Market News

Rupert Murdoch Scraps Proposal to Combine News Corp. and Fox

On Tuesday, Rupert Murdoch announced that he was withdrawing his proposal to look at a potential combination of FOX (FOXA) and News Corp. (NWSA).

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.

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