News Corp shareholders vote to split company into two

News Corp shareholders have rubber-stamped Rupert Murdoch's plans to hive off the struggling publishing business into a separate company and rename the entertainment business.

With all the imagination of a Hollywood blockbuster sequel, the two separate publicly traded companies will be called - wait for it - News Corporation, and 21st Century Fox, a cunning update on the iconic film studio's name.

"Son of" News Corp will comprise the publishing and newspaper businesses; 21st Century Fox, the TV and film businesses.

But one thing is certain, the Murdoch family will remain firmly in control.

Murdoch senior will be chairman and chief executive of 21st Century Fox, as well as executive chairman of News Corp junior, while sons James and Lachlan will also sit on the boards of both companies.
 
The News Corp board formally approved the schism on 24 May, and shareholders waved through the plan in New York on Tuesday.

Approval was never in doubt, as they have been trying to loosen Murdoch's historic - and some would say, romantic - attachment to the ailing and scandal-hit newspaper industry for years. The group's share price has risen over 60% since he announced the plans a year ago.