Rupert Murdoch's News Corp has agreed to split the business in two, to separate the entertainment and publishing departments.

The board met in New York on Wednesday to discuss the division of the company, which is thought to be worth around $60 billion.

News Corp's new entertainment department will look after 20th Century Fox and the Fox broadcast network, amongst others. The publishing arm will oversee several well known newspapers, including the Wall Street Journal, as well as the Sun and the Times in the UK.

News Corp's share price jumped up 11 per cent at the news, as investors have long encouraged Murdoch to split the more profitable entertainment arm away from the newspapers.

The company have endured a turbulent 12 months, which has seen them face ongoing allegations of phone hacking. The move cost Rupert Murdoch's son James his job. The former chairman of News Corp resigned after the scandal came to light in the UK.