Fox Considering Best Interests “Of All Its Shareholders” In Possible News Corp. Merger, CFO Promises After Big Investors Sound Off
deadline.comFox CFO Steven Tomsic promised that “whatever happens” as its board considers merging with News Corp., creating value for shareholders “will be at the forefront of everyone’s mind.” Last month, Rupert Murdoch asked special committees of Fox and News Corp.
directors to evaluate re-merging the two companies. Since then, several shareholders on both sides have publicly protested that a new combination — bringing assets like Fox News, the Fox broadcast network, The Wall Street Journal and Dow Jones under a single umbrella — doesn’t make sense for either one. “I think when the announcement came out in October, it was probably closer to the start of the process than the end of the process,” Tomsic said at the UBS media conference. “So I think that it is now in the hands of the Fox Corp.
special committee, and News Corp. has its own special committee, so they will be very concerned and very deliberate and.. will make the right decision.” He said the Murdochs have a good track record – splitting off 20th Century Fox from the “old, old News Corp.,” resulting in a standalone Fox Corp.
and News Corp., and taking “what is the value maximizing approach for the company and all its shareholders and I think those principles will continue to hold true.” News Corp.
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