in

Rupert Murdoch is tight-lipped about possible News Corp.-Fox merger

Advertisements

Rupert Murdoch has backed down on a proposal to reunify News Corp. and Fox Corp., saying the merger was not the right time for shareholders.

In a similar statement on Tuesday, both companies said their boards had received a letter from Murdoch to withdraw the plans.

“Murdoch has indicated that he and[son and Fox CEO]Lachlan K. Murdoch have determined that they are not the best match for News and Fox shareholders at this time,” the statement said. said.

Elder Murdoch first established News Corporation, which owns the Wall Street Journal, New York Post, The Sun, and The Times in the UK and owns book publisher HarperCollins, as well as Fox News and Fox Sports. , proposed to merge with the Fox Corporation, which controls local television stations. , in October, according to regulatory filings.

The media mogul wrote to the boards of both companies, who formed a committee to investigate a potential merger.

News Corp. started as one company, but split into two in 2013. 21st Century Fox owns entertainment properties and News Corp. owns publishing and media properties (such as The Wall Street Journal and HarperCollins).

The Murdoch family controls both companies, but they’ve sold Fox’s assets to separate companies after selling much of Fox’s entertainment empire to The Walt Disney Company for $71 billion in a deal finalized in 2019. spun off.

In pre-market trading, News Corporation shares were up 1.8% and Fox shares were up 3.9%.


Advertisements
Advertisements

What do you think?

Written by Natalia Chi

Chicago Popular; Chicago breaking news, weather and live video. Covering local politics, health, traffic and sports for Chicago, the suburbs and northwest Indiana.

Leave a Reply

Shots fired at police, driver on NW Side overnight

Here’s the latest timeline for when winter weather returns to Chicago, snowfall forecast