Rupert Murdoch's News Corporation has confirmed it has been considering plans to split the business in two.
A report earlier today in News Corp-owned The Wall Street Journal said the group was looking to separate its entertainment businesses from publishing assets, including The Sun and The Times.
The move would see the group's 39% stake in broadcasting giant BSkyB separately listed from the embattled UK newspaper arm News International.
In a short statement, News Corp said that it was "considering a restructuring to separate its business into two distinct publicly-traded companies".
News Corp shares jumped as much as 8% on Wall Street as investors cheered confirmation of the plans, while in London BSkyB shares raced 3% higher amid market speculation that the split will raise the possibility of News Corp reviving its plans to take full control of BSkyB.