Rupert Murdoch cancels proposed merger of Fox and News Corp

Rupert Murdoch cancels proposed merger of Fox and News Corp

Rupert Murdoch, Chairman of News Corp and Co-Chairman of 21st Century Fox, arrives at the Sun Valley Resort for the annual Allen & Company Sun Valley Conference July 10, 2018 in Sun Valley, Idaho.

Drew Angerer | Getty Images

Rupert Murdoch has withdrawn the proposal to reunite Fox Corp and News Corp.

Fox said Tuesday its board had received a letter from Murdoch, its chairman, and his son Lachlan Murdoch, which “determined at the time that a combination was not optimal for shareholders” from both companies.

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The potential merger had faced opposition in recent months from shareholders who didn’t believe a merger would deliver News Corp.’s true value. would show if it merged with Fox.

A Fox spokesman did not immediately respond to comment.

In October, the companies said they had formed a special committee to review the deal.

A combination of the two companies would have united leadership in Murdoch’s empire and reduced costs. news corp belongs to Dow Jones, publisher of the Wall Street Journal. Fox owns right-wing networks Fox News and Fox Business, a CNBC competitor, with what’s left of the $71.3 billion sale of Twenty-First Century Fox to Disney in 2019.

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