After the split occurs, Time Inc. will no longer have the lucrative film and television assets to prop it up.
Entertainment and television assets like Fox Broadcasting and Fox News will form a separate company called 21st Century Fox.
The publishing company, which will also include Australian pay television assets, will keep the name News Corporation.
The most interesting thing to watch is what Mr. Eisner does with the television assets over the next few years.
"It will be a CNN which will have convergence of its television assets and its Internet assets".
But attention lately has been focused not on the News Corporation's television assets, but on underperforming digital pieces of the company.
Media companies could be interested in its magazine and television assets, while a licensing company could buy the Martha Stewart brand business.
In orchestrating the split, he has been careful to keep a number of Australian television assets, which generate a good deal of cash, inside the diminished News Corp.
Publishing units, including The Wall Street Journal, The New York Post and HarperCollins, and a handful of Australian television assets will form a company called News Corporation.
