Split: Murdoch splits empire into two firms

NEW YORK: Media mogul Rupert Murdoch split his corporate empire into two parts on Friday under a long-promised plan to “unlock value” by separating high-flying entertainment operations from struggling publishing activities.

The split became effective at the close of trade in New York creating a new group called ‘21st Century Fox’ while retaining the name ‘News Corp’ for the publishing group. Murdoch remains in charge of both. The 21st Century Fox group, which includes the Fox Hollywood studios and television entities, “launches as a unique force bringing news and entertainment to more than a billion customers every day in over 100 languages,” said Murdoch.

The new News Corp, with Murdoch in the role of chairman, includes well-known newspapers like the Wall Street Journal and New York Post in the United States, The Sunday Times of London, Sunday Telegraph and The Sun in Britain, and The Australian, along with Dow Jones news agency, Fox Sports Australia and the HarperCollins publishing house.

Published in The Express Tribune, June 30^th, 2013.

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