News Corp report confirms possible split

Company News

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

According to a News Corp publication, The Wall Street Journal claims Mr Murdoch has recently warmed to the idea of separating its newspaper and entertainment assets.

A separate report from another News Corp publication claims an announcement could be made about the possible split as soon as Thursday evening.

The news comes one week after News Corp made a $2 billion bid to buy Consolidated Media Holdings Limited (ASX:CMJ), in a move that would boost its television interests.

News Corp’s Australia arm News Ltd also hit the headlines yesterday with reports News Ltd is planning to cut about 70 jobs from its digital platforms.

Shares in News Corp gained 2.41 per cent yesterday, closing at $20.79.

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

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