FOXA stated in its press release, “In withdrawing the proposal, Mr. Murdoch indicated that he and Lachlan K. Murdoch have determined that a combination is not optimal for the shareholders of FOX and News Corp at this time.”
The scrapping of this proposal was a result of big investors being apprehensive that the full value of the assets would not be realized in case of a merger.
According to a Financial Times report, News Corp could be in advanced talks to sell its 80% stake in Move, a real estate listing company to CoStar.
Murdoch had proposed the recombination back in October last year.
News Corp stock has gone down by around 9% in the past year.