Jul 01, 2013

    Murdoch splits media empire into two firms

    MEDIA mogul Rupert Murdoch split his corporate empire into two parts last 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 group called 21st Century Fox while retaining the name News Corp for the publishing group. Mr 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," he said. "Our success will continue to be rooted in a deep belief in originality and a commitment to empowering creative minds and entrepreneurs around the world. Our management teams are the best in the business and we will drive growth and shareholder value by expanding our existing assets and brands, while embracing new opportunities and technology."

    The new News Corp, with Mr 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. It also includes Dow Jones news agency, Fox Sports Australia and the HarperCollins publishing house.