Rupert Murdoch abandoned plans to combine Fox and News Corporation, a move that would have united the broadcast and print publishing companies under one roof.
The two companies said in nearly identical press releases that they had received a letter from Murdoch indicating that he and his son, Lachlan, had determined that the combination of the two companies was not “ideal” for shareholders at this time.
Fox Corporation operates the right-wing Fox News channel, as well as Fox Sports and Fox TV stations. News Corporation is the parent company of The Wall Street Journal, New York Post, HarperCollins, and other popular publications.
The companies said their special committees set up to scrutinize a potential merger had been dissolved and thanked them for their “efforts in this matter”.
It is unclear why Murdoch suddenly chose to abandon the deal. But not everyone agreed to his proposal. The Independent Franchise Partners, a major investor in Murdoch’s companies, said in late November that it opposed the deal.
Murdoch proposed the deal last fall, nearly a decade after Fox Corporation and News Corporation parted ways 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.
Spokespersons for the two companies did not immediately respond when asked if Murdoch had a comment