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News Corp to split off Fox Group entertainment business

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Rupert Murdoch
Rupert Murdoch

Rupert Murdoch's media conglomerate, News Corporation, announced today that the two new companies being formed from its split will be called Fox Group and News Corporation. The company is being split to separate the media and entertainment side of the business from its news coverage. News Corporation initially announced plans for the separation back in July.

Fox Group will include the company's cable and television assets, filmed entertainment, and direct satellite broadcasting businesses. The new News Corporation will handle publishing businesses, including The Wall Street Journal, its education division, and other businesses in Australia. Robert Thompson, the managing editor of The Wall Street Journal and Dow Jones' editor in chief, will serve as CEO of the new News Corporation starting in January of next year. In addition to the restructure, News Corporation also announced that the first iPad-only newspaper, The Daily, would cease publication on December 15th of this year. Staff and assets from The Daily will be folded into the team that runs The New York Post.