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
- The 11 worst fast food restaurants in America
- 7 things the world's happiest people do every day
- 7 grammar rules you really should pay attention to
- Why are so many parents being arrested?
- 9 things you probably didn't know about the moon
- Israel has only two choices: Eliminate the Palestinians or make peace
- The biggest lesson Obama failed to learn from Bush
- Why America is duty bound to help Iraqi Christians
- What I learned from totally unplugging and shutting up for three days
- The rise of the global middle class is our best hope to stop climate change
Subscribe to the Week