News Corp shareholders have approved a plan to split the conglomerate into two independent companies, one focusing on entertainment and the other on newspaper operations.
One company will focus on news and publishing, to retain the News Corp name, and another on television and film, to be called 21st Century Fox.
The split spins off the publishing operations, which have been hit by the slump in the newspaper industry, from the more profitable entertainment assets.
The BBC reports the Murdoch family will remain firmly in control.
Rupert Murdoch will be chairman and chief executive of 21st Century Fox, as well as executive chairman of News Corp junior. His sons James and Lachlan will also sit on the boards of both companies.
The News Corp board formally approved the split on 24 May and shareholders endorsed it in New York on Tuesday. Approval was never in doubt.
The group's share price has risen over 60% since Mr Murdoch announced the plans a year ago.
Its TV and film divisions currently account for roughly 85% of the group's revenues. The new News Corp will contribute only 10% - 15% of total revenues.