WORRIED editors from Rupert Murdoch's global newspaper empire are meeting in New York this morning as News Corp weighs the possibility of splitting its media and entertainment divisions.

The media conglomerate will look to separate its publishing assets - including the scandal-rocked British newspaper division - from its film and TV businesses.

The move to create two listed companies has been applauded by shareholders but it could throw into doubt the future of loss-making newspapers, including The Australian.

Media analyst Steve Allen said underperforming newspaper assets faced an uncertain future under the plan, despite the restructuring and unprecedented job cuts unveiled this week by News chief executive Kim Williams.