NEW YORK -- News Corp. confirmed Thursday that it would pursue a plan to split into two publicly traded entities, separating its publishing and entertainment businesses.
With the split, holders would get shares of both companies, and the two companies would benefit from "enhanced strategic alignment and increased operational flexibility," News Corp. said in a statement.
The board authorized management to pursue the split after the directors met Wednesday, the company said. After the split, each company would have two classes of shares, Class A and Class B.
At closing, Rupert Murdoch would serve as chairman of both companies and chief executive of the media and entertainment company. Chase Carey would become president and chief operating officer of the media and entertainment company.
The split should be completed in about a year, News Corp. said. It is subject to conditions including regulatory clearances, tax rulings and approval by shareholders.
News Corp. is the parent company of MarketWatch and NewsCore.