Rupert Murdoch Drops Reunification of News Corp and Fox Corp

A proposed reunion of the two parts of Rupert Murdoch’s empire has been abandoned by the media mogul.

The 91-year-old and his son Lachlan came up with the idea of ​​merging News Corporation, the US company that operates The Wall Street Journal, Harper Collins, and The Times, with Fox Corporation, owner of Fox News.

The two companies split in 2013 to separate their then-struggling publishing and entertainment divisions.

News Corp’s board of directors said last year it formed a committee to independently assess whether recombining the two businesses would be in the interest of shareholders.

Since then, several top investors have spoken out against the idea, suggesting they may have undervalued News Corp.

of Murdoch Families control approximately 40% of the entity.

The proposed alliance was perceived as a potential succession plan to consolidate the power behind Murdoch Sr.’s son, Chief of Fox.

News Corp said:

“In withdrawing his proposal, Murdoch indicated that he and Lachlan K. Murdoch were not the best match for News Corp and Fox shareholders at this time.

News Corp is considering selling its stake in Move, operator of the website, to CoStar Group for about $3 billion, according to Reuters.

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