Rupert Murdoch is exploring a recombination of Fox and News Corp nearly a decade after they split, according to people familiar with the situation
Mr. Murdoch is executive chairman of News Corp and chairman of Fox Corp. His son Lachlan Murdoch is co-chairman of News Corp and executive chairman and chief executive of Fox.
The Murdoch family trust has a roughly 39% voting stake in News Corp and about a 42% voting stake in Fox Corp., according to securities filings from the companies. The trust’s ownership of the combined company would be expected to stay roughly around those levels, some of the people said. The merger would likely be structured as a stock deal, some of the people said. The exchange ratio, reflecting the relative value of each company, would be negotiated by the board committees, they said. Fox had a market value of about $17 billion as of the close of trading Friday, while News Corp’s was about $9 billion.
It is possible a combination of the companies won’t occur. Other strategic alternatives also could be considered, some of the people said. The elder Mr. Murdoch, 91 years old, built an empire over several decades, turning an Australian newspaper company into a global business spanning publishing, entertainment and TV news, as he acquired or created iconic brands.. The publishing assets went into a new publicly traded company, which took on the company’s legacy name, News Corp. The other business, including TV and film assets, was named 21st Century Fox and eventually became Fox Corp.
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