News Corp gets shareholders nod for splitting into two

News Corporation Chairman and CEO Rupert Murdoch has said shareholders of the company have approved a plan to split it into two independent firms.

The vote comes as no surprise, since Murdoch and his immediate family hold a majority of voting shares in the media-entertainment powerhouse.

Murdoch, in a statement, said he was pleased that the proposals have been approved by an overwhelming majority of the outstanding shares, and that the shareholders clearly recognise the anticipated benefits of the separation.

He said they were on track to complete the separation on June 28 and look forward to launching two new industry leaders.

While one of the companies will focus on news and publishing, and will retain the News Corp name, the other - to be called 21st Century Fox - will concentrate on television and film.

The new News Corporation will include newspapers in Britain, Australia and the United States, including The Wall Street Journal and The Times of London.

With inputs from ANI