Now that news of the News Corp. is officially moving ahead with splitting its vast global media empire, founder and chairman Rupert Murdoch warned analysts and reporters on a conference call this morning that the plan to divide into two companies “is not a fait accompli. There are a lot of steps to take.”

He also said the impetus, hailed by the markets as a smart business move that will unshackle its challenged newspapers from its more profitable entertainment brands, is  “not a reaction to anything in Britain” such as ongoing investigations into his newspapers’ phone hacking and bribery scandals. COO Chase Carey, who will become CEO of the newspaper and publishing assets that Murdoch has built from his days as a scrappy Australian news magnate, added there were “no changes” in the corporate plan to buy the rest of BSkyB it doesn't currently control.

Murdoch, with his inimitable Aussie turn of phrase, discredited rumors that the publishing unit was the weak ‘orphan’ and emphasized the pending split is not a lack of faith in that business.Continue reading...

News Corp. board approves company split, with Rupert Murdoch serving as chairman of both entities.

JPMorgan Chase may reach $9 billion in trading losses, New York Times reports.

RIM is expected to report an operating loss as missteps trip up BlackBerry brand.

Airbus plans to build first U.S. factory in Alabama.

Apple plans to overhaul iTunes to improve sharing.

Barclays hit with massive fines for rigging derivatives.

CBS to use neuroscience techniques in new show promos.Continue reading...

Following a board meeting this evening in New York, the board of Rupert Murdoch's News Corporation has approved splitting the company into two publicly traded entities: publishing and entertainment. The Wall Street Journal broke the news, just as it earlier reported that its parent company was contemplating such a move.

According to WSJ the company split would take about a year to approve, dividing assets such as its lucrative FOX broadcast network and TV stations, cable TV channels and 20th Century Fox studio into one company (likely led by Chase Carey, News Corp. deputy chairman, president and COO) and its newspapers, HarperCollins book publishing unit and other publishing assets into another.Continue reading...

Rupert Murdoch’s News Corp. has confirmed a report in its own newspaper, the Wall Street Journal, that it's considering dividing itself into two companies, separating its publishing division in order to focus on its much larger and more profitable entertainment arm. 

"News Corporation confirmed today that it is considering a restructuring to separate its business into two distinct publicly traded companies," was the comment in its one-sentence statement.

Top editors and publishers from the company’s newspapers gathered in New York (according to the New York Times) to discuss the proposal along with Murdoch, his son James Murdoch, Chase Carey, COO, and Joel I. Klein, CEO of News Corporation’s education division and a trusted adviser.Continue reading...

The buck has stopped – or on this case, the pound — as the first criminal charges have been filed in the phone hacking inquiry that has been rocking UK (and global) media circles. Rebekah Brooks, former CEO of Rupert Murdoch's News International, will face criminal charges over the phone hacking scandal.

The Crown Prosecution Service (CPS) charges that Brooks, who was arrested in March and revealed last week she's so close to British Prime Minister David Cameron that they text each other, "conspired with her husband, Charles Brooks, and others to pervert the course of justice," by alleged attempts to conceal or remove evidence relevant to police investigation into the hacking and corruption scandals known as Operation Weeting launched in January 2011 at the News of the World and the Sun tabloids.

It’s a stunning reversal for one of Britain’s most powerful woman, a Murdoch confidante, and additional oversight of all his newspapers in the U.S. as well — not to mention the latest black eye for News Corp.'s corporate reputation.Continue reading...

As he battles to restore his media conglomerate's reputation as the British hacking inquiry continues, News Corp. head Rupert Murdoch found himself in more hot water this week.

On the second day of the UK media ethics inquiry chaired by Lord Justice Brian Leveson about the Australian-born mogul’s intertwined political influence and business interests, Murdoch stepped into it by describing British Prime Minister David Cameron's late son Ivan as "retarded." In fact, Ivan Cameron was afflicted with cerebral palsy and epilepsy and died at age six in 2009.Continue reading...

Ancestry.com acquires Archives.com for $100 million.

Anheuser-Busch warns UFC about fighters' inappropriate comments.

Apple now gets one-fourth of its revenue from China as CEO emerges from Jobs's shadow.

Bausch & Lomb shifts focus from contact lenses.

Bottega Veneta launches personalized fashion.

Burberry passes New York Times critique of designer lines for kids.

Burger King faces higher costs after decision to go cage-free.

Chrysler quadruples first-quarter profits and slow-walks investment in China.Continue reading...

Apple profit rises 94% on global iPhone demand, while iPhone also boosts Sprint.

Benetton founder hands reins to son.

bmi airline future hangs in the balance.

BMW stretches 3-Series for China.

Burger King makes commitment to animal welfare standards, expands Whopper Bar in Canada.

Citigroup takes over ATP World Tour tennis sponsorship from Legg Mason.

Facebook may be developing a smartphone with HTC.

Ford faces UK strike action.Continue reading...