News Corp, Fox Combination Scuttled

Jan 25, 2023

A plan floated by Rupert Murdoch, chairman of both News Corp, parent company of HarperCollins, and Fox Corp. to merge has been withdrawn. 

The proposal to reunite News and Fox, which Murdoch spilt apart in 2013, was first aired by Murdoch last year, but had met with pushback from various shareholders. In a letter from Murdoch and his son Lachlan to the News Corp board, the two men said that a combination of News and Fox was “not optimal for shareholders” at this time. 

There are also several reports today that News is exploring the sale of its online real estate business, Move Inc., to CoStar, a real estate information company, for about $3 billion.  If a sale is completed, it would give HC’s parent company plenty of resources to expand its book publishing business. 

 

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