News Corp goes public
Bec Fary / July 01, 2013 01:30 PM
News Corp shareholders faced an anxious day of trading yesterday when the newly-branded company went public.
Australia’s largest publisher, formerly News Limited, was last month re-branded News Corp Australia.
Shares in the company have been trading on a deferred settlement basis since then, with formal trading underway yesterday.
The chief executive of the ‘new’ News Corp, Robert Thompson, has promised growth.
“We are continuing a proud tradition and fashioning a prosperous future in the new News Corp,” he said.
“We have a valuable collection of complementary companies and our task is to make the new News more than the sum of these distinguished parts.”
News Corp publishes more than 140 newspapers across Australia, including the Herald Sun, Daily Telegraph and The Australian.
The renaming of News Corp Australia became official yesterday as part of a gradual rebranding of the global News Corp name.
On June 19, News Corporation had provisionally separated into two publicly-listed entities in a move to separate its publishing and entertainment interests: News Corp, for global print assets; and 21st Century Fox for entertainment.
Changes to News Corp come in the wake of the News of the World phone-hacking scandal.
News International, publisher of the now-closed News of the World, and News UK have joined the News Corp global name.
Mark Darcey, chief executive of News UK, said the rebrand will be a “bright new chapter.”
The company wrote that the change “follows the fundamental changes of governance and personnel that have taken place to address the problems of the recent past.
“New policies and procedures are in place across the company, its main titles are all under new leadership and the executive team has been transformed.”
Other Margaret Gee's Media News: