Rupert Murdoch will not merge his two media companies, fox and News Corp.
He made the decision in a letter sent to News Corp.’s board of directors, the company said in a press release. The high-profile media billionaire withdrew his proposed merger and indicated that he and his son, Lauchlan Murdoch, were determined that it was “not good for the shareholders of News Corp and FOX at this time,” according to in the statement.
The companies revealed the existence of merger talks in October. The plan is to merge the two into one media powerhouse, nearly a decade after they were separated into independent businesses.
A larger size gives them more resources and allows for bigger claims. But some shareholders are questioning the wisdom of combining the valuation of different parts and whether it will achieve the promised strategic goals.
Fox includes the Fox television network and Fox News, in addition to TV stations. Meanwhile, News Corp. is the house of Wall Street Journal– parents Dow Jones and HarperCollins book publishing, and other media properties.
Murdoch is chairman of Fox and executive chairman of News Corp. His son, Lachlan, is co-chair of News Corp and executive chairman and CEO of Fox.
This is a developing story, please check for updates
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