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News Corp. prepares for split

The media giant's publishing spinoff began trading Wed. at 14% of market value of the entertainment side as News Corp. (NWSA) nears officially splitting June 28. Its television and movie company division, which will be renamed 21st Century Fox after the split, is worth about $65 bil, Bloomberg said, vs. $9.2 bil for the publishing side. News Corp. CEO Rupert Murdoch agreed to the demerger last year after investors pressed him to separate the 2 units. Shares of News Corp. rose 2% to 32.34.