News Corp. Announces Spinoff of Newspapers

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By: Amy Chozick | The New York Times

Rupert Murdoch was getting cold feet. For months, his top lieutenants at News Corporation had been prodding him to spin off the newspaper unit, which was underperforming but had long been close to his heart.

Mr. Murdoch, chairman and chief executive of News Corporation, was seriously considering the proposal. But as discussions progressed he became reluctant to follow through.

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