Murdoch pulls plug on possible merger of News Corp., Fox
The media mogul’s family controls both corporations but had spun off the latter’s properties into a separate company after selling a large part of its entertainment empire to Walt Disney
Rupert Murdoch has pulled the plug on a proposal to bring back together his News Corp. and Fox Corp., saying the merger isn’t coming at the right time for shareholders.
In similar statements Tuesday, the companies said their boards received letters from Murdoch withdrawing the plan.
“Mr. Murdoch indicated that he and [son and Fox Corp. chief executive] Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp. and FOX at this time,” the statements said.
The elder Murdoch first floated merging News Corp. – which owns The Wall Street Journal, New York Post, The Sun and The Times in the UK, and book publisher HarperCollins – and Fox Corp. that controls Fox News, Fox Sports and local TV stations, in October, according to regulatory filings.
The media mogul had sent letters to the companies’ boards, which formed committees to look into a possible merger.
News Corp. started as one company but split into two in 2013: 21st Century Fox with the entertainment assets and News Corp. with publishing and media assets, including The Wall Street Journal and HarperCollins.
The Murdoch family controls both corporations but had spun off the Fox properties into a separate company after selling a large part of the Fox entertainment empire to Walt Disney Co. for $71 billion in a deal that closed in 2019.
In premarket trading, News Corp. shares added 1.8% while Fox shares rose 3.9%.
Sign up for our weekly newsletter to get more English-language news coverage from EL PAÍS USA Edition
Tu suscripción se está usando en otro dispositivo
¿Quieres añadir otro usuario a tu suscripción?
Si continúas leyendo en este dispositivo, no se podrá leer en el otro.
FlechaTu suscripción se está usando en otro dispositivo y solo puedes acceder a EL PAÍS desde un dispositivo a la vez.
Si quieres compartir tu cuenta, cambia tu suscripción a la modalidad Premium, así podrás añadir otro usuario. Cada uno accederá con su propia cuenta de email, lo que os permitirá personalizar vuestra experiencia en EL PAÍS.
En el caso de no saber quién está usando tu cuenta, te recomendamos cambiar tu contraseña aquí.
Si decides continuar compartiendo tu cuenta, este mensaje se mostrará en tu dispositivo y en el de la otra persona que está usando tu cuenta de forma indefinida, afectando a tu experiencia de lectura. Puedes consultar aquí los términos y condiciones de la suscripción digital.
