News Corp shares rise on asset split report

News Corp shares rise on asset split report Zeebiz Bureau

Sydney: Following reports that the Murdoch-owned News Corp might be split into two, its shares have risen by 2.4 percent in Australia.

The Wall Street Journal reported that the company would be split into two, separating its publishing assets from the entertainment businesses.

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, the Wall Street Journal said citing sources.

However, the Murdoch family will retain control of both the companies who have 40 percent of the voting shares.

The split would also mean that the 39 percent stake in BSkyB will be put in a separate company from its scandal-hit UK newspapers.

While there has been no official comment on the split from the Murdoch family, the WSJ reported that though Rupert Murdoch had previously opposed the idea of splitting News Corp into two, he seemed to have recently warmed to the idea.