Rupert Murdoch drops plan to reunite Fox and News Corp

January 24, 2023 0 Comments



New York
CNN
,

Rupert Murdoch has abandoned plans to merge Fox Corporation and News Corporation, a move that would have reunited his broadcast and print publishing companies under one roof.

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

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

The companies said their special committees set up to investigate the potential merger had been disbanded and thanked them for “their efforts on this matter”.

It is not clear why Murdoch suddenly decided to abandon the deal. But not everyone agreed with his proposal. Independent Franchise Partners, a significant investor in Murdoch’s companies, said in late November that it opposed the deal.

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

In 2019 he made moves to reunite the two arms of his media empire after selling most of his Fox assets to Disney.

Spokespeople for both companies did not immediately respond when Murdoch was asked if he had any comment.

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