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Murdoch cancels a potential merger between News Corporation and Fox

By 01/25/2023 6:39 PMNo CommentsBy YidInfo Staff

A plan to once again merge News Corp. and Fox Corp. has been abandoned by Rupert Murdoch, who claims that the timing of the merger is not favorable to shareholders.

In related announcements on Tuesday, the businesses said Murdoch had sent letters to their boards retracting the proposal.

“Mr. Murdoch stated that he and Lachlan K. Murdoch, his son and the CEO of Fox Corporation, “have determined that a combination is not best for shareholders of News Corp. and Fox at this time.”

According to regulatory filings, the older Murdoch first suggested combining News Corp., which owns local TV stations, HarperCollins, The Wall Street Journal, The New York Post, The Sun, and The Times in the U.K., with Fox Corp., which runs Fox News, Fox Sports, and The Wall Street Journal.

The boards of the corporations received letters from the media magnate, and they set up committees to investigate the possibility of a merger.

Originally one organization, News Corp. split into two in 2013: News Corp. took over publishing and media businesses, while 21st Century Fox took care of the entertainment-related holdings.

The Fox properties were split out into a distinct company by the Murdoch family, which owns both businesses, after selling a sizable portion of the Fox entertainment empire to Walt Disney Co. for $71 billion in a deal that was finalized in 2019.

 

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