Australia Media Tycoon Rupert Murdoch with $17 Billion Fortune Terminate Plans to Merge $9 Billion News Corp & $16 Billion Fox News 10 Years after Split, Brands Include Wall Street Journal, Dow Jones, The Sun, The Australian & Realtor.com
26th January 2023 | Hong Kong
Australia media tycoon Rupert Murdoch (Age 91) with $17 billion fortune (Murdoch & the Murdoch Family Trust) News Corp and Fox News have announced the termination of the merger plan (24/1/23), first announced in October 2022. Rupert Murdoch had requested the News Corp & Fox News Board to review plan to merge $9 billion News Corp & $16 billion Fox News (market capitalisation), around 10 years after their split. News Corp owns leading brands including Wall Street Journal, Dow Jones, The Sun, The Australian, New York Post, Realtor.com & REA Group. Should the merger go through, the combined group will create a diversified global news, sport and digital giant. News Corp: “News Corp … . following the receipt of letters from K. Rupert Murdoch and the Murdoch Family Trust, has formed a Special Committee composed of independent and disinterested members of the Board to begin exploring a potential combination with Fox Corporation.”
” Australia Media Tycoon Rupert Murdoch with $17 Billion Fortune Terminate Plans to Merge $9 Billion News Corp & $16 Billion Fox News 10 Years after Split, Brands Include Wall Street Journal, Dow Jones, The Sun, The Australian & Realtor.com “
News Corp ($9 billion) valuation comes from its $5.7 billion shareholding in REA Group, and The Dow Jones group & remain businesses are valued at $3.4 billion. Fox Corporation produces and distributes compelling news, sports and entertainment content through its primary iconic domestic brands, including FOX News Media, FOX Sports, FOX Entertainment and FOX Television Stations, and leading AVOD service Tubi.
Official Press Release – News Corp
News Corporation (“News Corp” or the “Company”) (Nasdaq: NWS, NWSA; ASX: NWS, NWSLV) announced today that the Company’s Board of Directors, following the receipt of letters from K. Rupert Murdoch and the Murdoch Family Trust, has formed a Special Committee composed of independent and disinterested members of the Board (the “Special Committee”) to begin exploring a potential combination with Fox Corporation (“Fox”) (Nasdaq: FOXA, FOX).
The Special Committee, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will thoroughly evaluate a potential combination with Fox. The Special Committee has not made any determination with respect to any such potential combination at this time, and there can be no certainty that the Company will engage in such a transaction.
Neither the Company nor the Special Committee intends to comment on or disclose further developments regarding the Special Committee’s work unless and until it deems further disclosure is appropriate or required.
News Corp
The company comprises businesses across a range of media, including: digital real estate services, subscription video services in Australia, news and information services and book publishing. Headquartered in New York, News Corp operates primarily in the United States, Australia, and the United Kingdom, and its content and other products and services are distributed and consumed worldwide.
Fox Corporation
Fox Corporation produces and distributes compelling news, sports and entertainment content through its primary iconic domestic brands, including FOX News Media, FOX Sports, FOX Entertainment and FOX Television Stations, and leading AVOD service Tubi.
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