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.
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