MUMBAI: News Corp?s new publishing entity that will be formed after proposed separation from the high -growth media & entertainment business will have net cash of $2.6 billion and no debt, reflecting head honcho Rupert Murdoch?s continued love for the print business that has been rapidly declining in developing markets.

As per the company?s filing with the U.S. Securities and Exchange Commission (SEC), out of $2.6 billion net cash about $1.82 billion will come from the parent company.

The new News Corporation, as the publishing company would be known as, will have $18.6 billion in total assets. The media & entertainment group would be known as Fox Group.

The new News Corporation will comprise a range of market-leading brands in news and information services, integrated marketing services, digital real estate services, book publishing, and digital education, as well as sports programming and pay-TV distribution in Australia.

Media reports in US say that Murdoch would utilise the cash pile in acquiring newspapers with Tribune Co?s newspaper assets also on his radar. The unit, which will become a separate publicly held business in June, will also have access to a revolving credit line.

?The new News Corporation?s strong balance sheet will provide the Company with full financial flexibility to pursue its strategic agenda, which is to further develop and expand the power of its market-leading brands over a myriad of platforms,? News Corporation Chairman and CEO Rupert Murdoch.

?We believe the new News Corporation?s strong balance sheet, along with its diversified revenue base, will be key competitive assets that will allow the company to lead in innovation and the creation of long term shareholder value.?

Meanwhile, News Corp has appointed Michael Florin as Senior Vice President and Head of Investor Relations for the new News Corporation, the proposed global publishing entity. In his new role, effective 1 April, he will report to Chief Financial Officer of the new News Corporation, Bedi Ajay Singh.

MUMBAI: Rupert Murdoch-promoted News Corporation has said in its regulatory filing that its publishing arm on a standalone basis would have lost $2.08 billion in the last fiscal year compared to $678 million a year earlier.

The loss includes an impairment charge of around $2.6 billion due to closure of the News of the World and lower revenues at its Australian papers.

The company?s revenue from publishing business fell to $8.65 billion in fiscal year 2012, from $9.1 billion a year earlier.

News Corp has initiated the process of splitting the company into two independent, publicly-traded companies by filing an initial Form 10 Registration Statement with the US Securities and Exchange Commission (SEC).

Earlier, this month News Corp had decided to name its media and entertainment company as Fox Group with the publishing entity retaining the name News Corporation.

News Corporation, the new publishing arm, will comprise a range of market-leading brands in newspapers, information services and integrated marketing services, digital real estate services, book publishing, digital education, as well as sports programming and pay-TV distribution in Australia.

Fox Group, the film and television businesses, will comprise Fox Broadcasting, Twentieth Century Fox Film, Twentieth
Century Fox Television, Fox Sports, Fox International Channels, Fox News Channel, Fox Business Network, FX, Star Network, the National Geographic Channels, Shine Group, Fox Television Stations, BSkyB, Sky Italia and Sky Deutschland.

"The filing of the Form 10 is another important step forward in the evolution of our company and in the establishment of two independent global leaders in Fox Group and the new News Corporation," said Rupert Murdoch, Chairman and CEO of News Corporation.

"Today we are pleased to provide further details on the new News Corporation - a global diversified media and information services company uniquely positioned to take advantage of exciting growth opportunities and new business models."