The Wall Street Journal reported today that News Corp chairman Rupert Murdoch is considering splitting his publishing and newspaper business off from his entertainment business.

The potential move would separate HarperCollins and News Corp.’s newspapers (including The Wall Street Journal and the New York Post) into a “far smaller” company compared to the entertainment business. The company issued a terse official confirmation that it is “considering a restructuring to separate its business into two distinct publicly traded companies.”

Here’s more from the WSJ: “A split of News Corp.’s businesses would be welcomed by outside investors who are more interested in News Corp.’s television and film assets than its slow-growing publishing businesses. The entertainment assets make up by far the bulk of the company, contributing three-quarters of the $25.34 billion in revenue for the first nine months of the fiscal year. Those assets accounted for roughly 90% of the operating profit in that period.”

Publishers Marketplace news editor Sarah Weinman added an interesting follow-up on Twitter:

As News Corp ponders whether/how to spin off publishing, HC’s months-old deal to buy Thomas Nelson still hasn’t closed yet, per spokesperson

— Sarah Weinman (@sarahw) June 26, 2012