Saturday, December 3, 2022

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    News Corp explores merger with Fox Corporation to reunite Murdoch's empires

    News Corporation is exploring a potential merger with Fox Corporation to reunite Rupert Murdoch’s empires under one roof again.

    News Corp said the company would “evaluate a potential combination with Fox” but did not commit to any deal. 

    Murdoch split the empire in 2013, creating News Corp to house its print business, which includes The Australian, The Times, The Wall Street Journal, as well as The Sun, New York Post and Daily Telegraph.

    Murdoch’s TV and entertainment business were grouped under 21 st Century Fox, which was sold to Disney for $71 billion in 2019. The deal saw Disney acquire Fox film and TV studios, FX networks, National Geographic and Star India. The content was used to bolster Disney’s assets to launch Disney+ to take on Netflix and Amazon.

    Murdoch formed Fox Corporation to house its news and sports businesses, including Fox News, which had previously sat within 21 st century Fox.

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    A News Corp statement said,  “The Company’s Board of Directors, following the receipt of letters from K. Rupert Murdoch and the Murdoch Family Trust, has formed a Special Committee composed of independent and disinterested members of the Board to begin exploring a potential combination with Fox Corporation.

    “The Special Committee, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will thoroughly evaluate a potential combination with Fox.

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    “The Special Committee has not made any determination with respect to any such potential combination at this time, and there can be no certainty that the Company will engage in such a transaction.”

    Rupert Murdoch remains chairman of Fox Corp and executive chairman of News Corp. His youngest son Lachlan Murdoch is the executive chairman and CEO of Fox and co-chairman of News Corp.

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