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Rupert Murdoch’s News Corp. And Fox Abandon Potential Merger After Special Committee Found “A Combination Is Not Optimal For Shareholders”

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News Corp. and Fox Corp., both controlled by Rupert Murdoch, have abandoned a potential merger after a special committee determined that “a combination is not optimal for shareholders.” Murdoch officially notified the boards of both companies that the merger proposal was being withdrawn.

The news was relayed in a press release. Multiple shareholders in the companies had expressed their opposition to the merger in recent months.

London-based investment firm Independent Franchise Partners, which owns one of the largest stakes of any investor not named Murdoch, at about 7% in both companies, took a stand against the merger last November.

IFP said a combination would not realize the full value of both companies. That public position followed one by activist investor Irenic Capital, which owns about 2% of News Corp.

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