News Corp. Gives Details of Fox Group Spinoff

On Monday, News Corp. (Nasdaq: NWS  ) (Nasdaq: NWSA  ) revealed additional details of its plan to divide its business into separate publishing and entertainment divisions.

Robert Thomson, Dow Jones editor-in-chief and Wall Street Journal managing editor,  will become the chief executive officer of the new publishing entity, which will retain the News Corp. name, with current News Corp. Chairman Rupert Murdoch remaining chairman. Thomson starts his new job Jan. 1.

The spun-off media and entertainment division will be named Fox Group and will be run by Murdoch in the capacities of both CEO and chairman. Chase Carey, deputy COO of News Corp., will serve as its president and chief operating officer, with Rupert Murdoch's son James Murdoch serving as deputy chief operating officer.

In other news, News Corp. said it will discontinue standalone publication of The Daily iPad app on Dec. 15, "though the brand will live on in other channels." The company will fold "technology and other assets" from The Daily, including some staff, into The New York Post.

 

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