27 Jun 2012

Reports of News Corp split boosts shares

6:03 am on 27 June 2012

Shares in News Corporation have risen 2.4% in Australia following reports that the company may be split in two.

The Wall Street Journal, which is owned by News Corporation, is reporting the company's television and entertainment businesses will be separated from publishing.

The Murdoch family, which has 40% of the voting shares, would retain control of both.

The reported split would put film and television businesses including 20th-Century Fox, BSKY B and the Fox network in one company.

The other company would contain publishing businesses such as the Wall Street Journal, News Corp's scandal-hit British newspapers, as well as the HarperCollins publishing house.

New editor for Melbourne Age

The editor of Christchurch's daily newspaper The Press has been appointed editor-in-chief of the main Melbourne newspaper, The Age which is owned by Fairfax.

Andrew Holden replaces Paul Ramadge, who stepped down on Monday afternoon along with the publisher and editor of another major Fairfax paper, The Sydney Morning Herald.

Fairfax last week announced plans to axe nearly two thousand staff, close two major printing presses and downsize its flagship newspapers to tabloids.