Rupert Murdoch scraps plan to combine Fox and News Corp trends now
Rupert Murdoch has scrapped his plan to combine Fox Corp and News Corp, a deal that would have reunited two halves of the media empire he split nearly a decade ago.
Murdoch sent a letter to the two companies withdrawing his proposal to re-unite them, according to a regulatory filing on Tuesday.
He indicated that he and his son, Fox Corp CEO Lachlan Murdoch, had determined that the combination is 'not optimal for the shareholders'.
Prominent News Corp investors have been critical of the proposal, arguing that it would undervalue shares of that company, which owns the New York Post and Wall Street Journal publisher Dow Jones.
Fox Corp owns Fox News, Fox Business and Fox Sports, after spinning off its film and television studio assets in a $71.3 billion sale of Twenty-First Century Fox to Disney in 2019.
Rupert Murdoch has scrapped his plan to combine Fox Corp and News Corp, saying he and son Lachlan Murdoch had determined that the combination is 'not optimal for the