(By Balaseshan) News Corp. (NASDAQ: NWSA) (NASDAQ: NWS) said Dow Jones Editor-in-Chief Robert Thomson will become the Chief Executive of the new proposed publishing entity, after its proposed separation of businesses.
As part of a digital restructuring initiative, News Corp. said it will cease standalone publication of The Daily iPad app on December 15, 2012, though the brand will live on in other channels.
Robert Thomson, who has served as Editor-in-Chief of Dow Jones and Managing Editor of The Wall Street Journal since 2008, will begin his work as incoming CEO to the publishing company on January 1, 2013.
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The company also said Gerard Baker, currently Deputy Editor-in-Chief of The Wall Street Journal, will succeed Robert Thomson as Editor-in-Chief of Dow Jones and Managing Editor of The Wall Street Journal, effective January 1, 2013.
Bedi Ajay Singh, who most recently served as President, Finance and Administration & CFO for MGM Studios, will assume the role of Chief Financial Officer. Previously, he served as CFO at Gemstar-TV Guide, Novartis Pharmaceuticals and SONY Pictures Entertainment.
Paul Cheesbrough, currently News Corp.'s Chief Technology Officer, will serve in the same capacity for the new publishing company. In addition, Gerson Zweifach, currently General Counsel of News Corp., will serve in a dual role as both General Counsel of Fox Group, and, for a period of one year following the separation, also of the new News Corp.
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The company also said effective immediately, Jesse Angelo, the founding Editor-in-Chief of The Daily and long-time Executive Editor of The New York Post, will assume the role of Publisher of The New York Post.
In keeping with the company's 60-year heritage of bringing news to the world, the publishing entity will retain the name News Corp. The media and entertainment company, which began in earnest when Chairman and CEO Rupert Murdoch acquired 20th Century Fox and launched the Fox Network more than 25 years ago, will be named Fox Group.
As previously announced, Rupert Murdoch will serve as Chairman of the new News Corp. and Chairman and CEO of Fox Group. Chase Carey will serve as President and Chief Operating Officer of Fox Group, with James Murdoch continuing in his capacity as Deputy Chief Operating Officer.
Under their collective leadership, Fox Group will continue to strengthen its creative content businesses and distribution assets, including enhancing its sports portfolio through key investments in Asia, Europe and Latin America.
On June 28, News Corp. said it plans to pursue the separation of its publishing and its media and entertainment businesses into two distinct publicly traded companies. The global publishing company that would be created through the proposed transaction would consist of the company's publishing businesses, its education division and other Australian assets.
The global media and entertainment company would consist of the company's cable and television assets, filmed entertainment, and direct satellite broadcasting businesses. The global publishing company that would be created through the proposed transaction would consist of the company's current publishing businesses, as well as its education division.
NWS is trading up 1.05% at $25.49 on Monday, while NWSA trades up 1.10% at $24.91.