News Corp split now official, Rupert Murdoch sends memo to company staffBy Angel Cuala on Jun 28, 2012 in Business, World •
The News Corp. split is now official, after its founder and chairman Rupert Murdoch sent a memo to his colleagues saying that the company is now divided into two: the entertainment company and the publishing company; and that he will be the chairman of both companies.
News Corp. founder Rupert Murdoch
Image Credit: Getty Images
As noted at All Things D on Thursday, June 28, 2012, which obtained a full copy of the lengthy letter of Rupert Murdoch to his staff, News Corporation will be separated into two companies and that he will be CEO of the entertainment business while Chase Carey will be its president and COO.
Back on Monday, Wall Street Journal, one of News Corp‘s publishing companies, reported that the giant media company is considering a split and that Mr. Murdoch previously opposed the idea, but was later convinced after the recent controversy at the company’s British newspaper operations.
“It is with much enthusiasm and personal pride that I share with you today’s news regarding our plan to drive towards the next, transformative phase of this organization you and I have built together into one of the largest, most innovative media companies of our time.” Rupert Murdoch wrote, as he started his letter.
“That very size and breadth has created an opportunity to separate News Corporation into two global leaders in their own right — we will wow the world as two, as opposed to merely one.” Murdoch added; with the publishing companies under News Corp include the Times of London, the Australian newspaper, among others.
“I am extremely excited by this big change. It is a testimony to our entrepreneurial spirit and determination to educate, inspire, and entertain millions of families across the globe.” The 81-year old media tycoon explained further, with the formal split reportedly to take about a year or more and no announcement has been made as who will be handling the publishing company.
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