Business Briefs: Soddy Bible store closes after 38 years

Business Briefs: Soddy Bible store closes after 38 years

June 29th, 2013 by Staff Reports and Wire Service in Business Around the Region

Soddy Bible store closes after 38 years

Frank Copeland is closing the Soddy Bible & Church Supplies store today, after unsuccessfully attempting to sell the 38-year-old business.

"People are shopping on the Internet rather than at local businesses," said Copeland, who sells inspiration products such as Bibles, church supplies and religious gifts. The store is still for sale, Copeland said, but he's looking forward to retirement and doesn't have the energy to start selling supplies online.

He'll spend more time volunteering and building wheelchair ramps in the community, he said. He's built 107 ramps so far.

News Corp splits after Friday close

News Corp. formally split in two after the market closed 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. Preliminary publishing shares closed Friday at $15.25. The recent trading 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.