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News Corp (ASX:NWS) says stock for 21st Century Fox and News Corp will begin trading on June 19, nine days before the conglomerate expects to complete a split that will create both entities.
In a separate announcement the company says long-term CFO David DeVoe will also exit the company after the split. Mr DeVoe has served as CFO and a director of News Corporation since 1990. He will retain his board seat after retirement and will continue to serve as a senior advisor to the company
The company has promoted deputy chief financial officer John Nallen to CFO of 21st Century Fox, the unit of News Corp which will hold the company’s entertainment assets after the separation which is effective from July 1.
Meantime, shares of class A and B common stock for both entities will begin trading on June 19 and continue through the separation process, which is expected to end after the market closes on June 28.
News Corp generated a net profit of $4.6 billion in the first half of the current financial year.
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