News Corp approves split plan, report claims

News Corp has approved in principle a split of the company to divide its entertainment and publishing divisions, according to The Wall Street Journal.

The publication says the split could be announced tonight, with the company to place 20th Century Fox, Fox Broadcast and the Fox News Network from the publication division, which would contain The Wall Street Journal, The Times of London, Australian newspapers, and HarperCollins.

The move comes after the company faced major scandals among its publications, including the phone-tapping scandal in Britain.

The company’s shares have hit a four-year high following the announcement, with its Australian shares lifting 3.37% this morning to $22.22.

This article first appeared on SmartCompany.

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