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Murdoch Abandons Fox/News Corp Merger

Rupert Murdoch has abandoned plans to reunite his media empire, killing a proposed merger between News Corp and Fox.

“In withdrawing the proposal, Mr. Murdoch indicated that he and Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp and Fox at this time,” News Corp.’s board wrote in a statement.

“As a result of this action, the Special Committee of the Board of Directors of News Corp has been dissolved.”

Murdoch started talks of a merger last October, sending a merger proposal to the boards of Fox Corp. and News Corp. in a bid to bring assets such as The Wall Street Journal, Dow Jones, The New York Post, Foxtel, and The Australian together with the Fox TV broadcast network, Fox News, and Fox Sports.

A number of major shareholders, including Irenic Capital Management and T Rowe Price indicated they wouldn’t support such a major, which no doubt swayed Murdoch decision to scupper the deal.

Murdoch retains control of both companies through his family trust.

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