The larger one would hold the television and entertainment assets, such as 20th Century Fox, the Fox broadcast network, Fox News, Sky Italia and a 39% stake in British Sky Broadcasting.

BBC: Would BSkyB be protected by News Corp break-up?

"There's no question that there's a glut of these shows right now, " said Mike Darnell, president of alternative entertainment at Fox Broadcasting, who is credited with bringing "American Idol" to the network in 2002.

WSJ: 'X Factor' Producer Proposes Truce