My full answer is over at the Conversation. My view appears to differ from mainstream journalists. For example, John Durie at the Australian claims that “News split not easy but makes sense“. I am less sure. The split appears to reflect that News Corporation is going one way with the Australian business, News Limited, heading a different way. Murdoch and Williams appear to have different visions for the future and the result is bizarre, with News Limited forming a ‘multi media’ enterprise of traditional newspapers, the on-line Business Spectator, Foxtel, and Fox Sport, being tied to world-wide traditional newspapers, while the rest of News Corporation’s pay-TV and media assets break away. Anyway, more in-depth views in the linked article.