Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho.
Drew Angerer | Getty Images
Rupert Murdoch has withdrawn the proposal to re-combine Fox Corp and News Corp.
On Tuesday, Fox said its board received a letter from its chairman, and his son, Lachlan Murdoch, that “determined that a combination is not optimal for the shareholders” of either of the companies at the time.
The potential merger had faced opposition from shareholders in recent months, who didn’t believe a merger would show the true value of News Corp. if it merged with Fox.
A Fox spokesman didn’t immediately respond to comment.
This is breaking news. Please check back for updates.
