Fox Corp said on Tuesday that Rupert Murdoch had scrapped a proposal to combine the company with News Corp, in a deal that would have reunited the media empire he split nearly a decade ago.
Murdoch sent a letter to News Corp and Fox withdrawing his proposal to reunite the companies, according to a regulatory filing. He stated that he and his son, Fox Corp chief executive Lachlan Murdoch, had determined that the combination is not optimal for shareholders.
Prominent News Corp investors have been critical of the proposal.
The special committees of the Fox and News Corp boards that were reviewing the proposed merger have now been dissolved, the companies said in statements.
The merger would have effectively reunited them.