News Corp has said its board of directors has approved plans to split its entertainment and publishing businesses into two separate companies.

News Corp also said today that the target date for the split is June 28.

The company holding its TV and movie properties will be 21st Century Fox. The new News Corp, a smaller entity, will be focused on newspapers and publishing. Both will be publicly traded.

The board also approved a programme for the publishing business to buy back $500m of shares after the split.

News Corp's board had previously approved a preliminary split plan. The latest vote was on the formal proposal to split. Shareholders are now expected to approve the split on June 11.

Rupert Murdoch will be chairman of both companies and chief executive of Fox.