News Corporation (NWS) announced that the company’s Board of Directors received a letter from K. Rupert Murdoch withdrawing the proposal to explore a potential combination of News Corp and Fox Corporation (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. As a result of this action, the Special Committee of the Board of Directors of News Corp has been dissolved. The Board would like to express its appreciation for the Special Committee’s efforts on this matter.
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Published first on TheFly
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