News Corp shares jump over 3% in Australian market on restructuring plans
Sydney: News Corp shares listed on the Australian Securities Exchange (ASX) have climbed more than 3 percent after the international media company confirmed on Wednesday it was considering splitting its business into two separate companies.
News Corporation is considering a restructuring to separate its business into two distinct publicly traded companies, the company said in a statement released on Wednesday.
Shares of News Corp (NWS) jumped on the announcement, adding 74 AU cents, or 3.56 percent, to 21.53 AU dollars (21.66 U.S. dollars) at 12:54 local time on Wednesday.
Analysts have said the restructuring plan would separate News Corp''s profitable film and television businesses from the news and media operations.