The Board of News Corp. (NasdaqGS:NWSA) announced the spin-off of newspaper unit to the shareholders of News Corp. (NasdaqGS:NWSA) on June 27, 2012. Under the terms, News Corporation's shareholders will receive one share of common stock in newspaper unit for each same class News Corporation share currently held. Following the separation, each company will maintain two classes of common stock, class A common and class B common voting shares. Following the transaction, entertainment business of News Corp. will be known as 21st Century Fox. After the transaction, Rupert Murdoch, Chairman and Chief Executive Officer of News Corporation, will be the Chairman of both, newspaper unit and News Corporation, and will be the Chief Executive Officer of the media and entertainment company. Chase Carey will serve as President and Chief Operating Officer of the media and entertainment company. Rupert Murdoch will be the Chief Executive of 21st Century Fox. The Board of Directors of New Newscorp will include - Delphine Arnault, Jacques Nasser and Robert S. Silberman. Over the next several months, News Corporation will assemble management teams and Boards of Directors for both businesses. Following the completion of the deal, Robert Thomson will become the Chief Executive Officer of the new entity which will retain the name News Corporation. News Corporation will be renamed Fox Group. Rupert Murdoch will serve as Chairman of the new News Corporation and Chairman and Chief Executive Officer of Fox Group. Chase Carey will serve as President and Chief Operating Officer of Fox Group, with James Murdoch continuing in his capacity as Deputy Chief Operating Officer. The spun off entity will include newspapers such as The Wall Street Journal, the HarperCollins book publisher, Australian TV assets and Amplify opearting under the News Corp. name. Bedi Ajay Singh and Paul Cheesbrough will serve as Chief Financial Officer and Keisha Smith will serve as Director of Human Relations in the new News Corporation. The transaction is subject to approval by News Corporation's Board and shareholders' approval (meeting is not expected to take place until the first half of calendar 2013), regulatory approvals, opinions from tax counsel and favorable rulings from certain tax jurisdictions regarding the tax-free nature of the transaction, due diligence, and the filing and effectiveness of appropriate filings with the United States Securities and Exchange Commission. The separation is expected to be completed in approximately 12 months. As of March 8, 2013, the transaction is expected to occur before the end of fiscal year in June 2013. Howard L. Ellin, Brandon Van Dyke, Lou R. Kling, Steven J. Matays and Allison L. Land of Skadden, Arps, Slate, Meagher & Flom, L.L.P. acted as legal advisor for News Corp. Simon Toms of Allen & Overy LLP acted as legal advisor for News Corp. As on May 24, 2013, Board of Directors has approved the transaction. The deal is expected to complete on June 28, 2013. As per the new terms, shareholders will receive one share of new News Corp. for every four they own now. On June 11, 2013, it was announced that the shareholders of News Corp have voted to approve the transaction. Pursuant to the transaction, the new print media company will take the name News Corp. As of June 14, 2013, News Corp. and New Newscorp LLC entered into stockholder rights agreement. The purchase price for the 21st Century Fox Series A junior participating preferred stock and the New Newscorp Series A junior participating preferred stock will be the exercise price of $150.00 and $90.00, respectively, subject to certain adjustments. The rights agreements will expire on May 24, 2014. Citi Group, Inc. and Centerview Partners acted as financial advisors for News Corp. Deutsche Bank AG (London) acted as financial advisor for News Corporation. JPMorgan Chase & Co. acted as financial advisor for News Corp.