Current News Corp. becomes 21st Century Fox, the entertainment business (Fox News and TV programs).
For each 4 shares in News Corp., you receive stock dividend of 1 share in (new) News Corp., the publishing business (WSJ, Harper, etc.).
So, for every 100 shares you now own you will have:
100 shares of 21st Century Fox
25 shares of News Corp.
I do not think they explained any cost basis allocation. My assumption is your cost basis remains in 21st Century Fox, and News Corp as stock dividend has a zero cost basis.
Although Fox News is a valuable tv franchise, they hit a slump in their entertainment programs: Idol.
Althought the WSJ is a valuable print news franchise, it is primarily old media.
is this info in some SEC filings?
I think in general spinoffs have generated very good outsized returns as outlined during one of Cramer's specials on spinoffs. COP and its spinoff PSX was a huge hit, although most returns were from PSX.