Data provided by iNet BFA
Loading...
See More

News Corp shares rally on split plans

Jun 27 2012 07:54 AFP

Related Articles

News Corp profit jumps on film, cable

Murdoch quizzed over links to UK leaders

Murdoch's media empire strikes back

News Corp lashes out at piracy claims

News Corp accused of Aussie piracy plot

BSkyB posts record profit

 

Sydney - Australian stock in Rupert Murdoch's News Corp rallied 4.3% on Wednesday after the company said it was considering splitting its publishing assets from its bigger entertainment arm.

Soon after the open, its shares were up 88 Australian cents at Aus$21.68, having jumped more than 2% late on Tuesday on a Wall Street Journal report of the plans.

The New York-based company confirmed the report overnight, and said the move would "separate its business into two distinct publicly traded companies".

News Corp shares on Wall Street soared 8.3% to close at US$21.96.

The carve-out would likely lead to one unit including 20th Century Fox movie studios, the Fox broadcast network and Fox News Channel, competing more directly against Disney, Time Warner and Comcast, which controls NBC Universal.

The company's publishing assets include The Wall Street Journal, New York Post, The Times of London and The Australian newspaper, as well as the HarperCollins book publishing house.

Dow Jones Newswires, which is owned by News Corp., said a final decision had yet to be made but the board was expected to consider the proposal Wednesday.

Assuming the board approves the deal, a public announcement was likely on Thursday, it said, citing a person familiar with the matter.

news corp
NEXT ON FIN24X

 
 
 

Read Fin24’s Comments Policy

24.com publishes all comments posted on articles provided that they adhere to our Comments Policy. Should you wish to report a comment for editorial review, please do so by clicking the 'Report Comment' button to the right of each comment.

Comment on this story
0 comments
Add your comment
Comment 0 characters remaining
 

Company Snapshot

We're talking about:

Small Business

A cash flow crunch often occurs in small businesses trying to balance cash coming in with cash going out. Watch this video to help you improve.
 
 

OneRandMan learns how money really works

National Savings Month is not only this month, it is every month from your very first salary slip, an expert warns OneRandMan and all South Africans.

 
 

Start saving...

Time the key for retirement saving
Dummy's guide to saving
Save money with affordable account
All about endowments

Money Clinic

Money Clinic
Do you have a question about your finances? We'll get an expert opinion.
Click here...
Loading...