NEWS CORP. ANNOUNCES DETAILS ON PROPOSED BUSINESSES SEPARATION

(The following is a reformatted version of a press release
issued by News Corporation and received via electronic mail. The
release was confirmed by the sender.) 
NEWS CORPORATION ANNOUNCES DETAILS REGARDING PROPOSED SEPARATION
OF BUSINESSES 
Robert Thomson Named CEO of Proposed Publishing Company;
Leadership Team Unveiled 
Companies to be Named News Corporation and Fox Group 
NEW YORK - December 3, 2012 - News Corporation (NASDAQ: NWS,
NWSA; ASX: NWS, NWSLV) today announced that Dow Jones Editor-in-Chief and Managing Editor of The Wall Street Journal Robert
Thomson will become the CEO of the new proposed publishing
entity, following the Company’s intended separation into two
independent, publicly traded companies. 
In keeping with the company’s 60-year heritage of bringing news
to the world, the publishing entity will retain the name News
Corporation.  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 Corporation 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. 
“This is an incredibly exciting time, for me personally, and for
our companies’ ambitious futures,” said Rupert Murdoch.  “The
challenges we face in the publishing and media industries are
great, but the opportunities are greater.” 
Murdoch continued, “Under Robert’s leadership at News
Corporation, we will build on our traditional mission to inform,
entertain and enhance the lives of readers and viewers around
the world, and relentlessly drive global growth by promoting
excellence and investing in our businesses. 
“At Fox Group, what began with the acquisition of a modest film
studio over 25 years ago has grown into one of the world’s most
successful media companies of all times, defying conventional
wisdom at every turn by pursuing excellence in creativity and
innovation.  Fox Group is perfectly positioned to deliver even
more inspiring stories that engage audiences through film,
television, sports and digital platforms, driving not only
financial results but a lasting imprint on the millions of
people who enjoy our various services, in every corner of the
world.” 
LEADERSHIP OF THE PUBLISHING COMPANY 
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. 
“From the moment we made the decision to split the company, I
could think of no one better suited to be CEO of our publishing
company than Robert Thomson. Robert has been an outstanding
leader for the The Wall Street Journal, making it the dominant
newspaper in the U.S. and greatly expanding its global reach
through WSJ.com, which now publishes in eight languages.  More
than that, Robert is a person of unmatched integrity, whose
passion and commitment to excellence have gained him the
confidence and trust of his colleagues all around the world.” 
Thomson commented, “Rupert has been the driving force behind the
renaissance of The Wall Street Journal and Dow Jones - which
have enjoyed readership and revenue growth in a complicated and
evolving media market -- and we intend to lead a broader revenue
renaissance for quality content. I am looking forward to working
with him and our colleagues around the world to use the
company’s esteemed past as a platform for the future. The global
value of content is growing as the means of digital distribution
multiply, providing us with a remarkable opportunity to profit
from our employees’ ingenuity and integrity. We have a
collection of extremely successful companies, and our goal is to
make the new News Corp far more than the sum of its
distinguished parts.” 
Mr. Murdoch and Mr. Thomson are pleased to announce the
following key executives joining the publishing Company: 
•     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, Mr. Singh
served as CFO at Gemstar-TV Guide, Novartis Pharmaceuticals and
SONY Pictures Entertainment.  Prior to 2000, he held a number of
positions at News Corporation, including senior finance roles at
News International and 20th Century Fox.    Mr. Singh is a
Fellow of the UK Institute of Chartered Accountants and started
his business career with Arthur Andersen in London. 
•     Paul Cheesbrough, currently News Corporation’s Chief
Technology Officer, will serve in the same capacity for the new
publishing company. Mr. Cheesbrough was previously the Chief
Information Officer at News International, where he was
responsible for the organization’s technology strategy,
delivery, transformation programs and digital products.  Before
joining News International, Mr. Cheesbrough served as Chief
Information Officer at the Telegraph Media Group, and prior to
that was Controller of Digital Media for the BBC. 
•     Keisha Smith will serve as director of Human Relations.
She previously served in various management roles at Morgan
Stanley, most recently as the Global Head of Recruiting and
Chief Diversity Officer for the Firm. Prior to Morgan Stanley,
Ms. Smith worked at the Financial Times where she led the
staffing initiative for the launch of the FT.com venture. 
In addition, Gerson Zweifach, currently General Counsel of News
Corporation, 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 Corporation. 
FURTHER ORGANIZATIONAL CHANGES IN NEW YORK 
News Corporation also today announced that 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.  Following a thorough review and interviews with news
staff and Company executives, Mr. Baker’s appointment was
unanimously endorsed by the Dow Jones Special Committee. 
Robert Thomson commented, “Gerry has had a distinguished career
that included a stint at the Bank of England, and a celebrated
journalistic past at the BBC, the Financial Times and The Times,
and I expect him to have an even more successful future as
Editor-in-Chief of The Wall Street Journal and Dow Jones. His
international experience and his background in broadcasting will
both be crucial editorial assets as the Journal and Newswires
continue their ambitious global and digital expansion.” 
Before joining Dow Jones, Mr. Baker was the U.S. editor and an
assistant editor of the Times of London, where he wrote news,
commentary and columns for Britain’s longest continuously
published newspaper and oversaw U.S. coverage for the paper and
online editions.  From 1994 to 2004, Mr. Baker worked for the
Financial Times, first as Tokyo Correspondent, where he wrote
about the country’s financial crisis, and then, from 1998 to
2002, as Washington Bureau Chief, where he led a team of 10
correspondents and provided extensive reporting and analysis of
the Federal Reserve. From 2002 to 2004 he was the FT’s Chief
U.S. Commentator and an Associate Editor.  He began his career
as a news producer and correspondent at the BBC. 
News Corporation also announced that 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.  As part of a digital
restructuring initiative, the company will cease standalone
publication of The Daily iPad app on December 15, 2012, though
the brand will live on in other channels. Technology and other
assets from The Daily, including some staff, will be folded into
The Post. 
Mr. Murdoch said: “From its launch, The Daily was a bold
experiment in digital publishing and an amazing vehicle for
innovation. Unfortunately, our experience was that we could not
find a large enough audience quickly enough to convince us the
business model was sustainable in the long-term. Therefore we
will take the very best of what we have learned at The Daily and
apply it to all our properties. Under the editorial leadership
of Editor-in-Chief Col Allan and the business and digital
leadership of Jesse, I know The New York Post will continue to
grow and become stronger on the web, on mobile, and not least,
the paper itself. I want to thank all of the journalists,
digital and business professionals for the hard work they put
into The Daily.” 
Paul Carlucci, who has served as Publisher of The New York Post
since 2005 will focus exclusively on his role as Chairman of
News America Marketing where he continues to generate important
profits. 
Greg Clayman, Publisher of The Daily, will oversee the Company’s
global digital strategy, new digital investments and
distribution partnerships, working with CTO Paul Cheesbrough. 
ORGANIZATIONAL CHANGES IN LONDON 
As previously announced, Tom Mockridge, who has served as CEO of
News International since July 2011, will leave the Company at
the end of the year to pursue other opportunities.  Mr.
Mockridge will be replaced by Mike Darcey, who has served as
Chief Operating Officer of BSkyB since 2006. 
“I’m delighted that Mike Darcey has agreed to take the reins as
News International’s new CEO,” said Rupert Murdoch.  “Mike is a
world-class executive with unprecedented strategic and
commercial experience and I look forward to benefiting from his
many talents.  His broadcasting background will provide
important leadership in the development of our already
impressive suite of digital products at News International.” 
NEWS CORPORATION SEPARATION 
On June 28, 2012, News Corporation announced that it intends 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. Following the separation, each company would maintain
two classes of common stock: Class A Common and Class B Common
Voting Shares. The separation is expected to be completed in
approximately one year from the date of announcement. In
addition to final approval from the Board of Directors and
stockholder approval, the completion of the separation will be
subject to receipt of regulatory approvals, opinions from tax
counsel and favorable rulings from certain tax jurisdictions
regarding the tax-free nature of the transaction to the Company
and to its stockholders, further due diligence as appropriate,
and the filing and effectiveness of appropriate filings with the
SEC.  There can be no assurances given that the separation of
the Company’s businesses as described will occur.  The Company
expects to make preliminary filings regarding the proposed
separation with the SEC shortly. 
About News Corporation
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total
assets as of September 30, 2012 of approximately US$60 billion
and total annual revenues of approximately US$34 billion. News
Corporation is a diversified global media company with
operations in six industry segments: cable network programming;
filmed entertainment; television; direct broadcast satellite
television; publishing; and other. The activities of News
Corporation are conducted principally in the United States,
Continental Europe, the United Kingdom, Australia, Asia and
Latin America. 
Contacts:
Julie Henderson - 212.852.7070
jhenderson@newscorp.com 
Nathaniel Brown - 212.852.7746
nbrown@newscorp.com 
Dan Berger - 310.369.1274
dberger@newscorp.com 
(bjh) NY 
#<873920.660640.3.1.0.0.76>#
 
 
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