"News Corporation's Board authorised management to explore this separation after a meeting yesterday," the company said in a statement.
The USD 61 billion News Corp, with interests in news, entertainment and sports segments, owns some well known brands such as Star channels, The Wall Street Journal, HarperCollins, The New York Post and the Times of London.
The split would carve off News Corp's film and television businesses, including 20th Century Fox film studio, Fox broadcast network and Fox News channel from its newspapers, book publishing assets and education businesses, it noted.
In April this year, Star Group said it was exiting from news business in India and would end brand association with the ABP Group in their joint venture that runs three news channels, including Star News in Hindi.
The publishing company would comprise News Corp's newspapers and information businesses in the US, the UK and Australia, the company's leading book publishing brands, its integrated marketing services company, its digital education group, as well as its other assets in Australia.
While the global media and entertainment company, would include News Corp's broadcast and worldwide cable networks, leading film and television production studios, television stations and highly successful pay-TV businesses in Europe and India.
"... Our Board and I believe that this new corporate structure we are pursuing would accelerate News Corporation