Rupert Murdoch has abandoned plans to combine Fox Corporation and News Corporation, a move that would have reunited his broadcasting 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, determined 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 of The Wall Street Journal, New York Post, HarperCollins, and other iconic print publications.
The companies said that their special committees that had been created to examine the possible merger had been dissolved and thanked them for their “efforts on this matter.”
It is unclear why Murdoch has chosen to suddenly abandon the deal. 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 apart 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.
Spokespeople for both companies did not immediately respond when asked whether Murdoch had a comment