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Billionaire media mogul Rupert Murdoch on Tuesday withdrew a proposal to potentially reunite his broadcasting company Fox Corporation and publishing firm News Corporation as a single entity, which would have brought major media outlets like the Wall Street Journal and Fox News under the same umbrella.

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Murdoch, 91, called off the idea to combine the two publicly traded companies after determining “a combination is not optimal for shareholders,” according to a statement from News Corp.

News Corp. said in October it had formed a special committee to consider a reunion in response to a request from Murdoch and the Murdoch Family Trust.

Share prices of Fox Corp.—the larger of the two companies—rose more than 2.3% in after-hours trading Tuesday afternoon to $31.25, while News Corp.’s stock slid 0.15% after-hours to $19.50.

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