News Corp Announces Plans to Split

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It is unclear if the split will appease the British telecommunications regulator, Ofcom, which is reviewing whether British Sky Broadcasting — of which News Corp. holds a 39 percent stake — is "fit and proper" to hold a broadcasting license. Ofcom is expected to wrap up its review later this summer.

British authorities have been probing allegations that News Corp. journalists at its now-shuttered News of the World and other papers hacked into phones and bribed public officials to gain exclusive information.

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Business Writer Ryan Nakashima in Los Angeles contributed to this report.

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