News Corp. confirmed rumors that the media company would be split into two entities, an entertainment business and a publishing business.
HarperCollins will join The Wall Street Journal and the Times of London in the publishing business. The Fox News Channel, the Fox broadcast network and 20th Century Fox will become part of the entertainment division of the company.
In an internal memo that News Corp.’s chief Rupert Murdoch sent to employees, which was published by The Wall Street Journal, Murdoch writes: “Much of our foundation already exists — because of you. We have the creative minds. We have the assets. We have the brands. But we must realign and reorganize in this moment of opportunity so that we can heighten our focus and be faster, more nimble, and more adaptable to change.”
In the memo, Murdoch confirms that he will remain chairman of both organizations and will serve as CEO of the media and entertainment company.