Following the executive-level meeting held in New York on Tuesday, Rupert Murdoch's media heavyweight News Corporation announced today it will split in two.

The new companies will house News Corp's publishing business, with over 170 print newspapers, separate from entertainment media-focused holdings, which include broadcast and cable networks.

In a statement to employees today, Murdoch wrote:

I am extremely excited by this big change. It is a testimony to our entrepreneurial spirit and determination to educate, inspire and entertain millions of families across the globe.

The New York Times has Murdoch's full statement to employees and he is scheduled to appear on Fox Business News today at 10am EST.