By Nathalie Tadena
News Corp.'s (NWS, NWSA, NWS.AU) publishing company will join
the S&P 500 index after the media company separates into two
publicly traded entities, replacing for-profit education company
Apollo Group Inc. (APOL) in the index, S&P Dow Jones Indices
said.
News Corp., an S&P 100 and S&P 500 constituent, is
spinning off The Wall Street Journal, Dow Jones Newswires, book
publisher HarperCollins and several Australian and British
publications, among other divisions, into a new company that will
retain the News Corp name. The Fox broadcast and cable channels,
20th Century Fox movie studio and other entertainment properties
will be part of the newly titled 21st Century Fox, which will
remain in the S&P 100 and 500 indices.
Meanwhile, Apollo will replace exploration-and-production
company Forest Oil Corp. (FST) in the S&P MidCap 400. Forest
Oil in turn will replace biotechnology company Enzo Biochem Inc.
(ENZ) in the S&P SmallCap 600. These changes will take place
after the close of trading on June 28, the date News Corp's
spin-off is expected to be completed.
News Corp. owns Dow Jones & Co., publisher of this newswire
and The Wall Street Journal.
Pharmaceuticals company Mallinckrodt PLC, which is being spun
off from Covidien PLC (COV), will replace networking-equipment
company Tellabs Inc. (TLAB) in the S&P MidCap 400 after the
close of trading on June 28.
Additionally, oilfield technology company Tesco Corp. (TESO)
will replace CH Energy Group Inc. (CHG), which is being acquired by
Fortis Inc., in the S&P SmallCap 600 after the close of trading
on June 26.
Write to Nathalie Tadena at nathalie.tadena@dowjones.com
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