Rupert Murdoch explores reuniting his media empire by recombining Fox and News Corp
The move would bring assets such as Fox News and The Wall Street Journal back under one roof, nearly a decade after they split.
Rupert Murdoch is exploring a recombination of Fox Corp and News Corp, the two wings of his media empire, nearly a decade after they split, according to people familiar with the situation.
Special board committees have recently been established by both companies to study a possible deal and evaluate potential financial terms, the people said. The discussions are at an early stage, they added.
Reuniting the companies would bring Mr Murdoch’s highest-profile properties back under one roof.
Fox Corp owns Fox News and the Fox broadcast network, along with local TV stations and the Tubi streaming service. News Corp is the parent company of Dow Jones, publisher of The Wall Street Journal, as well as other assets including HarperCollins Publishers and news organisations in the UK and Australia.
Mr Murdoch’s family trust has a roughly 39 per cent voting stake in News Corp and about a 42 per cent voting stake in Fox Corp, according to securities filings from the companies.
Mr Murdoch is executive chairman of News Corp and chair of Fox Corp.
His son, Lachlan Murdoch, is co-chairman of News Corp and executive chair and chief executive of Fox.
It is possible a combination of the companies won’t occur. Other strategic alternatives also could be considered, some of the people said. Fox Corp has a market capitalisation of about $US17 billion ($27.4 billion), while News Corp’s is about $US9 billion.
Mr Murdoch, 91 years old, built an empire over several decades, turning an Australian newspaper company into a global business spanning publishing, entertainment and TV news, as he acquired or created iconic brands.
In 2013, Mr Murdoch split up his holdings. The publishing assets went into a new publicly traded company, which took on the company’s legacy name, News Corp. The other business, including TV and film assets, was named 21st Century Fox and eventually became Fox Corp.
In a memo to staff, News Corp Chief Executive Robert Thomson confirmed the company has formed a special committee to consider the idea of reuniting with Fox Corp. “At News Corp, we are constantly pursuing ways to enhance our performance and expand our businesses, and the upheaval in media presents both challenges and opportunities,” he wrote. “However, 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 its evaluation.” It is possible a combination of the companies won’t occur. Other strategic alternatives also could be considered, some of the people said.
The Wall Street Journal
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