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    NewsUSA and CanadaMurdoch withdraws proposed merger between News Corp. and Fox

    Murdoch withdraws proposed merger between News Corp. and Fox

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    FILE – Rupert Murdoch introduces Secretary of State Mike Pompeo at the Herman Kahn Award presentation, New York, October 30, 2018. Rupert Murdoch has vetoed a proposal to merge his two companies News Corp. and Fox, because he says the operation happened at an inopportune moment for the shareholders. In similar statements on January 24, 2023, the two companies said their boards received letters from Murdoch in which he was withdrawing the plan. (AP Photo/Mary Altaffer, File)

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    Rupert Murdoch has vetoed a proposal to merge his two companies News Corp. and Fox, because according to him, the operation was taking place at an inopportune time for shareholders. In similar statements Tuesday, the two companies said their boards received letters from Murdoch in which he withdrew the plan.

    “Mr. Murdoch indicated that he and (his son and Fox CEO) Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp. and Fpx at this time,” the statements said.

    Murdoch Sr. had formulated the idea of ​​merging News Corp.—owner of The Wall Street Journal and New York Post in the United States, and The Sun and The Times in Britain, as well as publisher HarperCollins—with Fox Corp., which controls Fox News, Fox Sports and local stations, in October, according to documents sent to the regulatory authority.

    The businessman had sent letters to the boards of companies, which formed commissions to study a possible merger.

    News Corp. started out as one company but split in two in 2013: 21st Century Fox with entertainment assets and News Corp. with publishing and newspaper assets like The Wall Street Journal and HarperCollins.

    The Murdoch family controls the two companies, but had formed a separate one with the Fox assets after selling a large part of the Fox entertainment empire to Walt Disney Co. for $71 billion in a transaction completed in 2019.

    In pre-market trading, News Corp. shares rose 1.8% and Fox 3.9%.



    Source: El Nuevo Herald

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