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News Corp.'s board unanimously approved a plan to split its newspaper business and entertainment operations into two separate companies, according to reports.

One company will hold entertainment businesses like 20th Century Fox, Fox broadcast network and Fox News Channel, while another holds the publishing assets, which include The Times, The Australian, and HarperCollins book publishing.

Details on the management structure are still to be resolved and formal approval by the board is still needed. The process of separating the company's broadcast, cable and film assets from its publishing and education operations stands to be complicated by issues such as regulatory and tax implications and could take up to a year to complete.

News of the company's potential reorganization, which broke Tuesday in the Wall Street Journal, drove News Corp.'s stock price up 11%.