News Corp.’s board has formally approved media conglom’s split into two separate publicly traded companies, 21st Century Fox and the new News Corp., expected to occur on June 28.

The company also announced board appointments for both entities, effective upon the completion of the separation. News Corp. board approved the distribution of all shares of the new News Corp. to current stockholders in a ratio of one share of the new News Corp. for every four shares of current company. In addition, the board OK’d a $500 million stock repurchase program for the new News Corp. post-separation.

The new News Corp. will comprise the newspaper and publishing businesses, and 21st Century Fox will encompass film and TV studios as well as broadcast and cable TV networks.

“Today’s announcement is a significant step in creating two independent companies with the world’s leading portfolios of publishing and media and entertainment assets,” Rupert Murdoch, who will serve as chairman and CEO of the proposed 21st Century Fox, and executive chairman of the new News Corp., said in a statement. “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.”

The board members post-split for each company are as follows:

  • 21st Century Fox: Rupert Murdoch, Delphine Arnault, James Breyer, Chase Carey, David DeVoe, Viet Dinh, Sir Roderick Eddington, James Murdoch, Lachlan Murdoch, Jacques Nasser,   Robert Silberman and Álvaro Uribe
  • The new News Corp.: Rupert Murdoch, José María Aznar, Natalie Bancroft, Peter Barnes, Elaine Chao, John Elkann, Joel Klein, James Murdoch, Lachlan Murdoch, Ana Paula Pessoa, Masroor Siddiqui and Robert Thomson