( CNN ) -- The board of News Corp. has agreed to split the conglomerate into two pieces , with one company encompassing its television and film assets and the other holding its publishing entities , according to The Wall Street Journal , which is owned by News Corp . The split is expected to be formally announced Thursday , a person familiar with the situation told the Journal . The move would separate the 20th Century Fox film studio , Fox broadcast network and Fox News Channel from newspapers and book publishing , according to The New York Times and The Wall Street Journal , in which the proposal was first reported . News Corp. 's publishing unit includes newspapers such as The Times of London and The New York Post . Its book publishing assets include HarperCollins . News Corp. is controlled by media magnate Rupert Murdoch . He has been grappling in recent months with criminal investigations into his company over allegations of hacking into people 's phones and improper collusion with British police . The scandal prompted News Corp. to shut down its venerable old British tabloid News of the World last year . A report last month from a British Parliament committee said that Murdoch was not a `` fit person to exercise the stewardship of a major international company . '' News Corp. said Wednesday night it would have no comment on The Wall Street Journal 's report .
Wall Street Journal : News Corp. board agrees to split company . Journal is owned by Rupert Murdoch 's News Corp. TV , film assets and the publishing wing to be separate entities .