Murdoch calls off plan to re-merge Fox, News Corp.
Jan. 24, 2023 4:46 PM ETNews Corporation (NWS), NWSA, FOX, FOXABy: Jason Aycock, SA News Editor3 Comments
- Rupert Murdoch has killed his idea to reassemble his media empire, ending the proposal to re-merge News Corp. (NASDAQ:NWS) (NASDAQ:NWSA) with Fox Corp. (NASDAQ:FOX) (NASDAQ:FOXA).
- Murdoch sent a letter to the News Corp. board withdrawing the plan.
- Murdoch suggested that he and son Lachlan Murdoch (co-chairman of News Corp. and executive chairman/CEO at Fox) determined "a combination is not optimal for shareholders of News Corp and Fox at this time."
- News Corp. has dissolved its special committee looking into the combination, and Fox has done the same.
- Stocks in the two companies are on the rise after hours: (FOX) +0.9%; (FOXA) +1%; (NWSA) +0.6%.