News Corp files document with US regulators on split
New York: Media giant News Corporation Friday filed statements with US regulators detailing the split of the conglomerate into two independent firms and the compensation structure of the re-jigged top management which includes an Indian-origin head of the new publishing business's finances.
The documents filed with the US regulator Securities and Exchange Commission outline the manner in which the Rupert Murdoch-owned media house would split into two independent publicly-traded companies.
The company had earlier in June announced the restructuring which would split the conglomerate into a publishing entity and a media and entertainment company.
Dow Jones Editor-in-Chief and Managing Editor of The Wall Street Journal Robert Thomson would be the CEO of the new proposed publishing entity, which would retain the name of News Corporation. The media and entertainment company would be named Fox Group.
Murdoch, News Corp's Chairman and CEO, would serve as Chairman of the new News Corporation and Chairman and CEO of Fox Group.
The top management of the restructured News Corp would include Bedi Ajay Singh, who would assume the role of Chief Financial Officer of the newly formed publishing company.
In the documents filed with the SEC, News Corp said Singh would receive a base salary at an annual rate of not less than USD 1.1 million.
The employment agreement with Singh ends on June 2016.
Singh would also be entitled to receive a performance- based annual bonus with a target of no less than a million dollars. The criteria for the achievement of the performance- based bonus amount would be based on "metrics to be agreed upon in good faith."
Beginning with the fiscal 2014-2016 performance period, Singh would also be entitled to receive annual grants of performance stock unit bonus that would vest after a three- year performance period with a target amount of no less than a million dollars.
Singh had most recently served as President, Finance and Administration and Chief Financial Officer for MGM Studios.
Previously, he had served as Chief Finance and Administration Officer at Novartis Pharma from 2004 to 2006 and as Executive Vice President and Chief Financial Officer of Sony Pictures Entertainment from 1999 to 2003.
Murdoch said the filing of the documents is "another important step forward in the evolution of our company and in the establishment of two independent global leaders in Fox Group and the new News Corporation."
News Corp also filed with the SEC a preliminary proxy statement regarding a meeting of its stockholders to consider amendments to the company?s charter which would enable the completion of the separation.
As of September 2012, News Corp had total assets of approximately USD 60 billion and total annual revenues of USD 34 billion. It had 24,000 employees, including 9,000 located in the US and 4,000 in the UK.