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Murdochs drop proposal to recombine Fox and News Corp, say 'not optimal'

The move was widely seen as a way for Lachlan Murdoch to cement his control over the family media empire.

Christopher Palmeri and Liana Baker | Bloomberg

Premium

Rupert Murdoch. Photo: Bloomberg

2 min read Last Updated : Jan 25 2023 | 11:47 PM IST

Rupert Murdoch said he was abandoning plans to explore a recombination of Fox Corp and News Corp, two media companies he controls.

Fox said Tuesday that it had received a letter from Murdoch saying that he and his son Lachlan, the chief executive officer of Fox, had determined a combination was “not optimal” for the shareholders at this time. News Corp issued a similar release. Special committees of the boards that were examining the merger have been dissolved.

The deal, first announced in October, promised to reunite the parents of Fox News and the Fox broadcast business with the print news operation that includes the Wall Street Journal, the New York Post and HarperCollins book publishing. The recombination, coming a decade after the companies had first split up, was a controversial one, however.