John Reynolds
Jun 29, 2012

Rupert Murdoch to step down from running newspapers

Rupert Murdoch will be chairman of the divided News Corporation empire but will not be chief executive of the publishing arm, home to The Sun and The Times newspapers, the media company today (28 June) confirmed.

Murdoch: News Corporation assets
Murdoch: News Corporation assets "increasingly complex"

News Corporation has disclosed details of the planned separation of News Corporation into its publishing arm and faster-growing media and entertainment side. It hopes to complete the changes within 12 months.

Murdoch, who is currently chairman and chief executive of News Corporation, will serve as chairman of both companies and chief executive of the media and entertainment arm.

Chase Carey, News Corporation’s chief operating officer, will become president and chief operating officer of the media and entertainment company.

News Corporation has yet to appoint a chief executive for the publishing arm.

The confirmation of the separation of the empire marks a climb down from Murdoch, who has previously blanched at suggestions of a break-up of the company.

Murdoch today said: "We recognise that over the years, News Corporation’s broad collection of assets have become increasingly complex.

"We’re determined that creating this new structure would simplify operations and greater align strategic priorities, enabling each company to better deliver on our commitments to consumers across the globe."

The move comes in the wake of the phone hacking scandal, which led to the closure of the News of the World and the exit of a number of key executives.

News Corporation said the separation would lead to a number of benefits, including meaning it would become more competitive and be quicker to respond to technological changes in the market.

This article was first published on mediaweek.co.uk

Source:
Brand Republic

Related Articles

Just Published

1 hour ago

Women to Watch 2024: Audrey Michelin, OpenX

Michelin's career is a powerful lift: She's not only the Australian national deadlift record holder but also a high-performing leader who shapes financial outcomes and lifts team dynamics.

2 hours ago

Unilever CEO: 'Spend on social will jump from 30% ...

Fixing geographical issues in China and Indonesia and accelerating India are among Fernandez’s key priorities.

2 hours ago

Google's grip on search at risk as US govt pushes ...

The US Department of Justice has doubled down on its demand for Google to sell its Chrome browser, and to stop paying partners for preferential treatment of its search engine.

2 hours ago

Jack Morton expands to Tokyo following growth of ...

EXCLUSIVE: The experiential agency appoints Mayumi Ninomiya as general manager and targets doubling revenue by 2025.