The News Corp. board has given preliminary approval to a plan to split the $60 billion media giant into two publicly traded companies, one comprising News Corp.'s TV and movie operations and the other its newspaper and book publishing empire, a source tells Reuters. Rupert Murdoch, after years of swatting down calls from large shareholders for such a split, is said to have proposed the new plan himself. "As recently as a month ago he was still saying no way would he do this," says one insider. Dividing the company will take up to a year, and the structure and leadership of the two divisions is still being worked out. Most executives are expected to jockey for positions at the profitable entertainment business.
THE WEEK'S AUDIOPHILE PODCASTS: LISTEN SMARTER
- Why Mitt Romney is perfectly poised for a comeback in 2016
- The mystery behind China's aggressive push into space
- Why is the West so afraid of Islam?
- What would a U.S.-Russia war look like?
- Here's the schedule very successful people follow every day
- The best places to find love — and lust — according to science
- Don't vote for Andrew Cuomo
- 7 grammar rules you really should pay attention to
- The 5 best and worst states for a well-lived life
- Why GOP reformers are bound to fail
Subscribe to the Week