News Corp. initiates semi-annual cash dividend, extends poison pill plan by 3 years

MarketsAssociated Press

News Corp. will pay a semi-annual cash dividend to shareholders in the first quarter and extended the media company's shareholder rights plan, also known as a poison pill.

The amendment extends the expiration date of the plan until June 18, 2018. It was supposed to expire June 18, 2015. It allows the company to defend against unwanted takeover attempts. It's referred to as a poison pill plan because it creates additional costs for company looking to initiate a takeover.

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The company, which owns The Wall Street Journal, will initiate the 10-cent dividend in the first quarter of fiscal 2016, which begins on June 29, for payment in the second quarter. It is the first dividend being paid since the company split off Twenty-First Century Fox Inc. in 2013.