Thomson promised that the new company would "cultivate a start-up sensibility even though we already work for the world's most established and prestigious diversified media and information services company" and would emphasize building new business models around its properties and content. 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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The move also came in the wake of a series of scandals that had damaged the reputation of multiple News Corporation-owned properties.
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". On June 28, 2012, Rupert Murdoch announced that News Corporation's publishing operations would be spun off to form a new, publicly traded company. Following the acquisition of a majority of 21st Century Fox assets by The Walt Disney Company in 2019, Fox Corporation, which is News Corp's sister company and successor to the former 21st Century Fox, is also owned and controlled by the Murdoch family. The spin-out was structured so that 21st Century Fox was the legal continuation of the original News Corporation, with the new News Corp being a new company formed by a stock split. It is one of two companies that succeeded the original News Corporation, alongside 21st Century Fox-which consisted of broadcasting and media properties such as Fox Entertainment Group.
Operating across digital real estate information, news media, book publishing, and cable television, its 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 ),, and book publisher HarperCollins. The second incarnation of the original News Corporation, it was formed on June 28, 2013, following a spin-off of the media outlets of the original News Corp. News Corporation, stylized as News Corp, is an American mass media and publishing company headquartered in Midtown Manhattan, New York City.
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