New York CNN —
Rupert Murdoch has abandoned plans to merge Fox Corporation and News Corporation, a move that would have reunited his broadcasting and print publishing businesses under one roof.
The companies said in nearly identical press releases that they received a letter from Murdoch indicating that both he and his son Lachlan had determined that a combination of the two companies was not “optimal” for shareholders at this time.
Fox Corporation also operates the right-wing channel Fox News in addition to the channels Fox Sports and Fox TV. News Corporation is the parent company of The Wall Street Journal, New York Post, HarperCollins and other well-known print media.
The companies said their special committees set up to review the possible merger had been dissolved and thanked them for their “efforts on the matter.”
It’s unclear why Murdoch decided to suddenly abandon the deal. But not everyone agreed with his proposal. Independent Franchise Partners, a major investor in Murdoch’s company, said in late November that it opposed the deal.
Murdoch proposed the deal last fall, almost a decade after Fox Corporation and News Corporation split in 2013.
His move to reunite the two arms of his media empire came after he sold most of his Fox assets to Disney in 2019.
Representatives for both companies did not immediately respond when asked if Murdoch had any comment