News Corp.'s new media co. to be named Fox Group

The conglomerate announced plans this summer to split into two public companies, one for its newspaper and book publishing business and the other for its fast-growing movie and TV operations. Rupert Murdoch will serve as chairman of the new News Corp. and chairman and CEO of Fox Group.

The new News Corp. will house newspapers such as The Wall Street Journal and New York Post as well as Dow Jones Newswires. Fox Group, meanwhile, will include 20th Century Fox film and television studios and the Fox TV channels among other properties.

The company named Wall Street Journal managing editor Robert Thomson as CEO of the new News Corp. He's set to begin his work on Jan. 1. Chase Carey will serve as president and chief operating officer of Fox Group. James Murdoch will stay on as deputy chief operating officer of Fox Group.

As part of the changes, News Corp. said it will cease publication of The Daily, its iPad news application, on Dec. 15.

"From its launch, The Daily was a bold experiment in digital publishing and an amazing vehicle for innovation," Murdoch said in a statement. "Unfortunately, our experience was that we could not find a large enough audience quickly enough to convince us the business model was sustainable in the long-term."