News Corp.'s board of directors has voted to split up the media empire, separating the conglomerate's newspapers and other publishing assets from its entertainment holdings, according to a person familiar with the situation.
The company was expected to announce the split Thursday. A News Corp. spokesman declined to comment.
Under the plan approved by the board Wednesday evening in New York, the film and television groups — including the 20th Century Fox film studio, the Fox broadcast network and the Fox News Channel — would form one company.
The second company will comprise News Corp.'s newspapers, its HarperCollins book publishing house and its education businesses. Both companies will be publicly traded.
Wall Street has agitated for years for News Corp. to shed its newspaper holdings, which include the Wall Street Journal, New York Post, Times of London, British Sun tabloid and other papers in Australia. Once cash cows, newspapers have fallen on hard times as readers and advertisers turned to online sites.