Rupert Murdoch's media empire officially split into two separate companies on Friday, divorcing News Corp.'s print entities from its broadcast and entertainment operations.
One year ago, Murdoch announced that he would divide News Corp. in half, fueling speculation that the media chief was making the decision due to the devastating impact of the phone hacking scandal. Murdoch continuously denied the split had anything to do with the scandal that gravely damaged his legacy and resulted in the closing of the 168-year-old tabloid, News of the World. Nonetheless, the split moved forward, with the papers Murdoch loves so dearly suddenly left without the protections granted by his much more profitable entertainment business.
Earlier this month, News Corp. shareholders voted to approve the split. The entertainment and broadcast company was named 21st Century Fox, while the print organization will retain the News Corp title.
News Corp became the largest U.S. print media company after the split. It holds titles like The Wall Street Journal, New York Post, Times of London and more. Most recently, Murdoch expressed interest in purchasing the Los Angeles Times. Murdoch will lead both companies, serving as the CEO of 21st Century Fox and the chairman of News Corp.