News Corp board approves split plan

Directors of News Corp have approved a proposal to split Rupert Murdoch’s $50 billion empire in two, according to people familiar with the matter, setting the stage for an announcement of a move many thought the 81-year-old proprietor would never countenance.

After a board meeting in New York, chaired by Murdoch, formal confirmation of a separation of its entertainment and publishing arms was expected to come before a planned appearance by News Corp’s chairman and chief executive on Fox Business Network, one of the group’s cable channels. Completing a separation could take a year. The Wall Street Journal reports that one company will house entertainment businesses like 20th Century Fox, Fox broadcast network and Fox News Channel while another houses the publishing assets, which include The Wall Street Journal and the Times of London along with HarperCollins book publishing and News Corp.'s education business.