The News Corp. (NASDAQ:NWS) (NASDAQ:NWSA) special committee tasked with examining a potential recombination with Fox (NASDAQ:FOX) (NASDAQ:FOXA) has hired legal and financial advisers to dig into Rupert Murdoch's proposal.
In an update, the Special Committee says it's retained PJT Partners as a financial adviser and Sullivan & Cromwell as its legal adviser.
It hasn't made any determination about a possible combination of the companies at this time.
"The Special Committee is cognizant of its fiduciary duties in representing the shareholders of News Corp (NWSA), and will provide further updates as and when the Special Committee deems such updates are appropriate or required," the group says in a statement.
The committee comprises all the independent directors not affiliated with the Murdoch family - Kelly Ayotte, José María Aznar, Natalie Bancroft, Ana Paula Pessoa, and Masroor Siddiqui - and is chaired by Lead Independent Director Siddiqui.
Murdoch and the Murdoch Family Trust have indicated they won't vote for such a combination unless it's recommended by the Special Committee and wins over a majority of nonaffiliated stockholder voters.
The process was launched with a push from Rupert Murdoch to examine combining the two, a move that would reunite a formerly wide-ranging media empire that's spent nearly a decade as separate entities.