Rupert Murdoch is keeping the News Corp name for his new publishing company in a nod to the important role that newspapers have played in building his media empire.
"Many of you know that a belief in the power of the written word has been in my bones for my entire life,'' Murdoch, News Corp's chairman, wrote in a memo to employees obtained by Reuters.
"I witnessed the hunger people had for well-written, thoroughly observed stories ... stories that provide not just information, but insight. That hunger is alive and well today; my personal mission is to serve and satisfy the human need for insight as well as I possibly can.''
News Corp announced details of the separation of the two companies on Monday, and confirmed that Robert Thomson will be chief executive of the new publishing company, effective Jan. 1. Thomson, a Murdoch confidant, is currently the managing editor of the Wall Street Journal and editor in chief of its publisher Dow Jones & Co.
The company that will encompass the entertainment assets will be called the Fox Group.
The details of the proposed split point to a sweep of the executive ranks -- including the head of its British newspaper arm-- and the demise of News Corp's digital-only newspaper, The Daily.
The publication of The Daily's application for Apple's iPad will end on Dec. 15, but the brand will ``live on in other channels,'' the company said in a statement. Jesse Angelo, founding editor of The Daily, will become publisher of the New York Post, while Greg Clayman, publisher of The Daily, will oversee the company's digital strategy.
Other key executives who will play a role in the publishing company include Paul Cheesbrough, who will continue as chief technology officer, and Bedi Ajay Singh, the president of MGM Studios, who will become chief financial officer. Gerard Baker, deputy editor in chief, will succeed Thomson.
The company did not name the News Corp board members.
As previously announced, Murdoch will serve as chairman of both companies. At Fox Group, Chase Carey will be president and chief operating officer, while James Murdoch will continue as deputy chief operating officer. In June, News Corp announced it would separate its publishing and entertainment assets in a process likely to occur by early summer.
News Corp shares rose 1.2% to $24.93 on Monday.
News Corp is the parent company of the FOX Business Network