MUMBAI: News Corp formally split in two after the market closed on Friday, with existing shareholders getting one share in the new publishing entity for every four shares they hold in the media company.

Since Wednesday last week, preliminary shares of both sides of the company have been trading as if the split already occurred. Any buyers of preliminary shares will receive them next Friday.

Preliminary publishing shares closed Friday at $15.25.

The recent trading valued the publishing division, to be named News Corp, at around $8.8 billion. This is approximately 12 per cent of the entire company?s value. It had a market capitalisation of about $75.5 billion before the split.

The movie and TV division is being renamed Twenty-First Century Fox. Its preliminary stock closed at $28.99 on Friday.

Shares of both entities will begin trading normally on Monday, with new News Corp shares trading under the tickers "NWSA" for non-voting Class A shares and "NWS" for voting Class B shares. Twenty-First Century Fox shares will trade under the tickers "FOXA" for non-voting Class A shares and "FOX" for voting Class B shares.

Rupert Murdoch, who will be chairman of both companies and CEO of Twenty-First Century Fox, will retain his grip on both companies by controlling nearly 40 per cent of the voting stock in each.

The split completes a process that the company announced a year ago, and responds to investor concerns that the newspaper and book publishing divisions were dragging on the faster growing pay TV business.

By separating, the publishing division can devote resources toward engineering a turnaround, while the Fox side focuses on launching a national sports network to be called Fox Sports 1 that will compete with pay TV leader ESPN.

MUMBAI: The media company headed by Rupert Murdoch, won approval of a $139 million settlement of investor lawsuits claiming directors ignored employee misconduct, including phone-hacking.

The settlement of claims that the board turned a blind eye to journalists? illegal reporting tactics, including paying bribes and hacking into celebrities? phones, "is reasonable, fair and adequate," Delaware Chancery Court Judge John Noble said today at a hearing in Dover.

As part of the derivative accord, the $139 million is being paid to News Corp. out of insurance covering directors.

Noble also approved $28 million in legal fees and expenses for investors? lawyers to be paid from the insurance proceeds.

News Corp. officials continue facing fallout from the scandal over the company?s newsgathering tactics. Last week, prosecutors said a journalist at News Corp.?s Sun tabloid newspaper in London and a corrections officer are facing criminal charges over bribes paid for information about operations at English prisons.

Nathaniel Brown, a spokesman for New York-based News Corp., didn?t immediately respond to an e-mail seeking comment on the court?s approval.

The case is In re News Corp. Shareholder Derivative Litigation, CA 6285, Delaware Chancery Court (Wilmington).