News Corp. Offers Details on Proposed Businesses Separation
News Corporation (NASDAQ: NWSA) today announced that Dow Jones Editor-in- Chief and Managing Editor of The Wall Street Journal Robert Thomson will become the CEO of the new proposed publishing entity, following the Company's intended separation into two independent, publicly traded companies.
In keeping with the company's 60-year heritage of bringing news to the world, the publishing entity will retain the name News Corporation. The media and entertainment company, which began in earnest when Chairman and CEO Rupert Murdoch acquired 20th Century Fox and launched the Fox Network more than 25 years ago, will be named Fox Group.
As previously announced, Rupert Murdoch will serve as Chairman of the new News Corporation and Chairman and CEO 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. Under their collective leadership, Fox Group will continue to strengthen its creative content businesses and distribution assets, including enhancing its sports portfolio through key investments in Asia, Europe and Latin America.
Robert Thomson, who has served as Editor-in-Chief of Dow Jones and Managing Editor of The Wall Street Journal since 2008, will begin his work as incoming CEO to the publishing company on January 1, 2013.
Mr. Murdoch and Mr. Thomson are pleased to announce the following key executives joining the publishing Company:
• Bedi Ajay Singh, who most recently served as President, Finance and Administration & CFO for MGM Studios, will assume the role of Chief Financial Officer. Previously, Mr. Singh served as CFO at Gemstar-TV Guide, Novartis Pharmaceuticals and SONY Pictures Entertainment. Prior to 2000, he held a number of positions at News Corporation, including senior finance roles at News International and 20th Century Fox. Mr. Singh is a Fellow of the UK Institute of Chartered Accountants and started his business career with Arthur Andersen in London.
• Paul Cheesbrough, currently News Corporation's Chief Technology Officer, will serve in the same capacity for the new publishing company. Mr. Cheesbrough was previously the Chief Information Officer at News International, where he was responsible for the organization's technology strategy, delivery, transformation programs and digital products. Before joining News International, Mr. Cheesbrough served as Chief Information Officer at the Telegraph Media Group, and prior to that was Controller of Digital Media for the BBC.
• Keisha Smith will serve as director of Human Relations. She previously served in various management roles at Morgan Stanley, most recently as the Global Head of Recruiting and Chief Diversity Officer for the Firm. Prior to Morgan Stanley, Ms. Smith worked at the Financial Times where she led the staffing initiative for the launch of the FT.com venture.
In addition, Gerson Zweifach, currently General Counsel of News Corporation, will serve in a dual role as both General Counsel of Fox Group, and, for a period of one year following the separation, also of the new News Corporation.
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