The publishing arm of News Corporation might be breaking off on its own, but it's not doing so without a nice going-away present.
The new endeavor, dubbed New News Corporation, will kick off its independence with $2.6 billion, according to Reuters.
Even better for the company-to-be, it will start off debt-free, according to a regulatory filing cited by Reuters.
The $2.6 billion exceeds by more than three times the amount that News Corp.'s publishing arm had at the end of the year, when it had $741 million. The entire News Corp. organization had $7.8 billion in cash and other assets at that time, with about $16 billion in debt.
News Corporation decided to spin off its publishing operation — which includes properties ranging from the Wall Street Journal to HarperCollins — last June. The new company will retain the News Corporation name, while the entertainment end of Rupert Murdoch's empire — which includes Fox Broadcasting, Twentieth Century Fox Film, the National Geographic Channels and other entities — will be known as the Fox Group.
Both companies will be publicly traded, with Murdoch serving as the chairman of both companies. He'll also serve as CEO of the media and entertainment company, with Chase Carey as president and COO.
Last month, News Corporation appointed Anoushka Healy, the group managing editor for the Times, and William Lewis, who ran the British newspaper group News International, to the new publishing group. Healy will serve as the chief strategy officer, while Lewis will be the chief creative officer.