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Fortune

Business

Azure Gilman

Rupert Murdoch's Fox and News Corp. merger falls apart

Rupert Murdoch News Corp Fox

Rupert Murdoch attends the 2019 Vanity Fair Oscar Party (Credit: Photo by Axelle/Bauer-Griffin/FilmMagic)

Rupert Murdoch will not be combining his two media companies, Fox and News Corp.

He made the decision in a letter sent to News Corp.'s board of directors, the company said in a press release. The high-profile media billionaire withdrew his proposed merger and indicated that he and his son, Lauchlan Murdoch, determined that it was "not optimal for shareholders of News Corp and FOX at this time," according to the statement.

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