News Corp. Board of Directors OK the Company Split

By Steve Cohn

As expected last night (June 27). the News Corp. board of directors voted to approve splitting the company into publishing and entertainment units.  The one new development was that upon completion in about a year, NC chairman/CEO Rupert Murdoch will keep both titles at the entertainment side but will surrender CEO to a yet-to-be-named successor at publishing.

For background to the decision, click here.

In early trading on Thursday, News Corp. stock was down about 40 cents to $21.90 per share.  That matched the Dow Jones Industrial Average’s 143-point decline that some analysts saw a negative investor reaction to the Supreme Court’s approval of the "ObamaCare" mandate.