News Corp announces plans to split

NEW YORK (AP) -- Rupert Murdoch's News Corp. says it plans to split into two separate companies, one holding its newspaper business and another its entertainment operations.

Under the proposal, the global media conglomerate will be divided into two publicly traded companies. One entity will operate as a newspaper and book publishing firm. The other will be an entertainment company that includes the 20th Century Fox movie studio, the Fox broadcast TV network and the Fox News channel.

News Corp. shareholders will receive one share of common stock in the new company for each share of News Corp. that they currently hold.

Rupert Murdoch will serve as chairman of both companies and CEO of the media and entertainment company.

The split is expected to be completed in about a year.

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