Murdoch plans to combine Fox and News Corp into one company

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  • Rupert Murdoch plans to reunite Fox Corp and News Corp.
  • The companies split in two in 2013, with the IPO of News Corp.
  • Murdoch is 91 and has worked in the media industry for decades.

Almost a decade after Fox and News Corp divide aside, conservative media mogul Rupert Murdoch explores the coming together of the two main arms of his media empire.

On Friday evening, News Corp announced that it had formed a special committee to begin reviewing a potential combination with Fox, following letters from Murdoch and the Murdoch Family Trust.

The announcement confirmed an earlier Wall Street Journal report, who broke the news, that special committees of the board of directors have been created by the two companies to evaluate the potential agreement and the financial conditions. Talks still in early stages, sources say Told The newspaper.

A source told Insider on Friday night, “The rumor has been around for three weeks” and speculated that a consolidation would likely mean future job cuts.

Fox employs 10,600 employees, according to the 2022 annual report, while News Corporation employs 25,500.

About 9,000 News Corp employees are based in the United States.

Another source said, “I’ve been hearing for a while that he wants to join them now that Fox is a lot smaller.”

Murdoch’s holdings were united as News Corp, until 2013, when they split in two.

The two companies parted ways following the News of the World hacking scandal, which involved private detectives working with journalists to hack into the phones of story targets. Fox’s American investors were unhappy that television assets had been tarnished by the issue, and Murdoch split the two companies, combining weaker newspaper assets, including the Journal and the New York Post, with pay-TV operations. Australians and a digital real estate company.

At the time, the company’s publishing services were transferred to a new publicly traded company that retained the News Corp name. While the television and film assets were rebranded under a private company called 21st Century Fox, according at La Revue. In 2019, 21st Century Fox reached an agreement to sell most of its assets to Disney for $71.3 billion.

The latter was eventually renamed Fox Corp and now owns Fox News, the Fox Broadcast network, local television stations and the Tubi streaming service. The company is currently run by Murdoch’s son, Lachlan.

In May 2021, the younger Murdoch told Insider that “it’s a great job.” He added, “It’s the one I look forward to decades and decades into the future.”

Murdoch, now 91, is an Australian-born businessman who has transformed the media industry over the past decades. His empire reaches viewers and readers around the world.

In his interview with Insider, Lachlan Murdoch said of his father, “He’s just an inspiring thinker and someone who, when spoken to, like I do a lot, always inspires his curiosity.”

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