Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho.
Drew Angerer | Getty Images
Rupert Murdoch has withdrawn his proposal to re-combine Fox Corp and News Corp.
Fox said Tuesday its board received a letter from Murdoch, its chairman, and his son and Fox CEO Lachlan Murdoch that “determined that a combination is not optimal for the shareholders” of either of the companies at the time.
The potential merger had faced opposition from shareholders in recent months, who didn’t believe a merger would show the true value of News Corp. if it merged with Fox.
News Corp CEO Robert Thomson told employees Tuesday the decision to call off the proposed deal would have no impact on employees, according to a memo reviewed by CNBC. He also urged them to keep…
