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Rupert Murdoch scraps proposal to combine Fox, News Corp, eyes sale of Move

Several top shareholders had publicly said they opposed the proposed plan, and on Tuesday News Corp said in a statement that the combination was "not optimal for shareholders of News Corp and Fox at this time."

January 25, 2023 / 06:14 AM IST
Rupert Murdoch | News Corporation -      (Image: Reuters)

Rupert Murdoch | News Corporation - (Image: Reuters)

Rupert Murdoch reversed course on Tuesday and withdrew a proposal to re-unite News Corp and Fox Corp as the company is also exploring a sale of its stake in Move Inc., which operates the Realtor.com website, according to a regulatory filing and sources familiar with the process.

Several top shareholders had publicly said they opposed the proposed plan, and on Tuesday News Corp said in a statement that the combination was "not optimal for shareholders of News Corp and Fox at this time."

The deal would have reunited the media empire Murdoch split nearly a decade ago.

No offer was exchanged between News Corp and Fox Corp before merger deliberations were abandoned, according to sources familiar with the process, who said pushback from News Corp shareholders played a role in those plans being scrapped.