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Rupert Murdoch at media inquiry - Source: Reuters -
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News Corp will announce whether it has pulled the trigger on its decision to split the company in two by Friday, according to the Wall Street Journal .
Media giant News Corp confirmed this morning it is working with Goldman Sachs for advice on how to break up the company.
According to Bloomberg's Businessweek , the global investment bank is looking to help the company preserve its value after the phone-hacking scandal at its UK papers by separating its assets.
The hacking scandal, which started to unfold in July 2011, involved News International's newspapers and led to the government-initiated Leveson Inquiry into media ethics.
In response to the news, shares rose 6%.
Employees of the newspapers were accused of hacking phones and police bribery.
TV ONE's Business Presenter Nadine Chalmers-Ross said this morning the media company has many other assets aside from its business in publishing.
"They haven't said how they'll split the company - but the speculation is it will be about splitting entertainment from publishing", she said.
"They do own newspapers like The Times, The Sun, The Wall Street Journal, The Australian but that only accounts for around one-quarter of their revenue."
The entertainment part of the business, with companies like Fox and 20th Century Fox, accounts for approximately three-quarters of its revenue.
Chalmers-Ross said News Corp, which is listed on the NASDAQ, has seen its share price respond positively to the news.
"Analysts are telling us that it's the publishing arm that has been weighing on the share price, so that could help it to recover."
Watch live reaction on the split at The Guardian.