Skadden Arps Slate Meagher & Flom has secured the lead role for News Corporation in the US on its plans to split the $60bn (£48bn) media business into two publicly traded companies.

Skadden, longstanding advisers to News Corp, are fielding a New York-based team comprising corporate and tax lawyers. The Wall Street firm previously advised on the media giant's failed bid to take full control of BSkyB last year.

M&A partners Howard Ellin and Lou Kling will lead a team that includes fellow M&A partner Brandon Van Dyke and tax partner Steven Matays.

In the wake of the phone-hacking scandal that has embroiled its UK newspaper business, News Corp – owned by Rupert Murdoch (pictured) – confirmed last month that it intends to divide its publishing and media/entertainment businesses into two separate companies.

The publishing unit would feature the group's newspapers and information business in the US, UK and Australia, with brands including The Wall Street Journal, The New York Post, The Times, The Sun and The Australian falling into this group.

It would also include book publishing brands such as HarperCollins, its integrated marketing services company and its digital education group.

The media/entertainment unit would include News Corp's broadcast and cable networks, film and TV production studios, and pay-TV businesses in Europe and India. These include 20th Century Fox, BSkyB, National Geographic channels and Shine Group.