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Rupert Murdoch’s News Corp. is going ahead with plans to split in half, announcing more details in a press release Monday. The company also noted that it will shut down The Daily, its iPad newspaper that failed to catch on.
The media conglomerate said that the publishing arm will keep the name News Corporation. The media and entertainment, which includes 20th Century Fox, will be named Fox Group.
Murdoch will become CEO of Fox Group and Chairman of News Corp., while Robert Thomson, the Wall Street Journal’s managing editor and the editor-in-chief for Dow Jones, will be the CEO of the publishing entity.
“Under Robert's leadership at News Corporation, we will build on our traditional mission to inform, entertain and enhance the lives of readers and viewers around the world, and relentlessly drive global growth by promoting excellence and investing in our businesses,” Murdoch said.
Chase Carey will be the President and Chief Executive at Fox Group. James Murdoch will be Carey’s deputy.
News Corp. also announced that The Daily will be closing. According to The New York Times, News Corp. and Apple had high hopes for The Daily, but it never drew an audience.
Jesse Angelo, who was executive editor for the paper and The New York Post, will take over as publisher of the Post. Some of The Daily’s staffers will now work at the Post.
News Corp. announced its plans to separate the publishing arm from its entertainment group in June, notes Businessweek.