NEW YORK (AP) — News Corp. says its shareholders have approved a plan to split into two publicly traded companies.
The company says approval came with an overwhelming majority of support. It did not immediately break down vote totals.
News Corp. said Tuesday that it expects to complete the separation of its entertainment and publishing businesses on June 28. The company's board of directors approved the split last month.
After the split, the company holding its TV and movie properties will be 21st Century Fox. The new News Corp., a smaller entity, will be focused on newspapers and publishing. Both will be publicly traded, under separate ticker symbols.
Rupert Murdoch will be chairman of both companies and CEO of Fox.