Washington: Media tycoon Rupert Murdoch's News Corporation’s board members have unanimously approved a plan to split the media conglomerate in two pieces, people familiar with the matter have revealed.
The firm has planned to separate its publishing assets from its entertainment businesses.
The board made the decision after a meeting in New York on Wednesday evening that lasted roughly an hour and a half, the person said.
According to the sources many details such as who will run the publishing business have yet to be resolved.
The split is expected to be formally announced early Thursday morning, The Wall Street Journal reports.
After the division, one company will house entertainment businesses like 20th Century Fox, Fox broadcast network and the Fox News Channel.
Another company will include The Wall Street Journal and the Times of London along with HarperCollins book publishing and News Corp’s education business.