News Corp will split itself in two, but Murdoch will chair both firms

Rupert Murdoch, News Corp. chairman and owner of News of the World.
LIONEL BONAVENTURE

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.


News
Entertainment
Sports
Lifestyle
National

Florida man charged with murdering son to play…

A Florida man annoyed that his 16-month-old crying son was preventing him from playing video games suffocated the toddler, police said on Friday.

International

Powerful 7.2 magnitude earthquake rattles Mexico

A powerful earthquake struck Mexico Friday, shaking buildings and sending people running into the street, although there were no reports of major damage.

News

OMG! Exercise can make skin (and butt) look…

A moderate exercise regime can turn back time and actually reverse the skin's aging process, according to new research. The study showed that a minimum…

Local

Oval oasis: Summer of fun kicks off this…

A bold partnership between the Fairmount Park Conservancy and the city's Parks and Recreation Department is kicking off this weekend with family activities re-activating this unused public space.

Entertainment

Whoopi Goldberg makes her debut as marijuana columnist

"It helps my head stop hurting, and with glaucoma your eyes ache, and she takes the ache out. It's wonderful," she said.

The Word

Kate Middleton made fun of Prince William's bald…

Kate Middleton and Prince William are in Sydney, Australia, right now, and it sounds like that brash Aussie sense of humor might be rubbing off.

The Word

Is Tom Cruise dating Laura Prepon?

"Mission: Impossible" star Cruise is said to be dating Laura Prepon, star of "Orange is the New Black."

Television

'Scandal' recap: Season 3, Episode 18, 'The Price…

Sally is Jesus, Olivia caused global warming, and Mellie's still drunk. Let's recap the Scandal finale. A church full of Washington insiders is about to…

MLB

Jimmy Rollins is key to Phillies success

When John Kruk was asked about what the Phillies need to contend for a playoff berth, the ESPN analyst said Jimmy Rollins needs to play like a MVP again.

MLB

Ben Revere lifts Phillies to avoid sweep

Ben Revere came through with a two-out RBI single against Atlanta’s tough lefthander Alex Wood.

NBA

Season wrap: 76ers make the grade

The 76ers opened the 2013-14 season with a victory over the Miami Heat. The Sixers closed the season with a win at Miami.

NBA

Fantasy basketball: Finding next year's NBA studs

Before we put the 2013-14 fantasy basketball season to bed, it’s worth thinking about next year’s breakouts while they’re fresh in our mind.

Tech

VIDEO: 'Vein-scanning' may become the future of paying

Designed to make transactions quicker and easier, the technology works by scanning the unique vein patterns in each person's palm.

Tech

#FollowFriday: 10 of the smartest Twitter accounts

Spending lots of time on Twitter? You might as well learn something. Here are some of the smartest accounts to follow.

Style

Light-up nail art syncs with phone

This Japanese technology syncs light-up nail art with your phone.

Wellbeing

Why is dance cardio taking off in NYC?

Instructors at some of the city's hottest classes explain why.