News Corp.’s publishing spinoff will replace Apollo Group Inc. in the Standard & Poor’s 500 Index after the media company splits itself later this month, S&P said in a statement today.
News Corp. will become two publicly traded companies -- a move that followed shareholder pressure to separate the faster-growing TV and movie assets from the publishing business. The entertainment operation will be called 21st Century Fox, while the publishing business will take the News Corp. name.
The spinoff will be added to the S&P 500 on June 28, as the transaction is expected to be completed on or about that date, S&P said. The renamed 21st Century Fox will remain in the S&P 100 and 500 indexes.
Apollo Group, the largest for-profit college chain, will take Forest Oil Corp.’s spot in the S&P MidCap 400 Index, while Forest Oil will replace Enzo Biochem Inc. in the SmallCap 600 Index. The changes will take place after the close of trading on June 28, the statement said.