Investors have long hankered for the split, as most see the publishing unit as a drag on earnings and revenues.

WSJ: News Corp 3Q beats Street on pay TV, 'Pi'

His moment of recognition came late on a raw winter's night, when he hankered to stay under his blankets but couldn't, because his family business makes quirky demands: Oyster growers like the Bishops engage in a rare branch of agriculture that farms in two elements, exposed earth and water.

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