Rupert Murdoch’s dual listed News Corp (ASX:NWS, NASDAQ:NWSA) has announced it will split the media company into two distinct publicly traded companies.

After speculation emerged earlier this week,News Corp’s board backed the separation of its publishing and media and entertainment assets last night.

Mr Murdoch says the new corporate structure will enable each company and its divisions to recognise their full potential and unlock even greater long term shareholder value.

Mr Murdoch also intends to serve as chairman of both companies and CEO of the media and entertainment company should the separation proceed.    

In the first half of the 2012 financial year News Corp posted a net profit of $1.9 billion.