Open

Coming up

Don't miss

Replay


LATEST SHOWS

MEDIAWATCH

Royal decree on low-cut tops

Read more

DEBATE

Ukraine, The Escalation: No Stopping Putin? (part 2)

Read more

DEBATE

Ukraine, The Escalation: No Stopping Putin?

Read more

FOCUS

Bangladesh: Textile workers' lives still at risk?

Read more

TALKING EUROPE

José Bové, Candidate for the EU Commission presidency, Group of the Greens

Read more

WEB NEWS

NYPD's online campaign backfires

Read more

ENCORE!

Celebrating the Bard's birthday in Britain

Read more

THE INTERVIEW

Yuki Tatsumi, Senior Associate of the East Asia Program, Stimson Center

Read more

INSIDE THE AMERICAS

USA: Executions halted over drugs secrecy

Read more

  • Russia orders military drills as Ukraine moves on separatists

    Read more

  • Israel halts Middle East peace talks over Hamas deal

    Read more

  • A radio station defends peace and tolerance in CAR

    Read more

  • Fresh clashes in Rio over dancer's death

    Read more

  • US would defend Japan in islands dispute, Obama says

    Read more

  • Platini: PSG in danger over Financial Fair Play rules

    Read more

  • Afghan guard kills US doctors in Kabul hospital attack

    Read more

  • Ségolène Royal denies banning cleavage at French ministry

    Read more

  • Palestinian unity deal stirs anger in Israel

    Read more

  • Video: Mayor in east Ukraine ready ‘to turn Slaviansk into battlefield’

    Read more

  • New far-right mayor moves to quash Paris region mosque

    Read more

  • Millions of Syrians desperately need aid, says UN

    Read more

  • Muslims in CAR pray for an escape route

    Read more

  • Madrid beat Bayern 1-0 in first leg of Champions League semis

    Read more

  • Britain's ex-PM Blair warns against spread of radical Islam

    Read more

  • Turkish PM offers condolences to descendants of Armenians killed in 1915

    Read more

  • Gay marriage, one year on: ‘French civilisation did not crumble’

    Read more

  • Colombian president reinstates firebrand Bogota mayor

    Read more

  • NYPD public relations campaign on Twitter goes awry

    Read more

  • In pictures: Violent protests erupt in Rio

    Read more

Business

News Corp confirms split into two separate entities

©

Text by News Wires

Latest update : 2012-06-29

News Corp confirmed Thursday that its board had approved dividing the company’s lucrative entertainment arm from its struggling newspaper and publishing business. CEO Rupert Murdoch and his family will retain control of both new companies.

REUTERS - News Corp said on Thursday its board had approved a plan to split the company into two entities, and that Rupert Murdoch will remain as chief executive of its new, separate entertainment company.

The company will split the $60-billion media conglomerate into publicly traded publishing and entertainment companies, with Murdoch as chairman of both, and his family retaining control. It didn’t name an executive to lead the new publishing business.

News Corp Chief Operating Officer Chase Carey will remain in that role in the new entertainment business.

News Corp’s board, overseen by the 81-year-old Murdoch, met on Wednesday and authorized management to move ahead with the separation, the company said.

The entertainment company will include News Corp’s Fox broadcasting and cable networks, 20th Century Fox movie studios and pay-TV businesses in Europe and India.

The publishing company will include newspapers like the Wall Street Journal and The Sun, book publisher Harper Collins, an integrated marketing business as well as its fledgling digital education division.

Analysts and investors have been skeptical about whether the struggling publishing business would be able to prosper as a standalone. Murdoch addressed these concerns in a memo Thursday to his staff, which was obtained by Reuters.

"Our publishing businesses are greatly undervalued by the skeptics. Through this transformation we will unleash their real potential," said Murdoch.

There has been mounting pressure on News Corp to get rid of its newspaper business after a phone-hacking scandal tainted its British titles and forced the company to drop its proposed acquisition of pay-TV group BSkyB.

 

Date created : 2012-06-28

  • MEDIA

    News Corp to split entertainment, publishing divisions

    Read more

  • UK

    Former Cameron spokesperson detained by police

    Read more

  • UK

    Tony Blair's 'unhealthy' relationship with Murdoch

    Read more

Comments

COMMENT(S)