All News Fit To Print On News Corp.Today
A few newsflashes today on beleaguered News Corp., still reeling from that phone-hacking scandal: First, James Murdoch, the former heir apparent to his mogul father Rupert, left his post as head of News International, which publishes the company's U.K. newspapers
News Corp. shares have been trading higher since that news was announced.
And yesterday News Corp. COO Chase Carey said the company's execs are mulling selling or spinning off its publishing division, since it "derives more than 70 percent of its operating income from its television businesses that includes Fox Broadcast and the FX cable channel," writes Edmund Lee. "Publishing accounts for less than a fifth of annual operating income and is 'significantly down year-on-year on profitability,' according to Carey."