News Corp confirms plan to split in two News Corp shares have rallied ahead of a split between its entertainment division and publishing businesses. There are reports that News Corp has agreed in principle to split its media and entertainment divisions. CABLE BONUS: News Corp's headquarters in New York. The company's 20th Century Fox movie studio is still riding the tail wind of 'Avatar'in movie theatres. NEWS Corporation confirmed today that it would pursue a plan to split into two publicly traded entities, separating its publishing and entertainment businesses. With the split, holders would get shares of both companies, and the two companies would benefit from "enhanced strategic alignment and increased operational flexibility," News Corp said in a statement. The official "internal" announcement. The board authorised management to pursue the split after the directors met today, the company said. After the split, each company would have two classes of shares, Class A and Class B. At closing, Rupert Murdoch would serve as chairman of both companies and chief executive of the media and entertainment company. Chase Carey would become president and chief operating officer of the media and entertainment company. The split should be completed in about a year, News Corp said. It is subject to conditions including regulatory clearances, tax rulings and approval by shareholders. News Corp is the parent company of MarketWatch, News Limited, NewsCore and news.com.au. Read more at MarketWatch.