We consider phase separated states in magnetic oxides (MO) thin films. We show that these states have a non-zero electric polarization. Moreover, the polarization is intimately related to a spatial distribution of magnetization in the film. Polarized states with opposite polarization and opposite magnetic configuration are degenerate. An external electric field removes the degeneracy and allows to switch between the two states. So, one can control electric polarization and magnetic configuration of the phase separated MO thin film with the external electric field.
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