President Joe Biden once again gave a speech warning of the future of democracy, keying in on some GOP candidates’ refusal to commit to accepting the election results.
15.10.2022 - 01:17 / deadline.com
Media mogul Rupert Murdoch is exploring a re-combination of the family’s Fox Corp. and News Corp., which split into two separately companies nearly a decade ago. The boards of directors of both have set up committees to examine the possibility.
News Corp. said this afternoon that its board, at the request of Rupert Murdoch and the Murdoch Family Trust, has formed a special committee “composed of independent and disinterested members of the Board” to begin exploring a combination.
“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 Fox. The Special Committee has not made any determination with respect to any such potential combination at this time, and there can be no certainty that the Company will engage in such a transaction,” the News Corp. statement said.
Fox put out am identical release.
The Murdoch empire was split in two in 2013, with publishing businesses including the Wall Street Journal and Dow Jones put under the News Corp. umbrella and film and TV assets positioned at 21st Century Fox. Most of 21st Century Fox was sold to Disney for $71.3 billion in a deal that closed in 2019.
While News Corp. continued on a fairly steady trajectory in subsequent years, Fox Corp., the entity that remained after the Disney deal, was notably leaner and also lacked its predecessor company’s studio operations and stake in Hulu. Fox Corp. became a company focused on news and sports as well as a lucrative string of local TV stations. While the company has continued to generate significant cash flow, especially with Fox News Channel continuing to dominate the ratings and reap significant ad revenue,
President Joe Biden once again gave a speech warning of the future of democracy, keying in on some GOP candidates’ refusal to commit to accepting the election results.
Fox Corp. CEO Lachlan Murdoch declined to directly address deliberations about a potential reunion with corporate sibling News Corp. during Fox’s quarterly earnings call, but he readily acknowledged the importance of scale in the media business.
Fox Corp. rode a surge in political ad spending and continued growth in streaming in its fiscal first quarter, posting financial results above Wall Street analysts’ expectations.
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Brian Steinberg Senior TV Editor Rupert Murdoch is considering getting the whole gang together again — a new combination of the two big media companies his family controls. Murdoch has proposed an exploration of the potential for a merger of Fox Corp. and News Corp., two entities his family split apart in the summer of 2013. according to a filing with the U.S. Securities and Exchange Commission filed by the latter. The Wall Street Journal previously reported the decision, which would be mulled by special committees of each company’s board of directors. News Corp. said that it “formed a Special Committee composed of independent and disinterested members of the Board to begin exploring a potential combination with Fox Corporation” after it received “letters from K. Rupert Murdoch and the Murdoch Family Trust.” There is no guarantee a merger will result from the discussions, the company said.
Friday report in The Wall Street Journal.The Journal – itself part of the News Corp side of Murdoch’s holdings – says the discussions are at an “early stage,” with special exploratory board committees forming on both sides. A merger would bring the media empires back under one roof since Murdoch split his holdings in 2013 into News Corp, which is primarily publishing, and Fox Corp., mostly TV.Murdoch, 91, is currently executive chair of both companies.
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