February 6, 2023

La Ronge Northerner

Complete Canadian News World

Rupert Murdoch cancels Fox News merger proposal

Rupert Murdoch, chairman of News Corp and co-chair of 21st Century Fox, arrives at the Sun Valley Resort of Allen & Company’s annual Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho.

Drew Anger Getty Images

Rupert Murdoch has withdrawn the re-merger proposal Fox Corp And News Corp.

Fox said Tuesday Its board of directors received a message Murdoch, its chairman, and his son Lachlan Murdoch said that he had “determined that the combination was not optimal for shareholders” in either company at the time.

merger was likely Face opposition of shareholders in recent months, who didn’t believe a merger would show News Corp.’s true value. If you merge with Fox.

A Fox spokesperson did not immediately respond to comment.

in OctoberThe companies said they had set up a special committee to look into the deal.

The combination of the two companies will have unified leadership in the Murdoch empire and cut costs. News Corp. Wall Street Journal publisher owns Dow Jones. Fox, with the remainder of the $71.3 billion from the sale of Twenty-First Century Fox to Disney in 2019, owns the Fox News and Fox Business networks, which are competitors to CNBC.

This is breaking news. . Please check back for updates

See also  Dow futures: Market slips as leaders could have cracked; Tesla, New News looming