Last December Rupert Murdoch's News Corporation announced that it would be splitting into two distinct corporate entities, and that vision has finally been realized. As of 4:30PM ET on Friday, News Corp and 21st Century Fox were officially separated — putting the majority of the company's profitable ventures under the latter banner. 21st Century Fox includes the 20th Century Fox film and television studio, Fox Sports, FX, and the Fox News Channel. News Corp, on the other hand, will oversee the publishing divisons, including the New York Post, The Wall Street Journal, The Times of London, and book publisher HarperCollins.

The logo for 21st Century Fox was unveiled last May: a flat, modern riff on the classic 20th Century Fox iconography. As pointed out by the Los Angeles Times, trading on the two new companies come Monday will provide a sober look at how Wall Street views the long-term prospects of the print media business, while also allowing confidence in Fox's entertainment business to rise without newspapers and book publishing getting in the way.