News Corporation Chairman and CEO Rupert Murdoch has said shareholders have approved a plan to split the media company into two independent firms.
The two firms will be spilt with one focusing on entertainment and the other on newspaper operations.
According to news.com.au, the vote came as no surprise, since Murdoch and his immediate family hold a majority of voting shares in the media-entertainment powerhouse.
Murdoch, in a statement, said that he was pleased that the proposals have been approved by an overwhelming majority of the outstanding shares, and that the shareholders clearly recognise the anticipated benefits of the separation.
He said that they were on track to complete the separation on June 28 and look forward to launching two new industry leaders.
According to the report, one company will focus on news and publishing, to retain the News Corp name, and another on television and film, to be called 21st Century Fox.
The new News Corporation will include newspapers in Britain, Australia and the United States, including The Wall Street Journal and The Times of London.
