Today is the last day News Corp (NWSA) will trade with 21st Century Fox under its umbrella.
CEO Rupert Murdoch previously agreed to split his company after pressure from investors. The split will allow entertainment side 21st Century Fox to distance itself from the News Corp publishing arm, which was involved in a phone hacking scandal last year.
The publishing side of the company will retain the News Corp name, the “NWSA” ticker and the B-class voting “NWS” ticker, while the entertainment side of the company will become 21st Century Fox and trade as “FOXA,” with voting class B shares as “FOX.” The FOX and FOXA tickers will start trading beginning July 1.
The future of publishing might not look good, but Murdoch is committed to News Corp.
“People are buying fewer papers but they are equally getting their news in many other forms,” Rupert told Phys.org. “People will pay for news, it’s the most valuable commodity in the world. People need to know what’s going on.”