No, this is not snark.
Following up on my diary from yesterday: News Corporation is being split into separate entertainment and publishing companies, in part to isolate the money making former from the phone hacking related liabilities of the latter.
The publishing company will will include News International's UK newspapers, the Sun, the Times and the Sunday Times, along with the Wall Street Journal, the New York Post, Dow Jones news and financial information service, the Australian, HarperCollins book publishing operation, and News Corp's fledgling digital education business.
It takes with it the threat of $1 billion in costs due to the phone-hacking scandel, and faces possibly 500 claims in UK civil courts as well as possible criminal prosecutions for current and former staff.
The other company will contain the more profitable operations in the Murdoch Empire, including 20th Century Fox, Fox broadcast network and Fox News Channel.
Yes, that's correct. Fox News has been officially acknowledged to be entertainment.
Guardian report here.
WSJ report here.