Media magnate Rupert Murdoch has backed down from his intention to merge News Corporation, the company he runs, with Fox Corporation, which owns the Fox News television network. The plan went through to reunify the publishing and television and entertainment businesses in a single company, after its spin-off in 2013.
The boards of directors of both companies have confirmed in a statement that they have received a letter from Murdoch withdrawing the proposal to explore a possible combination between News Corp and Fox Corporation. As a result of this action, both the special committee of the board of directors of News Corp and that of Fox Corporation have been dissolved.
In this sense, they indicated that the nonagenarian Australian businessman, naturalized American, as well as his eldest son, Lachlan K. Murdoch, who holds the position of CEO of Fox, “have determined that an association is not optimal for shareholders of origin News Corp and Fox at this time.”