News Corp. and Fox Corp., both controlled by Rupert Murdoch, have abandoned a potential merger after a special committee determined that “a combination is not optimal for shareholders.”
Multiple shareholders in the companies had expressed their opposition to the merger in recent months.
Murdoch officially notified the boards of both companies that the merger proposal was being withdrawn. The news was relayed in a press release.
The companies last year announced they were looking into reuniting more than a decade after the split of 21st Century Fox, which held film, TV and digital assets and News Corp., which became home to publishing and digital properties such as The Wall Street Journal. The $71.3 billion sale of most of 21st Century Fox to Disney netted the Murdoch family an immense haul but also left it with a much smaller company controlling Fox News, the Fox broadcast network and other TV assets.