Hasta La Creative!

Rupert Murdoch bowed to investor pressure to split his six-decade-old publishing business from the rest of News Corp.’s media empire. Now it’s time for the newspaper unit to prove it can make it on its own.

The publishing unit — owner of the Wall Street Journal, the New York Post and London’s Sunday Times — officially becomes independent today, losing the backing of News Corp.’s entertainment business as it pursues growth in a declining industry. The newspaper company, which will keep the News Corp. name, is valued at about $8.9 billion — a seventh the level of entertainment business, which will be called 21st Century Fox.

Robert Thomson, who will be CEO of the publishing group, promised investors last month that the company would be “relentless in our cost cutting and in our pursuit of profits.” He told The Financial Times in an interview published yesterday that the company was working on an effort for the Post to compete nationally with fast-growing sites like BuzzFeed.

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