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FBN’s Diane Macedo with news that News Corp. has announced its split into two separate companies, plus a futures update.
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I'm on the fox -- network.
-- now here Diana's -- good morning everyone News Corp.
has announced -- splitting into two companies and Fox Business is Robert -- in our newsroom now with all the details on the.
And -- Robert -- Diane good morning that's right now this will be subject to further board consideration.
And approval also -- -- there'll be a special shareholders' meeting convened in the first half of next year and then of course they were.
News -- opening to gain regulatory approval for the split into two distinct publicly traded companies.
I shareholders would get.
1 share in the new company for every -- -- share they currently hold already this is expected to be completed in about twelve months' time which of course -- be at the end of the next fiscal year which ends -- the end of June.
And -- and the current structure now this would of course create a media and entertainment company that what house.
But the film and the television and cable network Guidant networks in there as well as Fox Business the publishing and information and education division.
Their dog mr.
-- calling it one of the best capitalized in the industry don't include all Wall Street Journal harpercollins.
That seems to be -- statement addressing some concerns out there and questions about.
How well capitalized this company would be in splitting up the ten point seven billion dollars on the balance sheet currently.
Rupert Murdoch would service chairman of both companies remaining Chief Executive Officer of the media and entertainment company.
Chase Carey will stay as president chief operating officer of that media and entertainment company.
Over the next few months the board of directors will be -- assembling.
And two discussed management teams actually -- -- management team assembled and boards for both companies.
Of course then of course river -- chief executive saying the split will allow the divisions to quote recognize our full potential.
And unlock even greater long term shareholder value and that is something that analysts have been saying investors seem to agree bidding up the shares some 11%.
In the past two sessions Diane -- the company confirmed that it was considering this move and of course Fox Business is up owned by news -- back -- you.
All right Robert great live from the newsroom thanks Robert -- and fox business's Neil Cavuto will be speaking about this with Rupert Murdoch himself.
At 10:45 AM eastern you won't want to miss that.
In the meantime we're keeping a close -- and the Supreme Court which is expected to issue its ruling.
On the legality of president Obama's health care a lot today Fox Business is rich ads -- is that the Supreme Court waiting for that ruling them down.
And -- weather related there.
-- good morning Diane -- where the arguments three months ago there was a long line of folks looking to get in no different here check that out that's the front of the line.
They're very what about fifty folks in those folks have their fingers crossed they got here around 3 o'clock this morning.
Thinking possibly they should've gotten here earlier yesterday afternoon.
When the folks who now have tickets to get inside that courts that's -- line right there to look at -- getting to the Supreme Court which is right over here.
This is where the decision will come down shortly after 10 o'clock.
This morning the ruling on the health care -- president Obama's signature.
Accomplishment.
It is first terrible find out unconstitutional.
Partly constitutional.
Whether.
The whole thing will -- so -- comes out shortly after 10 o'clock.
-- -- -- -- -- -- Will be checking in with you all morning -- thinks the months.
Let's take a look at the markets now over in -- investors are keeping a close eye on the EU summit that starts in Brussels today ahead of that markets are down across the board.
London's down by 65 almost 66 their -- is down by almost thirty.
And Frankfurt's down triple digits here in the US risking similar numbers Dow futures are down by 77 yes -- he's done by seven and -- nasdaq's down.
By thirteen but for more on that EU summit.
Let's go over to Fox -- -- Ashley Webster now -- live in Brussels -- tracking all those developments -- ask you what's the latest there.
By -- yes the European Union leaders just starting to arrive French president Jacques Francois on just can maintain into the building just a few minutes ago they'll be a coming in through the next couple of Allison and then we'll have a working -- -- -- late Ron and -- have a -- -- a news conference off to that so much at stake but we -- starting to see perhaps some softening of the views.
By the Germans.
In a article in the Wall Street Journal German finance minister Wolfgang Schaeuble saying that look both -- may be willing.
To use the EFSF.
It's a temporary bailout fund to buy bonds he said we will negotiate on buying -- eurobond something Germany's -- Very much against but he says as a precondition that has to be a -- -- so called European budget czar.
So maybe an interesting development -- may be Germany will be willing to perhaps deal a little bit more but there are some preconditions.
In the meantime the most pressing issue causes the severe.
Pressure from both the S Spanish and Italian governments as they try to have borrowed money and markets have essentially charging them to -- much.
In order to sustain their economy so much sue.
Debate so much to decide on.
But while we really gonna hear anything of -- anything new will be here for the entire period through tomorrow Diane back to you.
-- US still live from -- -- best thing.
And Imus in the morning continues right now on Fox Business.
