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

20 hours ago

TikTok commercial lead: 'We don't want to take the ...

Sofia Hernandez, global head of business marketing and commercial partnerships, spoke to Campaign about the importance of agencies.

20 hours ago

Predictability is power, but only when business ...

Trust and predictability are practical tools for navigating complexity, but leaders must be steady, not static, says Edelman's CEO for Hong Kong, Taiwan and Singapore.

21 hours ago

Agency Report Card 2024: PHD

With robust retention rates in 2024 and an expanding presence in China, PHD had a league-topping year. But with new business wins on the slow and an impending merger, it remains to be seen how the agency can overcome incoming challenges.

21 hours ago

Meta expands Advantage+ with Gen AI ad creativity ...

Meta has enhanced its Advantage+ advertising platform with new generative AI tools designed to help advertisers create personalised, brand-consistent ads at scale.