New York, NY – March 08, 2013 – News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) today announced the appointment of Michael Florin as Senior Vice President and Head of Investor Relations for the new News Corporation, the proposed global publishing entity to be formed as part of the Company’s intended separation into two independent, publicly traded companies. In his new role, effective April 1, he will report to Chief Financial Officer of the new News Corporation, Bedi Ajay Singh.
Mr. Florin has over 20 years of investment and media industry experience, most recently with Morgan Stanley, where he served as the Media-Telecom Sector Specialist since 2008.
“Michael brings to the new News Corp an ideal combination of deep media knowledge along with unique experience working on both the buy and sell sides of the business,” said Mr. Singh. “His expertise at understanding and communicating effectively about our industry has earned him respect in the investment community and will make him an enormous asset for the Company. I am delighted he’s joining our team.”
“We have a very good story to tell investors and, in Michael, we have an able, articulate individual to be the no-nonsense narrator of our fortunes,” said Robert Thomson, Chief Executive Officer of the new News Corporation.
While at Morgan Stanley, Mr. Florin received distinguished recognition in the Institutional Investor Survey as a top sector salesperson for 2012. In addition to his sell-side experience, he served as a buy-side analyst for TIAA-CREF, and, before that, for U.S. Trust. He began his financial services career in equity research roles at CIBC Oppenheimer and Gerard Klauer Mattison. Mr. Florin holds a BA from the University of Michigan and an MBA from Columbia Business School, both with honors.
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. 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 of certain amendments to the Company’s Restated Certificate of Incorporation, 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, the execution of certain agreements relating to the distribution, and the filing and effectiveness of appropriate filings with the SEC. On March 8, 2013, New Newscorp LLC filed an amended Form 10 registration statement and News Corporation filed a revised preliminary proxy statement with the Securities and Exchange Commission in connection with the separation. The Company has also applied for certain regulatory approvals and tax rulings required to enable the separation to be completed as described. There can be no assurances given that the separation of the Company’s businesses as described will occur.
About News Corporation
News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) had total assets as of December 31, 2012 of approximately US$63 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.