Rupert Murdoch's News Corp said on Friday that the publishing arm it plans to spin off from its entertainment assets will have about $2.6 billion in cash on hand and no debt when it becomes an independent company.The new details on the publishing company were provided a regulatory filing.The publishing company faces challenges as readers turn to smart phones and tablets to get their news and advertisers are spending their dollars elsewhere. Investors and analysts had been waiting for financial details to see how much cash and debt News Corp would put toward the slower growth asset.The media company announced last June the plan to split its publishing and entertainment assets into two publicly traded companies. The spinoff company will be traded on the Nasdaq, while shares will also be listed on the Australian Securities Exchange. The trading symbol is still unknown.
News Corporation is a diversified global media company. Shares of NWSA traded higher by 1.27% or $0.38/share to $30.33. In the past year, the shares have traded as low as $13.55 and as high as $24.04. On average, 19309000 shares of NWSA exchange hands on a given day and today's volume is recorded at 1587569.
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