Rupert Murdoch’s News Corp has split into two companies – one for publishing and one for (eerily) “entertainment.” Do they mean that they split the company into two simply for amusement? The mind reels.

News Corp has recently been embroiled in quite the phone-hacking scandal in England after journalists working for Murdoch-owned newspapers hacked into the voicemails of several celebrities and most notably into the voicemail of a dead teenage girl. So there’s that. News Corp owns the movie studio 20th Century Fox, the FOX channel, Fox News, the Wall Street Journal, and Harper Collins, as well as many major newspapers all over the world.

News Corp, right now, is worth approximately $54B.