News Corp chairman Rupert Murdoch has continued to distance himself from Fleet Street by stepping down from the boards of all his newspaper businesses.
News Corp described the move as “corporate house-cleaning” following the decision revealed on 28 June to split the group into two entities – one focusing on TV and film entertainment – and the other, much smaller arm, comprising the newspaper and book publishing interests.
While Murdoch will remain chairman of both wings, he will only be chief executive of the entertainment side.
Murdoch’s resignation from the boards of News International and Times Newspaper Holdings was announced in an email to staff which revealed that he has resigned from more than a dozen subsidiary companies in the US, India and Australia.
Speculation is mounting that News Corp will sell off its newspaper publishing interests.
But even if it hangs on to them, Murdoch has already indicated that his company will be running them in a very different way. He has said he will not tolerate losses at any of his titles, a change in policy which will have major consquences for the loss-making Times in the UK.