Rupert Murdoch, Chairman and CEO of News Corporation, at the 2007 World Economic Forum. (World Economic Forum/Flickr)

The company confirmed the potential split on Tuesday, calling it a "restructuring to separate its business into two distinct publicly traded companies." The deal would divide the newspaper division from Fox movie studios and television networks.  The publishing end would include The Wall Street Journal, The Times of London, The New York Post and HarperCollins books.

The Murdoch family is expected to keep its control over both ends of the business, with Rupert Murdoch's children, Elizabeth and James, sticking with the entertainment unit. The film and television business is far more lucrative than the publishing side, out-earning the division $23.5 billion to $8.8 billion in 2011. An independent publishing division could improve shareholder value to generate $1.3 billion, with the entertainment end valued at $52 billion.

Read the full story at the NY Times or Reuters.

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