News Corp.’s newly split publishing and entertainment divisions debuted to mixed results on Wall Street Monday.
Entertainment unit 21st Century Fox closed at $29.40 per share, up 2% from where it opened in the a.m.. Publishing unit News Corp. didn’t fare as well, closing down 5% at $14.79 after opening at $15.59.
Both stocks began preliminary trading June 19. News Corporation completed its previously announced split of both companies on Friday, and both stocks began normal trading Monday morning. Pre-existing shareholders received one share of the new publishing entity for every four shares of the new media company they own, helping to offset Monday’s declines in the former division.
Early trading had valued News Corp. at close to $9 billion, while the market pegged 21st Century Fox’s value at about $68 billion.
Preliminary shares of the publishing division closed at $15.25 per share on Friday, while 21st Century Fox closed at $28.99 per share.