The company first announced the planned restructuring in June. A statement by News Corp did not specify a date for the planned split.
The phone hacking scandal that took place earlier this year at News Corp's British newspapers has weighed on the business since. The company had to forgo its planned purchase of pay-TV provider BSkyB as a result, and shareholders have been angered by the damage to the company's reputation and the costs it has had to incur as a result.
The chatter on Main Street (a.k.a. Google, Yahoo! and other search sites) is always of interest to investors on Wall Street. Thus, each day, TheStreet compiles the stories that are trending on the Web, and highlights the news that could make stocks move.
-- Written by Brittany Umar.