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News Corp. spinoff to start up with $2.6B

NEW YORK, March 9 (UPI) — News Corp. said in a U.S. regulatory filing its publishing business will start up with $2.6 billion and no debt when it spins off from the parent company.

Details of the media giant’s plan for its publishing business were included in a filing with the Securities and Exchange Commission.

Analysts expect some of the cash will be spent on the company’s online operations, the BBC reported Saturday.

News Corp. announced in June it will spin off its publishing business, separating it from its film and television business, which includes Fox News and 20th Century Fox film studio.

The film business, after the split, will be called Fox Group.

Other huge media firms are splitting up their film and publishing operations. Time Warner, which was formed out of Time Inc. and Warner Communications, said recently it will split its film and print businesses, spinning off the producers of Time Magazine, Sports Illustrated, Fortune, People and several other publications that are struggling to adapt to the digital age.

Copyright 2013 United Press International, Inc. (UPI).

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