http://adage.com/article/media/news-corp-spinoff-forces-publishing-arm-prove-growth/242901/ Rupert Murdoch bowed to investor pressure to split his six-decade-old
publishing business from the rest of News Corp.'s media empire. Now
it's time for the newspaper unit to prove it can make it on its own.
Publishing CEO Robert Thomson has
promised cost-cutting and buzzy innovation.
The publishing unit -- owner of the Wall Street Journal, the New York Post
and London's Sunday Times -- officially becomes independent today, losing the
backing of News Corp.'s entertainment business as it pursues growth in a
declining industry. The newspaper company, which will keep the
News Corp. name,
is valued at about $8.9 billion -- a seventh the level of entertainment
business, which will be called 21st Century Fox. Robert Thomson, who will be CEO of the publishing group, promised investors last month that the company would be "relentless in our cost cutting and in our pursuit of profits."
