Media mogul Rupert Murdoch has revealed the finer points of his company's split, which will see the creation of two companies, News Corporation and Fox Group, while confirming Australian Robert Thomson as publishing boss.
The publishing entity, which will house almost all of the company's Australian businesses, will continue to be known as News Corporation.
Within Australia, News Corporation will house News Limited, including publications The Australian, The Herald Sun and The Daily Telegraph, as well as Foxtel and Fox Sports.
Murdoch confirmed the publishing company's new chief executive will be Australian expat Robert Thomson, as tipped yesterday. He is currently Dow Jones editor-in-chief and managing editor of The Wall Street Journal.
News Corporation will also consist of US and UK titles including The Wall Street Journal, The New York Post, The Sun and The Times. News Corp's book publishing brands such as HarperCollins, its digital education group and its integrated marketing services company will also be contained in the publishing group.
Meanwhile, the entertainment division, housing businesses like 20th Century Fox and the Fox Network, will be known as Fox Group.
Murdoch will be chairman of both businesses, while also acting as chief executive of Fox Group. Chase Carey will act as president and chief operating officer of Fox Group while James Murdoch will be deputy chief operating officer.
Rupert Murdoch said: ““This is an incredibly exciting time, for me personally, and for our companies’ ambitious futures. The challenges we face in the publishing and media industries are great, but the opportunities are greater.
“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.”
Meanwhile, the company will stop producing The Daily iPad app from 15 December 2012.
Many assets from The Daily will be folded into The Post.
Murdoch said: “From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation. Unfortunately, our experience was that we could not find a large enough audience quickly enough to convince us the business model was sustainable in the long-term.
"Therefore we will take the very best of what we have learned at The Daily and apply it to all our properties."
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.
Have something to say? Send us your comments using the form below or contact the writer at davidblight@yaffa.com.au
Have something to say on this? Share your views in the comments section below. Or if you have a news story or tip-off, drop us a line at adnews@yaffa.com.au
Sign up to the AdNews newsletter, like us on Facebook or follow us on Twitter for breaking stories and campaigns throughout the day.