News Corp publishing unit to launch with $3.25b
NEW YORK (AFP) - The newspaper and publishing unit being spun off by media giant News Corp will begin operations with $2.6 billion (S$3.25 billion) in cash, according to regulatory documents filed on Friday.
The company to be created by a split of magnate Rupert Murdoch's conglomerate will get a cash infusion when the breakup takes place, the documents showed.
No date was given for the split, but executives have said they hope it will occur before the end of the company fiscal year in June.
The publishing arm, which includes the Wall Street Journal, newspapers in Britain and Australia and education operations, is tentatively being called the New Newscorp in regulatory documents.