Newly split companies enter second day as separate entities
Investors are responding more favorably to the TV and big screen side of Rupert Murdoch's newly fractured media empire than they are to its publishing and education side as 21st Century Fox and News Corp. begin their second day of trading as two distinct companies.
Class A shares of 21st Century Fox, Murdoch's newly christened television and film company, closed their first day of trading on Monday at $29.40, a roughly 2 percent gain from their opening price. On Tuesday morning, shares were down slightly to $29.22 as of 11:20 a.m. ET.
21st Century Fox's cable, film and television assets include Fox Broadcasting, Twentieth Century Fox Film, Fox News Channel and the National Geographic Channels, among others.
Shares in Murdoch's publishing empire, which kept the News Corp. name, fell 5 percent through their first day of trading. Class A shares of the company closed at $14.79, although they rebounded a bit on Tuesday morning, rising 1.4 percent to $15.00 as of 11:20 EST.
News Corp. publishes titles such as the Wall Street Journal, the New York Post, the Times of London and several Australian titles. It also owns Dow Jones and HarperCollins.