News Corp. will formally split in two after the market closes Friday, with existing shareholders getting one share in the new publishing entity for every four shares they hold in the media company.

Since Wednesday last week, preliminary shares of both sides of the company have been trading as if the split already occurred. Any buyers of preliminary shares will receive them next Friday.

Preliminary publishing shares closed Friday at $15.25.

That valued the publishing division, to be named News Corp., at around $8.8 billion. That's about 12 percent of the entire company's value. It had a market capitalization of about $75.5 billion before the split.

The movie and TV division is being renamed Twenty-First Century Fox Inc. Its preliminary stock traded around $28.77 on Friday.