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Concept
News Corp
Summary
The second incarnation of News Corporation, stylized as News Corp, is an American mass media and publishing company headquartered in Midtown Manhattan, New York City. It was formed on June 28, 2013, following a spin-off of the media outlets of the original News Corporation as 21st Century Fox (21CF). Operating across digital real estate information, news media, book publishing, and cable television, News Corp's notable assets include Dow Jones & Company (publisher of The Wall Street Journal), News UK (publisher of The Sun and The Times), News Corp Australia, REA Group (operator of realestate.com.au), Realtor.com, and book publisher HarperCollins.
It is one of two companies that succeeded the original News Corp., alongside 21st Century Fox—which consisted of broadcasting and media properties such as Fox Entertainment Group. The spin-out was structured so that 21CF was the legal continuation of the original News Corp., with the new News Corp being a new company formed by a stock split. Since March 19, 2019, Fox Corporation (which holds 21CF's national broadcasting, news and sports assets due to 21CF's sale to Disney the next day) is the sister company of News Corp under the Murdoch family's control.
On June 28, 2012, Rupert Murdoch announced that News Corporation's publishing operations would be spun off to form a new, publicly traded company. Murdoch stated that performing this split would "unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division". The move also came in the wake of a series of scandals that had damaged the reputation of multiple News Corporation-owned properties. Robert James Thomson, editor of The Wall Street Journal, was announced as the initial chief operating officer for the company; while Murdoch would not serve as CEO, he remained chairman and a shareholder of the new News Corp.
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