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New News Corp. unit will be added to S&P 500

NEW YORK (AP) -- News Corp. will be added to the S&P 500 index after the company completes its separation from 21st Century Fox, its entertainment unit, Standard & Poor's said Thursday.

The new News Corp. will replace for-profit education company Apollo Group on the S&P 500. The index change will take effect June 28.

The new News Corp. will be a newspaper and book publisher. The rest of the company, including the 20th Century Fox movie studio, Fox broadcast TV network and Fox News Channel, will be renamed 21st Century Fox. News Corp.'s board approved the split in May and shareholders approved it earlier this month. The move is expected to be complete June 28. S&P said 21st Century Fox will remain on the S&P 500 and S&P 100 indices.

Apollo Group will become part of the S&P MidCap 400 index, replacing Forest Oil Corp., and Forest Oil will replace Enzo Biochem Inc. on the S&P SmallCap 600 index. Those moves will also take effect June 28.

S&P also said drugmaker Mallinckrodt PLC will be added to the midcap index on June 28, replacing communications equipment maker Tellabs Inc. Mallinckrodt is being spun off from health care products company Covidien PLC, which will remain part of the S&P 500.

Tesco Corp., Britain's largest retailer by revenue, will replace CH Energy Group Inc. on the smallcap index on June 26. CH Group, the parent of Central Hudson Gas and Electric Corp., is being acquired by Canadian utility company Fortis Inc. That deal is expected to close soon.