Murdochs Mull New Fox, News Corp.

By | October 17, 2022

Rupert Murdoch is considering reuniting the entire group – a new combination of the two largest media companies controlled by his family.

Murdoch proposed to explore the possibility of a merger between Fox Corporation and News Corporation. The family separated in the summer of 2013. In Fox Corporation, The Wall Street Journal previously reported the decision, which will be considered by special committees of each company’s board of directors.

After receiving “letters from K. Rupert Murdoch and the Murdoch Family Trust,” News Corp. said it “formed a special committee of independent and disinterested board members to begin exploring a possible merger with Fox Corporation.” The company said there is no guarantee that a merger will come through the discussions. Fox offered a similar assessment.

The realignment of assets will combine the Fox Broadcast Network, Fox News Channel and Fox Sports with HarperCollins’ publishing company, Dow Jones & Co.’s financial-publishing business and various newspaper holdings around the world. Even then, the institutions are smaller than they used to be. Fox sold its cable and studio assets to Walt Disney in 2017, and News Corp. no longer includes operations such as News America Marketing, which it sold to a private equity firm in 2020.

“As a company, we’re always looking for opportunities to strengthen and grow our business,” said Lachlan Murdoch, Rupert’s son and a senior executive at News Corp. and Fox Corp. Employees in the memo. “But I want to emphasize that the special committee has not made any decisions at this time and cannot be sure that any transaction will come through the review.”

The potential for a new merger of the two entities has put pressure on traditional media companies to step up a notch as they face competition from tech giants like Amazon, Apple and Netflix that can broadcast digitally and around the world without distribution restrictions. Blocking linear cable and distribution channels. Others felt the same pressure. Shari Redstone In 2006, her father, Summer Redstone, decided to re-merge the former CBS Corporation and Viacom Inc.

Spokesmen for News Corp. and Fox Corp. did not immediately respond to requests for comment.

Rupert Murdoch is the chairman of News Corp. and the chairman of Fox Corp. His son Lachlan Murdoch is the chairman of News Corp. and the CEO and CEO of Fox. The family trust controls approximately 39% of the voting stock in News Corp. and 42% of the voting stock in Fox Corp.

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