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Media conglomerate News Corp completed its long-planned split on Friday, with the company’s struggling print media division keeping the old name while the sprawling film and television units become known as 21st Century Fox.
The split means that shares of the two companies, controlled by media tycoon Rupert Murdoch, will trade as separate companies on the NASDAQ stock exchange from Monday’s opening bell.
The move is designed to insulate the highly profitable film and television businesses from the venerable print operations, which are struggling in a tough internet environment.
News Corp will now control titles such as The Wall Street Journal, the Times of London, the New York Post and publisher Harper Collins.
21st Century Fox includes the 20th Century Fox movie and television studios, Fox News Channel, Fox Sports, FX, National Geographic and the Fox broadcast network.
“21st Century Fox launches as a unique force bringing news and entertainment to more than a billion customers every day in over 100 languages,” said Murdoch, 82, in a statement.
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