News Corp.'s (NWS, NWSA) board approved a plan to split the media conglomerate in two pieces, separating its lucrative entertainment operations from its publishing business, the Wall Street Journal reported, citing person familiar with the situation.
The report stated that the split is expected to be formally announced early Thursday morning.
One company will house entertainment businesses like 20th Century Fox, Fox broadcast network and Fox News Channel while another houses the publishing assets, which include The Wall Street Journal and the Times of London along with HarperCollins book publishing and News Corp's education business.
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