In the lead up to the separation of News Corp’s(NWSA) publishing arm from its global media business, the two pieces began trading today on a when-issued basis. The parent, global media company, which will be renamed 21st Century Fox and trade under the FOXA and FOX tickers began trading today as FOXAV. The publishing spinoff will take the News Corp name and tickers. It began trading today as NWSAV. Shareholders of News Corp will receive 1 share of the new News Corp for every 4 shares they have of the old on June 28. Their old News Corp shares will be converted into shares of Fox on a 1 for 1 basis.
The companies are performing well on their first day of trading, up in a down market. At 3:05PM NWSAV was up over 3% to $15.76, NWSA up nearly 3% to $32.35, and FOXAV up just over 1% to $28.45.
Disclosure: The author holds no position in any stock mentioned
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