News Corp. agrees to split company

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New York—News Corp. announced today that its board has approved splitting the company in two. One unit will consist of its newspaper and book publishing business; the other, its entertainment operations. News Corp.'s print businesses include Dow Jones & Co., publisher of The Wall Street Journal; HarperCollins; and daily newspapers The Times and The Sun in the U.K. The entertainment division, about 10 times larger in revenue, includes Fox Broadcasting and 20th Century Fox. Subject to shareholder and final board approval, the split is expected to be completed in about 12 months, according to the company.
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