Rupert Murdoch cancels merger proposal for Fox-News Corp.

Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort for the annual Allen & Company Sun Valley Conference on July 10, 2018 in Sun Valley, Idaho.

Drew Angerer | Getty Images

Rupert Murdoch withdraws offer to reunite Fox Corp and News Corporation.

Fox said on Tuesday his board received a letter from Murdoch, its chairman, and his son Lachlan Murdoch, who “determined that the combination was not optimal for the shareholders” of either company at the time.

In recent months, the potential merger has faced opposition from shareholders who didn’t believe the merger would show the true value of News Corp. if it merged with Fox.

A Fox spokesperson did not immediately respond to the comment.

In October, the companies said they had set up a special committee to review the deal.

Merging the two companies would provide unified leadership in Murdoch’s empire and cut costs. News Corp. owns Wall Street Journal publisher Dow Jones. Fox, with what’s left of its $71.3 billion sale of Twenty-First Century Fox to Disney in 2019, owns the right-wing networks Fox News and Fox Business, which are rivals to CNBC.

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