Rupert Murdoch has started a process that could reunite his media empire, News Corp and Fox Corp disclosed on Friday, saying they would consider combining at his behest, nearly a decade after the companies split.
disclosed on Friday, saying they would consider combining at his behest, nearly a decade after the companies split.If a deal goes through, the combination will allow Murdoch greater control over his media assets and help the companies trim costs. Media companies are fighting decades-low growth in advertising sales and for users' attention against deep-pocketed social media and content websites.
Murdoch said at the time that his vast media holdings had become "increasingly complex," and that a new structure would simplify operations. The split also shielded Fox's entertainment assets from any potential financial fall-out from a phone hacking scandal involving the media conglomerate's now-defunct News of the World publication in the United Kingdom.
The thinking at the time was that separating the companies ultimately would generate value for shareholders, according to one person familiar with the decision-making. That vision was realized as Fox sold the bulk of its film and television assets to Walt Disney CoThe sale left Fox focused on live events such as news and sports, rather than "disruptable" scripted entertainment content on the streaming platforms, Wall Street analysts observed at the time.
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