News Corp. Is Now Officially Two Companies LA Times

News Corp. completed a transaction Friday afternoon that had been in the works for more than a year: the separation of the media conglomerate into two separate companies, 21st Century Fox and a smaller News Corp., reports the Los Angeles Times.

Shares of the two companies, which are both controlled by Rupert Murdoch and his family, were to trade starting today, Monday, as separate stocks.

21st Century Fox will include the 20th Century Fox movie and TV studios, Fox News Channel, Fox Sports, FX, National Geographic and the Fox broadcast network. The publishing group is keeping the News Corp. name, and includes publications such as The Wall Street Journal and the New York Post.