Rupert Murdoch's News Corporation makes an announcement about the plans to divide the $60bn media massive into two companies. Book publisher HarperCollins would join newspaper titles such as the Sun. Mr. Murdoch will be chairman of both firms. The move should ring fence News Corp's profitable film and media business from its UK newspaper business, which is involved in a phone-hacking disgrace.
According to News Corp chairman and chief executive Rupert Murdoch he was 100% dedicated to the future of equally the publishing and media and entertainment businesses The new publishing unit would include the UK newspaper titles the Sun and the Times as well as the Wall Street Journal and New York Post in the US and the Australian. At present, the film and television businesses include the film studio 20th Century Fox, Fox satellite and cable television stations, as well as its stake in BSkyB in the UK and Star in Asia.