New York: Global media and entertainment group News Corp, which has good presence in India on Thursday said its board has approved the separation of its publishing and media business into two distinct entities. (Agencies)
"News Corporation's Board authorised management to explore this separation after a meeting yesterday," the company said in a statement.
The USD 61 billion News Corp, with interests in news, entertainment and sports segments, owns some well known brands such as Star channels, The Wall Street Journal, HarperCollins, The New York Post and the Times of London.
The split would carve off News Corp's film and television businesses, including 20th Century Fox film studio, Fox broadcast network and Fox News channel from its newspapers, book publishing assets and education businesses, it noted.
In April this year, Star Group said it was exiting from news business in India and would end brand association with the ABP Group in their joint venture that runs three news channels, including Star News in Hindi.
The publishing company would comprise News Corp's newspapers and information businesses in the US, the UK and Australia, the company's leading book publishing brands, its integrated marketing services company, its digital education group, as well as its other assets in Australia.
While the global media and entertainment company, would include News Corp's broadcast and worldwide cable networks, leading film and television production studios, television stations and highly successful pay-TV businesses in Europe and India.
"... our Board and I believe that this new corporate structure we are pursuing would accelerate News Corporation’s businesses to grow to new heights, and enable each company and its divisions to recognise their full potential – and unlock even greater long-term shareholder value," New Corp Chairman and CEO Rupert Murdoch said.
"We determined that creating this new structure would simplify operations and greater align strategic priorities, enabling each company to better deliver on our commitments to consumers across the globe," he added.
Murdoch would continue serving as Chairman of both the companies and CEO of the media and entertainment company and Chase Carey would serve as President and COO of the media and entertainment company, if the plan is implemented.
Meanwhile, the company will assemble management teams and Boards of Directors for both businesses over the next several months.
The media firm said the separation is expected to be completed in about 12 months subject to shareholders' approval.
After receiving final approval of the Board of Directors, News Corporation will convene a special shareholder meeting to consider the transaction which is expected to take place next year.
New York: Global media and entertainment group News Corp, which has good presence in India on Thursday said its board has approved the separation of its publishing and media business into two distinct entities.