News Corp shares rose another 2% on Wall Street overnight to end the day at $US22.50, a new five-year high as investors positioned themselves for the split and access to the high-value entertainment assets, not the weak newspaper and publishing businesses.

The News board met this morning and unanimously approved the deal, with an announcement expected as Crikey hit deadline. Like all separations, it will see the party perceived to be the strongest paying the weakest some form of alimony and lump settlement. So analysts expect the entertainment company will leave a couple of billion of debt in the publishing company and little debt to give it a chance of surviving the shoals ahead of it.