News Corp. is considering splitting its entertainment and publishing businesses into two separate companies.
News Corp.'s publishing assets, which include The Wall Street Journal, the Times of London, and HarperCollins book publishing, would comprise a much smaller company than the entertainment unit if the split occurs. Its film and TV businesses, which include 20th Century Fox film studio, Fox broadcast network, and Fox News, accounted for three-quarters of the company's revenue in the first nine months of the fiscal year.
A final decision on the spinoff hasn't been made, but the restructuring would be welcome news for investors in the wake of the phone hacking scandal at the company's British publishing division. The scandal led to the closing of tabloid News of the World, the resignation of several top executives, and an abandoned bid for UK satellite TV operator British Sky Broadcasting.
News Corp.'s SVP of corporate affairs and communications Teri Everett left the media company in February. Natalie Ravitz, former director of communications and spokeswoman for New York City's Department of Education, joined News Corp. as CEO Rupert Murdoch's chief of staff in January.
The company hired Sard Verbinnen & Co. and Glover Park Group to support its US comms department following the phone hacking scandal.