News Corp.'s board unanimously approved a plan to split the media conglomerate in two pieces, separating its lucrative entertainment operations from its publishing business, said a person familiar with the situation.

The board made the decision after a meeting in New York on Wednesday evening that lasted roughly an hour and a half, the person said. News Corp. Chairman and Chief Executive Rupert Murdoch spoke at the meeting and financial advisers made presentations to the board. The person said many details such as who will run the publishing business have yet to be resolved.

The split is expected to be formally announced early Thursday morning. One company will house entertainment businesses like 20th Century Fox, FOX broadcast network and FOX News Channel while another houses the publishing assets, which include The Wall Street Journal and The (London) Times along with HarperCollins book publishing and News Corp's education business.

News Corp. shares have jumped 11 percent since the media conglomerate confirmed it was contemplating splitting in two Tuesday morning, as investors applauded the idea of the company's less profitable newspaper assets being carved off.

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