Murdoch drops plans to merge Fox, NewsCorp

Rupert Murdoch said that the plans to merge NewsCorp and FoxCorp, two media companies controlled by him, were abandoned, post investors pushing back on the deal. Murdoch said that his son Lachlan, the CEO of Fox, and himself, had observed that the merger was not feasible for the shareholders at this time. Special committees of the boards which were in charge of examining the merger have been disintegrated. The deal which was first declared in October, assured to reconnect the parent companies of the Fox Broadcast business and the Fox News, with the print news organisation including the New York Post, the Wall Street Journal, HarperCollins book publishing. The reunification, which arrived a decade after the split of the firms, was a contentious one. The merger with Fox was opposed publicly by a number of NewsCorp investors, stating that it understated assets which include the online real estate business of it. The movement was extensively seen as a way out for Lachlan to fix his hold over the family media empire. It was written by James Murdoch, the other son of Rupert, to the boards of the two companies, raising questions about the suggested deal.