News Corporation shareholders approve business split
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News Corporation (NWSA) shareholders have agreed with CEO Rupert Murdoch’s plan to split the company into two independent companies. The separation is expected to be complete by June 28th and will result in two separately traded companies. This move comes after a nearly year-long process when Murdoch revealed his plan last June. The company’s Board of Directors formally agreed to the proposition last month and now, with all approvals in place, the publishing business will remain as News Corporation while the entertainment business will now be named 21st Century Fox. Murdoch is pleased that an overwhelming majority of shareholders support the plan and is excited to move forward with the split. Murdoch will now hold the titles of Chairman and CEO of 21st Century Fox and Executive Chairman of News Corporation.