The SEC filing of the NewsCorp demerger is at the following...

The SEC filing of the NewsCorp demerger is at the following address -

http://investor.newscorp.com/secfiling.cfm?filingID=1193125-13-97263.

The demerger will take place in June 2013 and comprise two divisions Entertainment and Publishing.


The SEC filing has some very interesting statements including

> Leverage our brands to expand our content across digital products and platfrms
> Increased operating results through increased integration, focus on operational efficiencies and continued expansion of our digital platforms
and
> Integrate our media offerings in Australia and strengthen our sports leadership position ....as we expand our digital presence (in Australia sic), we expect to cross-sell advertising across multiple platforms to create stronger integrated advertising offerings.

Now guess who is now in charge of the TEN Network - Hamish McLennan - Advertising guru who was a principal adviser to Rupert. One of his duties was to "maximise revenue derived from the company's deep portfolio of media assets". Now the major question is why would Rupert let go of his advertising guru to run TEN.

I reckon that it is bring TEN into the fold and to create stronger integrated advertising offerings in Australia. The only missing element in the current structure is free to air and I reckon that this offering will come from the TEN Network. That will mean that NewsCorp will maximise profits and also develop efficiencies through content sharing and cost management through integration - arms of pay TV, free to air, internet, and print - brilliant idea.

The other point is that NewsCorp will be divided into two divisions - Entertainment and Publishing. Elisabeth and James are headed to the Entertainment division and that leaves Lachlan for the Publishing arm.

This makes sense and given that McLennan has cleaned up the balance sheet it leads one to guess when and at what price. No debt, write offs completed and just the bare value that I put at 29 cents without any strategic value added.

I will be very surprised if NewsCorp does not move on TEN before the demerger. But considering that there are four billionaires on the books who knows what will happen.