Rupert Murdoch Withdraws Proposal For News Corp-Fox Merger

Rupert Murdoch, who controls both News Corp. (NWS,NWSA) and Fox Corp. (FOXA,FOX), has withdrawn a proposal to explore a possible merger of the media companies.

In a letter to the companies, Murdoch said he and Lachlan Murdoch determined that a combination is not optimal for shareholders of News Corp and FOX at this time.

Multiple shareholders in the companies had reportedly expressed their opposition to the merger in recent months.

As a result of the action, News Corp. and Fox Corp said they dissolved their Special Committee of the Board of Directors.

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