Rupert Murdoch, the giant of the news world, gave up media integration

According to the report of Fars news agency, quoted by varietyThe Murdoch family abandoned its goal of merging the two media companies it controls after some investors expressed displeasure with the idea.

Rupert Murdoch sent letters to the boards of News Corp and Fox Corp on Tuesday, informing both groups that he has decided to withdraw from his latest proposal to combine the two companies, in which his family is a shareholder in each. The two separated in 2013.

Murdoch and his son Lachlan, who holds senior executive positions at both companies, have concluded that a merger between news giants News Corp and Fox is not optimal at this time.

In October, Murdoch proposed a review of the merger of the two media giants, which should have been carried out by special committees of both companies. Recombining these assets would combine Fox Broadcasting Network, Fox News Channel and Fox Sports with HarperCollins Publishing, Dow Jones’ financial-publishing business and various newspaper holdings around the world. However, the entities were smaller than before.

Fox sold its cable and studio assets to The Walt Disney Company in 2017, and News Corp. no longer includes operations such as News America Marketing, which it sold to a private equity firm in 2020.

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