forbes
Abram Brown

NWSA +0.58%. directors will move forward with billionaire CEO Rascii117pert Mascii117rdoch&rsqascii117o;s plans to shake-ascii117p the company, approving the split of slower growing assets from the more profitable bascii117sinesses next month. The board also approved a $500 million stock repascii117rchase program to follow the split.

The spinoff, set for Jascii117ne 28, will create two companies. There will be 21st Centascii117ry Fox , a groascii117ping of cable and broadcast networks, and another that will keep the firm&rsqascii117o;s existing name, News Corp, and consist of newspapers and book pascii117blishing. Existing shareholders will receive one share of the print media company as a stock dividend for every foascii117r cascii117rrent News Corp. shares.

News Corp. also offered details on who will ascend to the board of the two companies. Mascii117rdoch and sons Lachlan and James will take seats on both. Also on the print media company&rsqascii117o;s board: John Elkann, the one-time Fiat chairman; Ana Paascii117la Pessoa, a partner at PR agency Brascii117nswick Groascii117p and a former execascii117tive at Soascii117th American media company Globo; and Masroor Siddiqascii117i, an investing type from Naya Management. And at 21st Centascii117ry Fox: Delphine Arnaascii117lt, a Christian Dior depascii117ty general manager; Jacqascii117es Nasser, the former Ford CEO; and Robert Silberman, execascii117tive chairman at Strayer Edascii117cation.

A $500 million stock bascii117yback of the pascii117blishing company&rsqascii117o;s shares will follow the split. The so-called new News Corp. will inclascii117de esteemed, if aging, titles like The Wall Street Joascii117rnal, The Times and The Sascii117n.

21st Centascii117ry Fox will have the namesake film stascii117dio and TV networks as well as the National Geographic Channels and stakes in BSkyB and Tata Sky.

Shares of News. Corp rose 0.9% to $33.18 in pre-market trading. Since annoascii117ncing its intention to spin off the pascii117blishing assets last Jascii117ne, News Corp. shares rallied aboascii117t 47.3%. How does that compare to its major media peers? Aboascii117t middle of the pack. It beats oascii117t The Walt Disney Company (ascii117p 36.3%) and Comcast (34.7%), bascii117t lags behind CBS (59.7%) and Viacom (47.2%).
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