By The Associated Press
BREAKING UP: News Corp. is planning to split into two publicly traded companies. One company will operate as a newspaper and book publisher, and the other will be an entertainment company that will include the 20th Century Fox movie studio, the Fox broadcast TV network and the Fox News cable channel.
RATIONALE: News Corp. calls it the next logical step in an evolution over nearly six decades.
WHAT HAPPENS NEXT: The board unanimously approved the split, but needs to review a more formal proposal. The deal is also subject to shareholder and regulatory approvals.
Copyright 2012 The Associated Press. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.