News Corp to be split into two companies

June 28th, 2012 - 5:37 pm ICT by IANS  

London, June 28 (IANS) Rupert Murdoch’s News Corporation will be split into two companies for its newspaper business and entertainment operations, it was reported here.

News Corp’s board voted unanimously to approve the plan after the firm revealed it was considering the split earlier this week, the Daily Mail reported Thursday.

The move will see the group’s 39 percent stake in broadcasting giant BSkyB separately listed from the embattled UK newspaper arm News International.

News International has been the focus of the phone hacking scandal that led to the closure of the News of the World tabloid.

News Corp’s film and television businesses - including 20th Century Fox and the Fox broadcasting network - will be grouped in one company.

The other company will hold all News Corp’s publishing interests, such as The Wall Street Journal, The Times, The Sun, The Australian, The New York Post and publisher HarperCollins, the Mail said.

On Tuesday, News Corp said it was “considering a restructuring to separate its business into two distinct publicly traded companies”.

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