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.