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News Corp to be split in two, Rupert Murdoch confirms

News Corp. has confirmed that it plans to divide its publishing and entertainment assets into two separate companies.  The board gave its approval yesterday for management to pursue the move, according to the firm's statement. More from Globalpost: News Corp. to be split up?

News Corp could be split up, Wall Street Journal reports

The Murdoch family would remain in control of both new companies, the News Corp-owned Wall Street Journal reports.

Rupert Murdoch 'not fit' to run international company, say British MPs

The panel said Rupert Murdoch was "not a fit person to exercise the stewardship of a major international company."

Chatter: Rupert Murdoch grilled at phone-hacking inquiry

Rupert Murdoch is testifying at a UK inquiry into media ethics, established as a result of the News of the World phone-hacking scandal. The billionaire media baron has revealed details of meetings with senior UK politicians, but denied trying to influence Margaret Thatcher.
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Graphic. (Antler Agency/GlobalPost)
Rupert Murdoch is testifying at a UK inquiry into media ethics, established as a result of the News of the World phone-hacking scandal. The billionaire media baron has revealed details of meetings with senior UK politicians, but denied trying to influence Margaret Thatcher.
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James Murdoch on a recent trip to London. (Oli Scarff/AFP/Getty Images)

The younger Murdoch had been in the firing line over the company's response to the phone-hacking scandal.

The line coming from News Corp, the parent company of all Rupert Murdoch's businesses, is this is no big deal. James Murdoch is deputy COO of News Corp and his move to New York has been long planned. News International, which runs News Corp's British newspaper holdings, is a fairly small part of the Murdoch empire, so resigning that title is to be expected.

They can spin it any way they want but you can't tell me that on July 1st of last year that was the plan.

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Rupert Murdoch empire's roller coaster ride goes through whiplash turn

New revelations of phone-hacking and corruption ruin British debut of the mogul's new Sunday paper
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Rupert Murdoch: then and now. Holding the first edition of The Sun published after he bought it in 1969 and holding the first edition of The Sun on Sunday published yesterday. The positive buzz about the 80 year old's indefatigability was undone today by new revelations of alleged illegal payments made by Sun journalists to public officials. (Handout/AFP/Getty Images)

Yesterday, Rupert Murdoch launched a new Sunday newspaper to replace the defunct News of the World.The NoW was closed suddenly last July when the phone hacking scandal exploded around it.

The new newspaper was called the Sun on Sunday. The Sun is Murdoch's daily tabloid, his most successful and notorious newspaper here. Today the Sun became embroiled in revelations that are arguably more dangerous to the Murdoch empire than the phone hacking at the NoW.

At the Leveson Enquiry, set up in the wake of the phone-hacking scandal, the Metropolitan Police's Deputy Assistant Commissioner Sue Akers, in charge of the investigation into illegal activities at News International, publisher of Murdoch's newspapers here, gave an interim report.

She painted a picture of systematic corruption of public officials by The Sun. One public official received £80,000 ($126,500) over a period of years to provide confidential information about individuals to the paper.

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More woes for Rupert Murdoch's British papers.

Top newsroom reporters and editors arrested at Murdoch's The Sun, Britain's largest selling daily paper

Rupert Murdoch is tweeting away today (but so far he sin't tweeting this: his incredibly profitable British daily tabloid The Sun is now under tremendous pressure. Over the weekend five senior newsroom people were arrested and released on bail.

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Phone-hacking scandal: payday

18 Phone-hacking victims receive more than a million dollars combined from Rupert Murdoch's News International
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Phone-hacking victim Jude Law smiling at a London premiere last month. He is probably smiling again today after receiving damages in excess of $200,000 for having his phone-hacked from Rupert Murdoch's News International (Tim Whitby/AFP/Getty Images)

UPDATE:  The total number of plaintiffs who settled with News International is now 37. Only 15 have had their names made public including Jude Law.

Phone-hacking victim Jude Law received the largest pay-out: £130,000 ($201,264). Law's attorney  read a statement to the court on the actor's behalf, "no aspect of my private life was safe from intrusion by News Group newspapers, including the lives of my children and the people who work for me."

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European woes for Current TV as CEO charges foul play

British branch of Al Gore's liberal channel loses pay cable deal.
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Keith Olbermann, the face of Current TV, is currently off the air. Now the channel itself is likely to go off the air in Britain. (Jason Kempin/AFP/Getty Images)

As if its Keith Olbermann headache isn't bad enough, Current has been told that it will be dropped by BSkyB, Britain's largest cable-TV operator. Sky provided funds for Current's British operations

Sky is part-owned by Rupert Murdoch's News Corp. Murdoch scrapped plans to buy Sky outright last summer following the phone-hacking scandal at his British newspaper, the News of the World.

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