Rupert Murdoch won’t be merging his two media companies, Fox & News Corp.
The company released a statement saying that he made the decision in a written letter to News Corp.’s board. According to the statement, the media billionaire and high-profile media mogul withdrew his proposal merger and stated that he and Lauchlan Murdoch decided that it was not “optimal for shareholders of News Corp. and FOX at this point.”
In October, the companies revealed that they were in talks to merge. The goal was to merge the two companies into one media powerhouse, almost a decade after their separation into separate businesses.
They would have more resources and be able to make bigger acquisitions if they were larger. Some shareholders were skeptical about the wisdom of the merger, particularly the valuation of various parts and the promise of strategic goals.
Fox also includes Fox News and Fox TV. News Corp. houses Wall Street Journal, parent Dow Jones, and HarperCollins, as well as other media properties.
Murdoch is the chairman of Fox News Corp. He is also executive chairman of News Corp.
This is an evolving story. Please check back for updates.
The Trust Factor is a weekly newsletter that teaches leaders how to build trust and navigate the business world. Sign up now.
