News Corporation has announced that the Company’s Board of Directors received a letter from Rupert Murdoch withdrawing the proposal to explore a potential combination of News Corp and Fox Corporation. Fox was spun off after the 2017 Disney acquisition of Murdoch’s 21st Century Fox.

In withdrawing the proposal, Murdoch indicated that he and Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp and FOX at this time.

Murdoch believed there were opportunities for collaboration across the business news brands of Fox and News Corp, including Fox Business, Fox News, Barron’s, MarketWatch and The Wall Street Journal, said people familiar with the plans. However, he faced resistance from some large News Corp shareholders who thought that merged company would be worth less on the stock market than the individual groups.

As a result of this action, the Special Committee of the Board of Directors of News Corp has been dissolved.

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Tags: Fox Corporation, Lachlan K. Murdoch, News Corporation, Rupert Murdoch