The board of News Corp. (NYSE: NWSA) planned to meet Wednesday to consider splitting the global media giant into two entities, rumors of which move lifted the New York-based company's shares more than 8 percent, the Wall Street Journal said.

Under the proposal before directors is a plan to split the 20th Century Fox film studio, Fox broadcast network and Fox News channel from News Corp.'s book publishing assets, education and newspaper businesses. Those newspapers include the Times of London, The Wall Street Journal, the Sun and The Australian.

Rumors of the proposed split lifted shares from a closing price Monday of $20.11 to a closing price Tuesday of $21.76. In premarket trading Wednesday shares slipped to $21.70.