{"id":13459,"date":"2012-06-27T19:06:07","date_gmt":"2012-06-27T19:06:07","guid":{"rendered":""},"modified":"2025-10-15T11:49:09","modified_gmt":"2025-10-15T11:49:09","slug":"news-corp-mulls-split-of-media-entertainment-businesses","status":"publish","type":"post","link":"https:\/\/asiancemagazine.com\/?p=13459","title":{"rendered":"News Corp mulls split of media, entertainment businesses"},"content":{"rendered":"

Rupert Murdoch’s News Corp. conglomerate said it was “considering a restructuring” that would split off its larger entertainment division from the struggling publishing businesses.<\/strong><\/p>\n

The New York based company confirmed reports earlier in the day and said the move would “separate its business into two distinct publicly traded companies.”<\/strong><\/p>\n

The statement confirmed a report in the Wall Street Journal, one of the units of the global media-entertainment conglomerate.<\/p>\n

The report said the split would carve off the film and television businesses<\/strong>, including 20th Century Fox movie studio, Fox broadcast network and Fox News channel from its newspapers and book publishing assets.<\/p>\n

The company’s publishing assets include The Wall Street Journal, New York Post, the Times of London and The Australian newspaper, as well as the HarperCollins book publishing house.
\n<\/strong>
\nCiting people familiar with the situation, the report said a final decision had yet to be made but Murdoch was warming to the idea.<\/p>\n

It said such a plan was not expected to change the Murdoch clan’s effective control of any of the businesses, exercised through the family’s roughly 40 percent voting stake in News Corp.<\/p>\n

The possible restructuring follows the phone-hacking scandal in Britain which resulted in the closure of its flagship News of the World<\/strong> tabloid and the resignation of several senior executives.<\/p>\n

In March company president Chase Carey, seen as Murdoch’s.<\/p>\n

In the most recent quarter ended March 31, profit was up 47 percent to $937 million, as revenues rose two percent to $8.4 billion.<\/p>\n

The company said revenues were hurt by advertising declines at the Australian and British newspapers, as well as the closing of The News of the World.<\/p>\n

The New York Times reported the conglomerate was seeking to turn the page after the phone-hacking scandal in Britain and boost shareholder value.<\/strong><\/p>\n

Source AP<\/em>
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