SPLITSVILLE: Rupert Murdoch's News Corp. is preparing to spin off its newspapers from its pay TV and movie businesses, a move Wall Street cheered. The shares rose 8 percent.
BREAK FROM PAST: Murdoch built the company, which now has a market value of $52 billion, from a single Australian newspaper he inherited from his father. The move signals News Corp.'s future is in pay TV.
BRITISH PROBE: The split could help appease U.K. regulators probing allegations of phone hacking and bribery at News Corp. papers. The scandal has jeopardized the TV assets, including News Corp.'s stake in British Sky Broadcasting.