News Corp's new publishing
division will get a healthy cash injection when it goes it alone in June, reports
the Financial Times and Bloomberg.
It will enjoy a $1.8bn (£1.2bn) contribution from Rupert Murdoch's media
company, giving it $2.6bn (£1.7bn) in net cash and no debt.
Citing documents filed today with the US Securities and Exchange Commission,
the FT says the assets for the "New News Corp" will total $18.6bn (£12.5bn).
The new company will have
five divisions: news and information services; digital real estate services;
HarperCollins book publishing; Fox Sports Australia's cable
programming; and a miscellaneous group.
The news and information
division will include the British newspaper outfit, News International,
plus the US papers - such as the Wall Street Journal
- and the Australian press publisher, News Ltd.
Murdoch will remain
chairman and chief executive of Fox Group and will be chairman of "New News
Corp." Its chief executive will be Robert Thomson, the
former Times editor and managing editor of the Wall Street Journal.
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