The other will be an entertainment company that includes Fox News channel, the Fox broadcast TV network and the 20th Century Fox movie studio.

Wednesdays board meeting lasted about an hour and a half and many details, such as who will run the publishing business, have yet to be resolved, the Wall Street Journal said.

Canaccord Genuity Inc analyst Thomas Eagan believes News Corp stock has room to rise even with an 11 percent gain since news of the split plans broke on Tuesday.

Murdoch will also serve as Chief Executive Officer of the media and entertainment company and Chase Carey will serve as its president and chief operating officer.

News Corps board, overseen by 81 year old chairman Rupert Murdoch, met on Wednesday and an announcement was expected later on Thursday on the decision to create two publicly traded companies, the source said, confirming a report in the Wall Street Journal.

Media magnate Murdoch has been hounded in recent months by criminal investigations into his company over hacking into people’s phones and improper collusion with British police.

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.

Warren Jobs is a business journalist based in Palo Alto, San Francisco. Warren has a passion for financial markets and breaking news stories and loves writing about business news, stock market, and economic opinions that matters most to its audience. Warren spends a lot of time discovering and researching latest financial markets and industry news stories in order to make sure the latest and greatest stories are brought to you first on BigBoardNews.com.