The Murdoch family is tamping down its push to merge the two media conglomerates it controls after some investors seemed lukewarm to the idea.
Rupert Murdoch sent a letter to the board of directors of News Corp. on Tuesday, informing the group that he had decided to withdraw his recent proposal to recombine the two companies, which his family, controlling shareholders of both, split apart in 2013.
Murdoch, and his son Lachlan, who holds senior executive posts at both companies, ” have determined that a combination is not optimal for shareholders of News Corp and Fox at this time,” News Corp. said in a statement.
Murdoch in October proposed an exploration of the potential for a merger, which had to be completed by special committees of both corporations. A re-combination of the assets would have paired the Fox broadcast network, Fox News Channel and Fox sports with the Harper Collins publishing company, the Dow Jones & Co. financial-publishing business and various newspaper holdings around the world. Even so, the entities were smaller than they once were. Fox sold off its cable and studio assets to Walt Disney Co. in 2017 and News Corp. no longer includes such operations as News America Marketing, which it sold to a private-equity firm in 2020.
More to come…
Originally published at variety.com