Newcastle completes New Media spinoff

|About: New Media (NEWM)|By:, SA News Editor

New Media (NEWM) will begin trading on the NYSE today after being successfully spun off from Newcastle Investment (NCT) last night. Owners of Newcastle have been issued 0.07219481485 shares of New Media stock for each share of Newcastle they own.

In when-issued trading, New Media closed at $12.67 yesterday.