Murdochs to take board positions after News Corp split
Nikhil Kumar is The Independent's New York correspondent. He was formerly assistant editor on the foreign desk and has also done a variety of jobs on the city desk, where he wrote about markets, commodities and other business and economics topics.
Saturday 25 May 2013
Rupert Murdoch and his sons, James and Lachlan, will take board positions on the two companies that will emerge next month when News Corp splits into two, with the media conglomerate’s directors approving the spin-off plans yesterday.
The group’s newspapers – including The Times and The Sun in the UK and The Wall Street Journal in the US – along with its book publishing and Australian pay-TV and cable businesses, will be separated from its more profitable entertainment and broadcasting assets – whose 3D, computer-generated film Epic is currently on release – at the end of June.
The latter will be spun off into a new, publicly traded company called 21st Century Fox, while the publishing arm will retain the News Corp name.
The split follows the phone-hacking scandal that led to the closure of The News of the World, which was part of the company’s UK newspaper arm, in 2011. The separation still needs shareholder and some regulatory approval.
Rupert Murdoch will serve as the chairman and chief executive of 21st Century Fox, and executive chairman of the new News Corp. His sons, including James who stepped down from his position as the head of the UK newspaper arm last year following the hacking scandal, will be given board positions at both companies.
The publishing company’s board will also feature Ana Paula Pessoa, a partner at the Brunswick PR firm, and Robert Thompson, the former Times editor who will be chief executive of the new News Corp.
Shares in the publishing company will be distributed among shareholders at a ratio of one for every four shares they own in the combined group. The board also approved a $500m (£330.34m) share buyback program for the publishing arm.
- 2 Pope Francis issues top 10 tips for happiness
- 3 Disney heiress Abigail disowns her share of family profits in West Bank company
- 4 The secret report that helps Israel hide facts
Russell Brand accuses FOX News anchor Sean Hannity of terrorism after aggressive Israel-Gaza debate
Pope Francis issues top 10 tips for happiness
Justin Bieber posts Instagram photo of Orlando Bloom crying after Ibiza fight 'over Miranda Kerr'
Disney heiress Abigail disowns her share of family profits in West Bank company
Kelsey Grammer forgives the man who raped and murdered his sister in 1975
The secret report that helps Israel hide facts
Land for gas: Merkel and Putin discussed secret deal could end Ukraine crisis
Woman and two children killed by mob in riots over 'blasphemous' Facebook post in Pakistan
Richard Dawkins tweets: 'Date rape is bad, stranger rape is worse'
Putin is 'thuggish, dishonest and reckless', says British ambassador to US
Boozy, ignorant, intolerant, but very polite – Britain as others see us
- < Previous
- Next >
iJobs Money & Business
£28000 - £32000 per annum + benefits: Ashdown Group: Training Programme Manage...
£20000 - £24000 per annum: Harrington Starr: A leading provider of web based m...
£28000 - £32000 per annum: Ashdown Group: Secretary (Sales Team Support) - Mat...
Competitive (DOE): Guru Careers: We are looking for an Assistant Management Ac...