Murdochs pull bid to combine News Corp and Fox Corp
Rupert Murdoch has pulled back his bid to merge News Corp. and Fox Corp., two of his largest media properties, four months after floating the idea of combining them.
The News Corp board of directors said Tuesday it had received a letter from the conservative media mogul withdrawing the proposal to explore a potential combination of News Corp. and Fox Corp.
In withdrawing the proposal, Murdoch indicated that he and his eldest son, Lachlan Murdoch, who is executive chairman of Fox Corp., determined that “a combination is not optimal for shareholders of News Corp and FOX at this time,” the company said in a statement.
In October, News Corp., which owns The Wall Street Journal and the New York Post, announced the formation of a special committee that would explore a potential merger with Fox Corp., which runs Fox News and affiliated stations and media.
The two companies were combined once before, until Rupert Murdoch divided them up in 2013.
The recent bid to combine the two massive media properties reportedly drew concerns and criticisms from investors.
The decision to pull back on a potential merger is significant for Rupert Murdoch, 91, who is considered one of the most powerful and influential figures in the world of politics and media and entertainment.