News Corp Details Proposed Separation Of Businesses; Entertainment Company To Be Called Fox Group; The Daily To Cease

News Corp. has confirmed that Dow Jones editor-in-chief and Wall Street Journal managing editor Robert Thomson will become CEO of its publishing division once the conglomerate is split into two distinct entities. Rupert Murdoch‘s company has also unveiled names for the two businesses: The publishing arm will retain the News Corporation moniker, “in keeping with the company’s 60-year heritage of bringing news to the world,” and the entertainment company will be known as Fox Group. Today’s announcement focused primarily on the publishing business and notably said that stand-alone publication of The Daily iPad app will cease on December 15. The brand will “live on in other channels,” the company said. Founding editor of The Daily, Jesse Angelo, will become publisher of The New York Post.

Related: Rupert Murdoch’s iPad Folly The Daily Folds

Other management moves include deputy editor-in-chief of the Journal, Gerard Baker, succeeding Thompson at the paper and at Dow Jones and the appointment of former MGM CFO Bedi Ajay Singh to the role of CFO of the publishing company. In London, BSkyB COO Mike Darcey will replace Tom Mockridge as CEO of News International; Mockridge announced his departure on Sunday. Below is this morning’s full News Corp press release:

NEW YORK – December 3, 2012 – News Corporation (NASDAQ: NWS, NWSA; ASX: NWS, NWSLV) today announced that Dow Jones Editor-in-Chief and Managing Editor of The Wall Street Journal Robert Thomson will become the CEO of the new proposed publishing entity, following the Company’s intended separation into two independent, publicly traded companies.

In keeping with the company’s 60-year heritage of bringing news to the world, the publishing entity will retain the name News Corporation. The media and entertainment company, which began in earnest when Chairman and CEO Rupert Murdoch acquired 20th Century Fox and launched the Fox Network more than 25 years ago, will be named Fox Group.

As previously announced, Rupert Murdoch will serve as Chairman of the new News Corporation and Chairman and CEO of Fox Group. Chase Carey will serve as President and Chief Operating Officer of Fox Group, with James Murdoch continuing in his capacity as Deputy Chief Operating Officer. Under their collective leadership, Fox Group will continue to strengthen its creative content businesses and distribution assets, including enhancing its sports portfolio through key investments in Asia, Europe and Latin America. (more…)

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