Fox founder Rupert Murdoch is looking to put the band back together, combining his TV company Fox Corp. with his newspaper company, News Corp., which owns the Wall Street Journal and the New York Post.
Fox said its board of directors received a letter from Murdoch, now the 91-year-old chairman of Fox Corp., and the Murdoch Family Trust, about the possibility of a combination, and has formed a special committee of independent directors to begin exploring it.
"The Special Committee, consistent with its fiduciary duties and in consultation with its independent financial and legal advisors, will thoroughly evaluate a potential combination with News Corp. The Special Committee has not made any determination at this time, and there can be no certainty that the Company will engage in such a transaction," Fox said.
Murdoch's son, Lachlan, is executive chairman and CEO of Fox Corp.
Murdoch's assets were all part of News Corp. until 2013, when the company split into two parts with 21st Century Fox owning its TV and movie assets and News Corp. owning its publishing business.
In 2019, Murdoch sold most of 21st Century Fox to the Walt Disney Co., for $71.3 billion, with the Fox TV network, TV stations, Fox News and Fox Sports becoming Fox Corp. ■
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Jon has been business editor of Broadcasting+Cable since 2010. He focuses on revenue-generating activities, including advertising and distribution, as well as executive intrigue and merger and acquisition activity. Just about any story is fair game, if a dollar sign can make its way into the article. Before B+C, Jon covered the industry for TVWeek, Cable World, Electronic Media, Advertising Age and The New York Post. A native New Yorker, Jon is hiding in plain sight in the suburbs of Chicago.