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News Corp confirms plan to split

  • Rupert Murdoch's News Corporation has announced plans to split the $60 billion media giant into two companies.

    The move should protect News Corp's profitable film and media business from its UK newspaper business, which is currently mbroiled in a phone-hacking scandal.

    News Corp's Fox networks in the US and its stake in UK satellite broadcaster BSkyB would form a film and media unit while book publisher HarperCollins would join newspaper titles such as the Sun.

    Murdoch will be chairman of both firms but would not be chief executive of the new publishing arm.