News Corp's locally listed shares have gained almost four per cent after the media giant confirmed it was considering splitting its business into two separate companies.
The Rupert Murdoch-led company said it is considering a restructure that would separate its larger entertainment division from its struggling publishing businesses.
News Corp shares listed on the Australian Securities Exchange (ASX) were up 77 cents, or 3.7 per cent, to $21.56 at 1030 AEST.
The company's Wall Street-listed shares jumped 8.3 per cent in Tuesday's trading session to close at $US21.96 ($A21.90).
Analysts have said the move would separate News Corp's profitable film and television businesses from the news and media operations, which have been tainted by the phone-hacking scandal in Britain and are under pressure from falling advertising revenue.
The restructure could result in the creation of company that includes 20th Century Fox movie studios, the Fox broadcast network and Fox News Channel.
A separate company would contain News Corp's publishing assets, which include The Wall Street Journal, New York Post, The Times of London and The Australian newspaper, as well as the HarperCollins book publishing house.
