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June 26, 2012 / 3:45 PM

News Corp. considers a split

Protesters from the campaign group "Avaaz" demonstrate outside the High Court with large James and Rupert Murdoch masks as former News International Chairman James Murdoch gives evidence to the Leveson Inquiry in London on Tuesday April 24 2012. UPI/Hugo Philpott

Protesters from the campaign group "Avaaz" demonstrate outside the High Court with large James and Rupert Murdoch masks as former News International Chairman James Murdoch gives evidence to the Leveson Inquiry in London on Tuesday April 24 2012. UPI/Hugo Philpott | License Photo

NEW YORK, June 26 (UPI) -- International news and media giant News Corp. confirmed it was considering a restructuring plan, pushing its share prices higher in New York.

Company stock, listed on the Nasdaq Exchange, rose to $21.77 Tuesday, the highest it has been in five years, The New York Times reported.

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"News Corp. confirmed today that it is considering a restructuring to separate its business into two distinct publicly traded companies," the firm said in a statement. "While one of the key decisions in such a move would be to figure out which of the corporation's companies end up in which group, it is logical for News Corp. to consider splitting off its entertainment businesses from its publishing firms, which would be the smaller of the two divisions, the Times said.

Sources close to the discussions said several key executives support the split, but the one that matters most, Chairman and Chief Executive Officer Rupert Murdoch, has yet to agree to it.

The company's publishing concerns include HarperCollins. It also owns Dow Jones, 20th Century Fox, The New York Post, Fox News and The Wall Street Journal.

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In Britain, News Corp. owns The Sun, The Times and the Sunday Times. Its newspaper companies in Britain, however, have been rocked in recent years by a scandal involving journalists hacking into people's phones to research stories.

The scandal caused the company to close its News of the World newspaper.

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