Rupert Mrdoch has killed off a proposal to re-merge Fox and News Corporation.
The News Corp founder wrote to the News Corp board of directors withdrawing the proposal to explore a potential combination.
Murdoch indicated that he and his son, Lachlan Murdoch, co-chair of News and executive chair and CEO of Fox, have determined that a combination is not optimal for shareholders of News Corp and Fox at this time.
The Murdoch family trust has about 39% in News Corp and 42% of Fox.
Fox was split off in 2013 to get maximum value from the growing cable business. Now streaming media is on the ascendancy.
News Corp, under CEO Robert Thomson, has increased advertising and digital subscription revenues and positioned the Dow Jones division as a high value asset with premium content.
Fox’s entertainment holdings were sold to Disney for $71.3 billion in 2019.
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