28.06.12 | Bookseller Staff
News Corp's board has approved a plan to split the conglomerate into two, separating its publishing assets from its entertainment business, the Wall Street Journal has reported.The separation—which would create a film and TV business division and a much smaller publishing wing, to include HarperCollins and newspapers the Times and the Wall Street Journal—is expected to take about a year.
News Corp's board, overseen by 81-year-old chairman Rupert Murdoch, is said to have met on Wednesday evening (27th June) to make the decision, with an announcement expected later today.
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While at The Daily Beast
DIVISIONMichael Nagle / Getty ImagesNews Corp. Board Approves Split
News Corp. on Thursday approved a split between the publishing and entertainment divisions—and Rupert Murdoch will chair both. The entire process is expected to take a year. Under the split, 20th Century Fox, Fox broadcast network and Fox News will be included in the entertainment company while HaperCollins, The Wall Street Journal and Britain's Sun newspaper will be in a separate company. Shares of the company’s stock have risen 11 percent since News Corp. acknowledged it was considering the split.