Rupert Murdoch backs out of recombining Fox and News Corp


New York
CNN

Rupert Murdoch has dropped plans to combine Fox Corporation and News Corporation, a move that would have brought his broadcasting and print publishing companies together under one roof.

The companies said in nearly identical press releases that they had received a letter from Murdoch stating that he and his son Lachlan had determined that a combination of the two companies was not “optimal” for shareholders at the time. current.

Fox Corporation operates the right-wing Fox News channel, in addition to Fox Sports and Fox TV Stations. News Corporation is the parent company of the Wall Street Journal, New York Post, HarperCollins and other iconic print publications.

The companies said their special commissions that had been set up to look into the possible merger had been disbanded and thanked them for their “efforts on this issue”.

It’s unclear why Murdoch chose to suddenly drop the deal. But not everyone agreed with his proposal. Independent Franchise Partners, a major investor in Murdoch’s companies, said in late November that it opposed the deal.

Murdoch proposed the deal last fall, nearly a decade after Fox Corporation and News Corporation split in 2013.

His decision to bring the two arms of his media empire together came after he sold most of his Fox assets to Disney in 2019.

Spokespersons for both companies did not immediately respond when asked if Murdoch had a comment.

Leave a Comment