News Corp's publishing arm, which will include HarperCollins, will have $2.6bn in cash and no debt when it is spun off from the main business in June, according to a Bloomberg report.
The parent company, headed by Rupert Murdoch, will give $1.82bn in cash to the new publishing business, pushing the total to $2.6bn, according to a company filing. This has led to speculation the cash could be used for acquisitions. The publishing spin-off will have $18.6bn in total assets, Bloomberg reported.
The new publishing business will include HarperCollins, as well as education business Amplify, the company's Australian television assets, and NewsCorp's newspaper businesses, including the Sun in the UK and the Wall Street Journal in the US.
News Corp's board approved the split in July last year.
- Bonnier Publishing 'to grow trade in Asia', appoints Miyahara Kratka
- Brexit negotiations: government urged to keep publishing trade barriers 'to absolute minimum'
- Richard Johnson 'to settle scores' in book on his years at Bonnier Publishing
- Dale: Booksellers have publishers 'over a barrel'
- Mollet: publishers have proved 'up to the challenge'