MUMBAI: News Corp formally split in two after the market closed on Friday, with existing shareholders getting one share in the new publishing entity for every four shares they hold in the media company.

Since Wednesday last week, preliminary shares of both sides of the company have been trading as if the split already occurred. Any buyers of preliminary shares will receive them next Friday.

Preliminary publishing shares closed Friday at $15.25.

The recent trading valued the publishing division, to be named News Corp, at around $8.8 billion. This is approximately 12 per cent of the entire company?s value. It had a market capitalisation of about $75.5 billion before the split.

The movie and TV division is being renamed Twenty-First Century Fox. Its preliminary stock closed at $28.99 on Friday.

Shares of both entities will begin trading normally on Monday, with new News Corp shares trading under the tickers "NWSA" for non-voting Class A shares and "NWS" for voting Class B shares. Twenty-First Century Fox shares will trade under the tickers "FOXA" for non-voting Class A shares and "FOX" for voting Class B shares.

Rupert Murdoch, who will be chairman of both companies and CEO of Twenty-First Century Fox, will retain his grip on both companies by controlling nearly 40 per cent of the voting stock in each.

The split completes a process that the company announced a year ago, and responds to investor concerns that the newspaper and book publishing divisions were dragging on the faster growing pay TV business.

By separating, the publishing division can devote resources toward engineering a turnaround, while the Fox side focuses on launching a national sports network to be called Fox Sports 1 that will compete with pay TV leader ESPN.

MUMBAI: After airing for over four decades since 1968 in the US on CBS the US Open tennis Grand Slam will have a new home from 2015.

ESPN has signed a 11 year contract with USTA for the event. The new deal also includes the series of North American summer hard-court tournaments leading up to the Open.

Since 2009, ESPN has shown some matches, with CBS airing six days of coverage during the two weeks, including the men?s and women?s singles finals.

ESPN will air the event from 2015- 2025. The broadcaster also expects that its digital platforms will mean more viewership for the event. It doesn?t feel that the move from broadcast to cable will affect viewership of the event.

ESPN president John Skipper said, "Certain sporting events become synonymous with when they are held, and there is no better - or bigger - way to celebrate the end of summer than at the US Open in New York. We look forward to capturing every match, every star, every championship and all the drama on this grand stage."

USTA executive director, COO Gordon Smith said, "ESPN is the strongest brand in sports. It puts the US Open at the center of American sports culture like never before."

ESPN will continue to be the home of the entire US Open in Latin America and the Caribbean and in Canada on TSN, as it has since 2002. The new agreement brings expanded rights and increased programming hours, as in the US - both on the multiple linear TV channels throughout these regions and on digital platforms.

ESPN also will become the exclusive home to the Emirates Airline US Open Series with 72 hours of action in the five-week summer series leading to the US Open. In addition, ESPN will now present Arthur Ashe Kids? Day, the music and tennis festival geared to families that serves as the unofficial kick off of the two-week tournament, on the weekend prior to the main draw tournament?s Monday start.