News Corp has announced it will officially split its
publishing and entertainment businesses on 28 June.
Its board approved the separation into two firms, which will both be headed by the current chairman and chief executive Rupert Murdoch.
The publishing firm will retain the News Corp brand, while the other will be renamed 21st Century Fox.
Shareholders had voiced worries about the damage done by events at the News of the World.
News Corp said last year that it was separating its entertainment and publishing businesses, partly as a result of the UK phone-hacking scandal in 2011, in which journalists gained illegal access to the phone messages of many well-known people and allegedly bribed members of the UK police force.
It closed the News of the World newspaper in 2011 following the scandal.
The new News Corp will be an independent publicly traded company and will have $2.6bn (£1.7bn) in cash when the separation is completed at the end of next month, the board said.
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