Murdoch to pursue split

NEW YORK - Agence France-Presse

Rupert Murdoch’s News Corp announced yesterday it intends to split into two companies, separating the huge entertainment division from its struggling publishing business.

Murdoch said he would be chairman of both companies, including an entertainment unit led by Fox studios and television assets, and a publishing unit that includes The Wall Street Journal and Times of London. “I firmly believe the future is very bright for both companies,” Murdoch told a conference call, while noting that there were several “hurdles” before the split could be carried out. “Both of these businesses will be able to reach new heights,” he said.

The split would spin off the struggling publishing operations.