Business

Rupert Murdoch abandons plan to recombine Fox and News Corp


New York
CNN

Rupert Murdoch has abandoned plans to combine Fox Corporation and News Corporation, a move that would have reunited his radio and print publishers 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 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 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 committee that had been set up to investigate the possible merger had been disbanded and thanked them for their “effort in this matter.”

It is unclear why Murdoch has chosen to suddenly abandon the agreement. But not everyone was on board with his proposal. Independent Franchise Partners, a significant investor in Murdoch’s companies, said in late November that it opposed the deal.

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

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

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

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