Rupert Murdoch explores reuniting Fox and News Corp.

President Donald Trump (L) is embraced by Rupert Murdoch, Executive Chairman of News Corp, throughout a dinner to commemorate the seventy fifth anniversary of the Battle of the Coral Sea throughout WWII onboard the Intrepid Sea, Air and Space Museum May 4, 2017 in New York.

Brendan Smialowski | AFP | Getty Images

Rupert Murdoch is exploring whether or not to place his media corporations News Corp. and Fox Corp. again collectively, in keeping with News Corp.

News Corp., which owns Wall Street Journal writer Dow Jones, mentioned Friday that it had shaped a particular committee of board members to contemplate a attainable deal. A merger is not sure, the corporate added in its announcement.

Fox Corp., which was left over from the $71.3 billion Twenty-First Century Fox sale to Disney in 2019, owns proper wing networks Fox News and Fox Business, which is a CNBC competitor.

A mixture would enable Murdoch to consolidate management in his media empire and lower prices. The discussions come because the viewers shrinks for each print media and cable tv, as readers and viewers more and more get their information and leisure from social media, on-line information and streaming providers.

The announcement could have no influence on the present operations of News Corp., CEO Robert Thomson informed staff in a memo obtained by CNBC.

“I would like to stress that the special committee has not made any determination at this time, and there can be no certainty that any transaction will result from this evaluation,” he wrote.

Thomson additionally requested staff to not speculate concerning the potential deal or make any formal feedback to media, shareholders or clients.

The information additionally comes as Fox Corp. and Fox News are dealing with a $1.6 billion defamation lawsuit from Dominion Voting Systems. Dominion argues that Fox News and Fox Business made false claims that its voting machines rigged the outcomes of the 2020 presidential election between Donald Trump and Joe Biden.

CNBC has reached out to Fox and News Corp. for remark. “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. mentioned in an announcement on Friday.

Murdoch, 91, break up Fox and News Corp. in 2013. He is the chairman of Fox and the chief chairman of News Corp. His son Lachlan Murdoch is CEO of Fox and co-executive chairman of News Corp.

The Murdoch household has a 42% voting stake in Fox and a 39% voting stake in News Corp., in keeping with the Journal. Fox’s market worth is about $17 billion, whereas News Corp.’s is about $9 billion, as of Friday’s market shut. Class A shares of News Corp. rose greater than 3% after hours, whereas Fox’s Class A shares barely moved.

News Corp. additionally contains ebook writer HarperCollins, scandal sheet the New York Post and information shops within the U.Okay. and Murdoch’s native Australia. Fox’s holdings additionally embody the Fox broadcast community, which airs “The Simpsons” and NFL video games.


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