Rupert Murdoch’s Fox and News Corp. merger falls apart after the Australian billionaire withdraws his proposal

Rupert Murdoch will not be combining his two companies Fox and News Corp.

He made the decision in a letter sent to News Corp.’s board of directors, the company said in a press release. The high-profile media billionaire withdrew his proposal to merge the companies and indicated that he and his son, Lauchlan Murdoch, determined that the merger was “not optimal for shareholders of News Corp and FOX at this time,” according to the statement.

This is a developing story, please check back for updates

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