The media giant said its publishing business, set to be spun off, will retain the News Corp. (NWS) name, and authorized a $500 mil share buyback program for the new company. The new News Corp. will start with $2.6 bil cash when the spinoff is done at the end of June. Shareholders will receive 1 share of new News Corp. for every 4 they own now. The entertainment unit will be known as 21st Century Fox. News Corp. CEO Rupert Murdoch is expected to provide more details Tue. of the split. Shares rose 0.5%.
America has no tolerance for wealthy people griping about their financial woes. But they have concerns too.