News Corp. (NWS, NWSA) says its board of directors formally approved the split of the company...

|About: News Corporation (NWS)|By:, SA News Editor

News Corp. (NWS, NWSA) says its board of directors formally approved the split of the company into two entities to be called 21st Century Fox and the new News Corporation. After the separation, the new News Corp. will be have an authorization to buy back $500M in stock in its back pocket. A rights agreement was also adopted to protect shareholder interests. NWS +0.6% premarket. (PR)