As expected, the News Corp. board of directors has approved the division of the media giant into two separate companies. The division is expected to become official June 28. The “new” News Corp. will hold HarperCollins as well as newspaper assets, an educational arm, and some Australian broadcasting assts. The other company, 21st Century Fox, will house its entertainment assets.

Rupert Murdoch, who will serve as chairman and CEO of the proposed 21st Century Fox, and Executive Chairman of the new News Corporation. “We continue to believe that the separation will unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division,” Murdoch said.