News Corp, the multi-billion dollar media company led by Rupert Murdoch has confirmed plans to split into two companies, Wall Street Journal reports. Murdoch will remain CEO of the new entertainment and media company, which will include film studio 20th Century Fox, Fox broadcast network and Fox News Channel. The second company will include News Corp's publishing products including the Journal and The Times along with HarperCollins and others. The split is expected to localize the damages faced by the company as a fallout of the phone hacking scandals involving newspapers in the U.K. More details here: AllThingsD has published Murdoch's internal memo explaining the split.
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