The board at News Corporation approved a proposed split into two companies on Friday, and authorized a $500 million stock buyback for investors in the soon-to-be-formed publishing business. It also announced appointments to the board for both of the companies.

The company is expected to complete its separation on June 28, with publishing assets like The Wall Street Journal, The New York Post and HarperCollins, and a handful of Australian pay television units, forming a company that will retain the name News Corporation.

Fox Broadcasting, Fox News, FX and the Hollywood film and television studio will form an entertainment company to be called 21st Century Fox.

Rupert Murdoch, chairman and chief executive of News Corporation, called the board’s approval of the split a “significant step in creating two independent companies with the world’s leading portfolios of publishing and media and entertainment assets.”