Rupert Murdoch has halted his plans to combine the two parts of his media empire.
News Corp, one of Mr. Murdoch’s media companies, said in a statement on Tuesday that he had determined that combining it and the Fox Corporation was “not optimal for shareholders of News Corp and Fox at this time.”
The boards of both media companies disclosed in October that Mr. Murdoch had proposed reuniting the two companies, nearly 10 years after they split up.
Both Fox and News Corp established independent committees of their boards to evaluate a possible deal. But the prospect faced significant investor pushback.
The deal, if it had gone through, would have put a collection of news and entertainment assets including Fox News, The Wall Street Journal, the Fox broadcasting network and TMZ under the same corporate umbrella. When it was initially proposed, Mr. Murdoch was said to be interested in the potential for cost savings