Rupert Murdoch has pulled the plug on a proposal to bring back together his News Corp and Fox Corp, saying the merger isn't coming at the right time for shareholders.
In similar statements on Tuesday, the companies said their boards received letters from Murdoch withdrawing the plan.
“Mr Murdoch indicated that he and (son and Fox Corp chief executive) Lachlan K Murdoch have determined that a combination is not optimal for shareholders of News Corp and Fox at this time," the statements said.
The elder Murdoch first floated merging News Corp — which owns The Wall Street Journal, New York Post, The Sun and The Times in the UK, and book publisher HarperCollins — and Fox Corp that controls Fox News, Fox Sports and local TV stations, in October, according to regulatory filings.
The media mogul had sent letters to the companies’ boards, which formed committees to look into a possible merger.
News Corp started as one company but split into two in 2013: 21st Century Fox with the entertainment assets and News Corp with publishing and media assets.
The Murdoch family controls both corporations but had spun off the Fox properties into a separate company after selling a large part of the Fox entertainment empire to Walt Disney Co. for $71 billion in a deal that closed in 2019.
In premarket trading, News Corp shares added 1.8 per cent while Fox shares rose 3.9 per cent.
Tensions flared between both nations following Canadian Prime Minister's allegations of India's 'potential' involvement in the killing of a Sikh separatist
The US-based company is a developer of vertically integrated 3D construction printing technology that makes construction cheaper, greener and more productive
It's not about chasing money; it's about gaining the freedom to spend your time as you wish, with the people you choose, without the constant worry about finances
Despite the claims by virologist Shi Zhengli, other virologists argue that the increased protection may help prevent future outbreaks
Russia's military announced the attack on the building and initially said one serviceman was killed but later said the person was not killed but missing
One officer and three of about 30 attackers killed in shootouts around the village of Banjska
The pristine samples are believed to be the leftover building blocks from the dawn of our solar system and will help scientists better understand how Earth and life formed