Share
Getting your Trinity Audio player ready...
|
Rupert Murdoch has pulled the plug on a proposal to bring back together his News Corp. and Fox Corp., saying the merger isn’t coming at the right time for shareholders.
In similar statements Tuesday, the companies said their boards received letters from Murdoch withdrawing the plan.
“Mr. Murdoch indicated that he and (son and Fox Corp. chief executive) Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp. and Fox at this time,” the statements said.
Germany was “acting in close coordination” with its international allies, he added.The elder Murdoch first floated merging News Corp. — which owns The Wall Street Journal, New York Post, The Sun and The Times in the U.K., and book publisher HarperCollins — and Fox Corp. that controls Fox News, Fox Sports and local TV stations, in October, according to regulatory filings.
The media mogul had sent letters to the companies’ boards, which formed committees to look into a possible merger.
News Corp. started as one company but split into two in 2013: 21st Century Fox with the entertainment assets and News Corp. with publishing and media assets.
The Murdoch family controls both corporations but had spun off the Fox properties into a separate company after selling a large part of the Fox entertainment empire to Walt Disney Co. for $71 billion in a deal that closed in 2019.
In premarket trading, News Corp. shares added 1.8% while Fox shares rose 3.9%.
RELATED TOPICS:
Egypt Sends Delegation to Israel, Its Latest Effort to Broker a Cease-Fire Between Israel and Hamas
1 hour ago
Antony Blinken Meets With China’s President Xi as US, China Spar Over Bilateral and Global Issues
1 hour ago
Key Questions About CA Budget Deficit Unanswered as Deadlines Loom
5 hours ago
Is This Your Next BFF? Meet Girlfriend, a Professionally Trained Adventure Dog!
5 hours ago
Tennessee Lawmakers Pass Bill Criminalizing Adults Assisting Minors in Gender-Affirming Care
18 hours ago
Did Arias ‘Weaponize’ City Attorney’s Office by Requesting Documents from Smittcamp?
19 hours ago
Google Parent Reports Another Quarter of Robust Growth, Rolls Out First-Ever Quarterly Dividend
19 hours ago
Andy Reid and Taylor Swift Agree: Fresno’s Xavier Worthy Is a Great 1st-Round Draft Pick