Rupert Murdoch called off his effort to merge the two parts of his media empire, News Corp NWS, +4.60% and Fox Corp. FOX, +2.63% , saying the transaction “is not optimal” for shareholders of the companies at this time. Murdoch proposed reuniting News Corp and Fox last fall, nearly a decade after they split apart. In statements on Tuesday, the boards of the two companies said they received a letter from Murdoch withdrawing the proposal.

Source: Wall Street Journal January 24, 2023 23:36 UTC