News Corp. to Split Entertainment, Publishing Arms Into 2 Separate Companies (Report)

Murdoch's media empire will separate its lucrative broadcast and entertainment division from its publishing arm

News Corp.'s board greenlighted a highly anticipated plan to divide the multinational media titan into two companies, separating its cash-cow entertainment arm from its less lucrative publishing business.

The split is slated to be formally announced early Thursday morning, according to the Wall Street Journal, News Corp.'s flagship newspaper. 

Fox broadcast network, 20th Century Fox and the Fox News Channel will join one company while the Journal, the Times of London, the Australian and book publisher HarperCollins will join News Corp.'s other education and newspaper businesses to make up another.

Shares of Murdoch's media empire spiked Tuesday morning on news that executives were contemplating a bifurcation.