Rupert Murdoch's News Corp. moved closer to the planned breakup of the $76-billion global media conglomerate as board members this week formally approved the split.
June 28 is the target separation date, News Corp. said Friday in a statement. The company announced directors of the boards for the company, which will be renamed 21st Century Fox, as well as the spinoff publishing group, which will assume the News Corp. name.
Existing shareholders will receive one share of the new News Corp. for every four Class A or Class B shares that they current own. The distribution of shares will be in the form of a dividend.
Board members also approved a repurchase program to buy back $500 million of shares in the new News Corp. Stockholders in the company are expected to vote next month on amendments that facilitate the split.