News Corp is to officially split its publishing and entertainment businesses on 28 June.
Its board approved the separation into two companies, which will both be headed by current chairman and chief executive Rupert Murdoch.
The publishing firm will retain the News Corp brand, while the other will be renamed 21st Century Fox.
News Corp said last year that it was separating its entertainment and publishing businesses, partly as a result of the phone-hacking scandal in Britain in 2011.
The News of the World newspaper was closed in 2011 following the scandal.
The BBC reports the new News Corp will be an independent publicly traded company. The board said it will have $US2.6 billion in cash when the separation is completed at the end of next month.
The publishing spin-off will retain its ownership of newspaper titles, including The Wall Street Journal and The Times newspapers.
The TV and film business will include Fox News and the 20th Century Fox film studio.
