News Corp. is thinking of splitting in two, dividing its publishing business from its entertainment division, the company's own Wall Street Journal reported late Monday night. News Corp. confirmed the report on Tuesday morning, saying that it is "considering a restructuring to separate its business into two distinct public companies.”

The plan would see News Corp.'s newspapers, book publishing and education divisions split off from its film and television studios. The Murdochs would retain control over both companies. The latter properties are a major cash cow for Murdoch; the publishing properties, many of which operate at a loss, contribute far less to the company's bottom line. Last year, for instance, the entertainment division made $23.5 billion in revenue. The publishing side made $8.8 billion in revenue.

Bloomberg's Edmund Lee tweeted on Tuesday that the company had retained Goldman Sachs to help carry out the proposal.

If carried out, the plan would represent a seismic shift in the history of Rupert Murdoch's business career. The breakup of his company signals a painful rejection of the newspapers he has prized above anything else in his empire.

News Corp.'s newspapers have, of course, have been severely wounded by the ongoing phone hacking scandal. A spinoff would isolate the more toxic bits of Murdoch's business, though it could also leave the papers more vulnerable to an eventual sell-off.

On Tuesday, top editors from News Corp. newspapers around the world flew into New York for a meeting about the plan, the New York Times reported. The meeting was held to soothe any fears about what might happen to the papers. Those fears are taking place on both sides of the Atlantic; the Guardian reported that writers and editors at Murdoch's British titles are openly worrying about what might happen to them.

Murdoch's deputy, Chase Carey, has admitted that the newspapers—which most within the company appear to view as nothing but trouble—are a drag on News Corp.'s share price.

Evidence of that could be seen In Australia on Tuesday, where News Corp. shares shot up to their highest level in over four years after the Journal's report landed. The share price in America also spiked.

The company's restive shareholders, who have repeatedly registered their discontent with the Murdoch family's running of the company in recent years, would likely rejoice at the chance to funnel all of their money into the relatively scandal-free and financially stable parts of the business.

There was speculation on Tuesday that the move was aimed, in part, firmly at Britain. The phone hacking scandal torpedoed News Corp.'s plans to buy all of satellite broadcaster BSkyB, and caused media regulator Ofcom to open an investigation into the company's fitness to hold a broadcast license in the country. Analysts told Reuters that splitting News Corp. in two could help ease Ofcom's concerns.

Carey has also publicly said that a spinoff has been considered previously. In the past, the main man standing in the way of the idea has been Rupert Murdoch. As a man who built his media empire on the backs of his newspapers, he has been doggedly attached to the titles. In May, he released a statement denying that he was thinking of spinning off his British newspaper wing.

"News Corporation remains firmly committed to our publishing businesses, including News International, and any suggestion to the contrary is wholly inaccurate," he said at the time. "Publishing is a core component of our future."

But the Journal said that Murdoch "has recently warmed to the idea," perhaps seeing it as one way to ease the constant pressure on the company over the hacking scandal.

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  • Rupert Murdoch, Wendi Deng, Lachlan Murdoch

    News Corp. chairman Rupert Murdoch, left, his wife Wendi Deng and son Lachlan Murdoch leave the High Court in London after giving evidence to the Leveson inquiry, Thursday, April 26, 2012. (AP Photo/Sang Tan)

  • Rupert Murdoch, Wendi Deng

    News Corp. chairman Rupert Murdoch and his wife Wendi Deng leave the High Court in London after giving evidence to the Leveson inquiry, Thursday, April 26, 2012. (AP Photo/Sang Tan)

  • Rupert Murdoch

    FILE - In this Jan. 15, 2012 file photo Rupert Murdoch arrives at the 69th Annual Golden Globe Awards in Los Angeles. Murdoch’s News Corp., the global media conglomerate under fire for phone hacking and alleged bribery in Britain, posted a 47 percent increase in third-quarter net income thanks to strong performances at its U.S. pay-TV networks and movie studio (AP Photo/Matt Sayles, file)

  • Rupert Murdoch

    News Corp. chairman Rupert Murdoch arrives at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, Friday, July 13, 2012. (AP Photo/Paul Sakuma)

  • The 20th Annual Sir Elton John Oscar Party - Los Angeles

    Wendi Murdoch arriving at the 84th Annual Academy Awards, held at the Kodak Theatre in Los Angeles, CA, USA on February 26, 2012. ()

  • A campaigner wearing a giant mask depicting News Corporation's chairman Rupert Murdoch burns the Leveson report while another wearing a mask depicting British Prime Minister David Cameron, sits tied to a chair during a protest, calling on MPs to back reform legislation to stop any one media organisation developing a stranglehold over the British media, outside the Queen Elizabeth II Conference Centre in London where Lord Justice Brian Leveson is to release his report into the culture and practices of the British press and his recommendations for future regulation to prevent phone hacking, data theft, bribery and other abuses, Thursday, Nov. 29, 2012. (AP Photo/Sang Tan)

  • Red Magazine Red Hot Women Awards - London

    Elisabeth Murdoch arrives for the annual Red's Hot Women Awards 2012 at One Marylbone, London.

  • Media mogul Rupert Murdoch, center, and his wife Wendi Deng, top, watch Andy Murray of Britain play Roger Federer of Switzerland during the men's singles final match at the All England Lawn Tennis Championships at Wimbledon, England, Sunday, July 8, 2012. (AP Photo/Paul Gilham, Pool)

  • James Murdoch, Lachlan Murdoch

    James Murdoch, left, son of Rupert Murdoch and deputy chief operating officer of News Corp., and Lachlan Murdoch, right, son of Rupert Murdoch and former executive with News Corp., arrive at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, Wednesday, July 11, 2012. (AP Photo/Paul Sakuma)

  • James Murdoch

    James Murdoch, son of Rupert Murdoch and deputy chief operating officer of News Corp., arrives at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, Wednesday, July 11, 2012. (AP Photo/Paul Sakuma)

  • Rupert Murdoch, Wendi Murdoch

    Media mogul Rupert Murdoch and his wife, Wendi, arrives at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, Thursday, July 12, 2012. (AP Photo/Paul Sakuma)

  • Lachlan Murdoch

    Lachlan Murdoch, son of Rupert Murdoch and former executive with News Corp., arrives at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, Thursday, July 12, 2012. (AP Photo/Paul Sakuma)

  • Rupert Murdoch, Wendi Murdoch

    Rupert Murdoch and his wife, Wendi, arrives at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, Thursday, July 12, 2012. (AP Photo/Paul Sakuma)

  • Sergey Brin, Wendy Deng

    Google co-founder Sergey Brin shows his "Google Glasss" to Wendi Deng, Rupert Murdoch's wife, at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, Thursday, July 12, 2012. (AP Photo/Paul Sakuma)

  • Lachlan Murdoch

    Lachlan Murdoch, son of Rupert Murdoch and former executive with News Corp., arrives at the Allen & Company Sun Valley Conference in Sun Valley, Idaho, Friday, July 13, 2012. (AP Photo/Paul Sakuma)

  • Rupert Murdoch, Michael Bloomberg

    From left, News Corporation CEO Rupert Murdoch, speaks as New York Mayor Michael Bloomberg looks on during a forum on The Economics and Politics of Immigration in Boston, Tuesday, Aug. 14, 2012. (AP Photo/Josh Reynolds)

  • Rupert Murdoch,

    News Corporation CEO Rupert Murdoch, speaks during a forum on The Economics and Politics of Immigration in Boston at which Murdoch and New York Mayor Michael Bloomberg spoke, Tuesday, Aug. 14, 2012. (AP Photo/Josh Reynolds)

  • Rupert Murdoch,

    News Corporation CEO Rupert Murdoch, speaks during a forum on The Economics and Politics of Immigration in Boston at which Murdoch and New York Mayor Michael Bloomberg spoke, Tuesday, Aug. 14, 2012. (AP Photo/Josh Reynolds)

  • Rupert Murdoch,

    News Corporation CEO Rupert Murdoch, listens to introductions during a forum on The Economics and Politics of Immigration in Boston at which Murdoch and New York Mayor Michael Bloomberg spoke, Tuesday, Aug. 14, 2012. (AP Photo/Josh Reynolds)

  • Rupert Murdoch, Michael Bloomberg

    From left, News Corporation CEO Rupert Murdoch, looks on as New York Mayor Michael Bloomberg speaks during a forum on The Economics and Politics of Immigration in Boston, Tuesday, Aug. 14, 2012. (AP Photo/Josh Reynolds)

  • James Murdoch Gives Evidence At The Leveson Inquiry

    LONDON, ENGLAND - APRIL 24: Protesters from the campaign group 'Avaaz' demonstrate outside the High Court with large James and Rupert Murdoch masks as former News International chairman James Murdoch gives evidence to The Leveson Inquiry on April 24, 2012 in London, England. This phase of the inquiry into the culture, practice and ethics of the press in the United Kingdom is looking at the owners of various media groups. Rupert Murdoch, owner of News Corp, will give evidence tomorrow. (Photo by Oli Scarff/Getty Images)

  • James Murdoch, son of media mogul Rupert

    James Murdoch, son of media mogul Rupert Murdoch, arrives at London's High Court, on April 24, 2012, ahead of his appearance before the Leveson Inquiry. The Inquiry was set up after a phone hacking scandal led to the closure of the News of the World tabloid in 2011. Rupert Murdoch appears at the Inquiry on Wednesday and possibly Thursday. AFP PHOTO / LEON NEAL (Photo credit should read LEON NEAL/AFP/Getty Images)

  • Rupert Murdoch Returns To His Home Ahead Of His Appearance At the Leveson Inquiry

    LONDON, ENGLAND - APRIL 23: Rupert Murdoch, CEO of News Corporation arrives at his house, two days before he is due to give evidence to the Leveson Inquiry, on April 23, 2012 in London, England. This phase of the inquiry into the culture, practice and ethics of the press in the United Kingdom is looking at the owners of various media groups. The inquiry, which may take a year or more to complete, comes in the wake of the phone hacking scandal that saw the closure of The News of The World newspaper in 2011. (Photo by Matthew Lloyd/Getty Images)

  • Rupert Murdoch (C), Chairman and CEO of

    Rupert Murdoch (C), Chairman and CEO of News Corp. and John Witherow (R), Editor of the Sunday Times of London, leave the funeral of slain Times of London correspondent Marie Colvin, at St. Dominic's Catholic Church on March 12, 2012 in Oyster Bay, New York. Colvin was killed in Syria along with French photographer Remi Ochlik as the two were covering the violence in the city of Homs on February 22. AFP PHOTO/Stan HONDA (Photo credit should read STAN HONDA/AFP/Getty Images)

  • Rupert Murdoch (L), Chairman and CEO of

    Rupert Murdoch (L), Chairman and CEO of News Corp. and John Witherow (R), Editor of the Sunday Times of London, leave the funeral of slain Times of London correspondent Marie Colvin, at St. Dominic's Catholic Church on March 12, 2012 in Oyster Bay, New York. Colvin was killed in Syria along with French photographer Remi Ochlik as the two were covering the violence in the city of Homs on February 22. AFP PHOTO/Stan HONDA (Photo credit should read STAN HONDA/AFP/Getty Images)

  • The First Editions Of The Sun On Sunday Hit The Newstands

    BROXBOURNE, UNITED KINGDOM - FEBRUARY 25: (EDITORS NOTE: THIS IMAGE IS FREE FOR USE UNTIL MARCH 3 2012) In this handout photograph provided by News International, Rupert Murdoch, Chairman and CEO of News Corporation, reviews the first edition of The Sun On Sunday as it comes off the presses on February 25, 2012 in Broxbourne, England. Around 3 million copies of 'The Sun On Sunday', the first ever Sunday edition of News International's daily tabloid newspaper 'The Sun', are due to go on sale on Sunday February 26, 2012. (Photo by Arthur Edwards/News International via Getty Images)

  • The First Editions Of The Sun On Sunday Hit The Newstands

    BROXBOURNE, UNITED KINGDOM - FEBRUARY 25: Rupert Murdoch, Chairman and CEO of News Corporation, arrives to oversee the first editions of the 'The Sun On Sunday' newspaper coming off the priniting press on February 25, 2012 in Broxbourne, England. Around 3 million copies of 'The Sun On Sunday', the first ever Sunday edition of News International's daily tabloid newspaper 'The Sun', are due to go on sale on Sunday February 26, 2012. News Corporation CEO Rupert Murdoch, who has flown into the UK to oversee the launch, said he would be 'very happy' if sales of his new paper exceed two million copies and enjoyed similar success to the 'News Of The World', its defunct predecessor. (Photo by John Stillwell - WPA Pool/Getty Images)

  • Rupert Murdoch Sighting In London

    LONDON, ENGLAND - FEBRUARY 21: News Corp. CEO Rupert Murdoch smiles as he leaves his flat on February 21, 2012 in London, England. Mr Murdoch has announced that a new paper 'The Sun on Sunday' will publish it's first edition this weekend. (Photo by Peter Macdiarmid/Getty Images)

  • 69th Annual Golden Globe Awards - Arrivals

    BEVERLY HILLS, CA - JANUARY 15: Rupert Murdoch and wife Wendi Murdoch arrive at the 69th Annual Golden Globe Awards held at the Beverly Hilton Hotel on January 15, 2012 in Beverly Hills, California. (Photo by Jason Merritt/Getty Images)

  • Rupert Murdoch Delivers Keynote At The National Summit On Education Reform

    SAN FRANCISCO, CA - OCTOBER 14: News Corp. CEO Rupert Murdoch delivers a keynote address at the National Summit on Education Reform on October 14, 2011 in San Francisco, California. Rupert Murdoch was the keynote speaker at the two-day National Summit on Education Reform. (Photo by Justin Sullivan/Getty Images)

  • Rupert Murdoch Delivers Keynote At The National Summit On Education Reform

    SAN FRANCISCO, CA - OCTOBER 14: News Corp. CEO Rupert Murdoch (L) shakes hands with Joel Klein (R) during a keynote address at the National Summit on Education Reform on October 14, 2011 in San Francisco, California. Rupert Murdoch was the keynote speaker at the two-day National Summit on Education Reform. (Photo by Justin Sullivan/Getty Images)

  • Rupert Murdoch Delivers Keynote At The National Summit On Education Reform

    SAN FRANCISCO, CA - OCTOBER 14: News Corp. CEO Rupert Murdoch pauses as he delivers a keynote address at the National Summit on Education Reform on October 14, 2011 in San Francisco, California. Rupert Murdoch was the keynote speaker at the two-day National Summit on Education Reform. (Photo by Justin Sullivan/Getty Images)

  • Occupy Wall Street Protestors March Down New York's Fifth Avenue

    NEW YORK, NY - OCTOBER 11: Protesters with the 'Occupy Wall Street' movement yell up to the residence of NewsCorp CEO Rupert Murdoch on October 11, 2011 in New York City. Hundreds of activists marched along 5th avenue and Park Avenue stopping in front of the buildings where prominent heads of major business and financial institutions live. Many of the 'Occupy Wall Street' demonstrations have been living in Zuccotti Park in the Financial District near Wall Street. The activists have been gradually converging on the financial district over the past three weeks to rally against the influence of corporate money in politics among a host of other issues. The protests have begun to attract the attention of major unions and religious groups as the movement continues to grow in influence. (Photo by Spencer Platt/Getty Images)

  • The generval view shows newspapers in Me

    The generval view shows newspapers in Melbourne on July 21, 2011 with coverage dominated by Rupert Murdoch's appearance before a British parliamentary committee and moves in Australia to introduce a legal right to privacy after the phone-hacking scandal in Britain, paving the way for people to sue media organisations for serious breaches. Home Affairs Minister Brendan O'Connor said he was acting now after the News of the World furore heightened concerns. AFP PHOTO / William WEST (Photo credit should read WILLIAM WEST/AFP/Getty Images)

  • News Corporation Chief Rupert Murdoch re

    News Corporation Chief Rupert Murdoch reads a copy of one his newspapers, The London Times, as he leaves his London home on July 20 2011. Australian Prime Minister Julia Gillard on Wednesday warned Rupert Murdoch's Australian arm it faced some 'hard questions' as calls intensified for a media inquiry following the British hacking scandal. Gillard declined to comment on Murdoch's grilling by British MPs over the outcry that saw him close tabloid News of the World and dump his bid for satellite broadcaster BSkyB, but said the Australian public was concerned. AFP PHOTO/CARL COURT (Photo credit should read CARL COURT/AFP/Getty Images)

  • Leveson Inquiry

    Lachlan Murdoch leaving his father Rupert's home in Mayfair, central London as his brother James, gives evidence to the Leveson Inquiry into press standards.

  • Rupert Murdoch with Queen Elizabeth II in 1985

    File photo dated 28/02/1985 of Queen Elizabeth II with proprietor Rupert Murdoch (left) at The Times newspaper building at Grays Inn Road, London, to mark the paper's bicentenary.

  • Rupert Murdoch with Princess Diana

    Diana, Princess of Wales with Rupert Murdoch, proprietor of The Times, as she arrived at Hampton Court Palace to attend a gala evening to celebrate the newspaper's bicentenary.

  • Media - News of the World Take-over Meeting - Connaught Rooms, Bloomsbury

    Handshakes by Rupert Murdoch, chairman of the Australian group News Ltd[Right] and Sir William Carr, chairman of the news of the world organisation, after what was for them the succesful outcome of the vital NOTW shareholdersw meeting at the connaught rooms, bloomsbury, london. By a show of hands, shareholders voted 299 in favour and 20 against a resolution regarding the creation of further ordinary shares and their allotment to News ltd. This meant the virtual end of the take-over bid by Milliionaire labour MP Robert Maxwell.

  • New technology print works

    Newspaper proprietor Rupert Murdoch holds copies of the Sun at his new high technology print works in Wapping, East London.

  • Thatcher papers on show

    BLACK AND WHITE ONLY. File photo dated 22/01/1981 of Rupert Murdoch at a press conference in London, discussing the future of The Times newspaper.

  • New Sunday Sun tabloid

    File picture, dated 17/11/1969, Rupert Murdoch looks at one of the first copies of The Sun newspaper, at the News of the World building , in London.

  • Media - The Times Newspaper Bicentenary - London

    Queen Elizabeth II and the Duke of Edinburgh with proprietor Rupert Murdoch, left, at The Times newspaper building at Grays Inn Road, London, to mark the paper's bicentenary.

  • Margaret Thatcher, Rupert Murdoch

    FILE - In this Nov. 14, 1991, file photo, Margaret Thatcher accepts the United Cerebral Palsy of New York's 37th Annual Humanitarian Award in New York from Rupert Murdoch. (AP Photo/Mike Albans, File)