will also receive $2.6 billion in cash and not have any debt. News Corp (NASDAQ:NWSA) said that it would use the cash for acquisitions or just to assist during the transition process. The $500 million buyback fund that was announced today enables the new publishing company to have additional [...]The post News Corp Publishing Spin-Off Gets $500M To Buy Back Shares appeared first on ValueWalk.
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