A proposed reunion of two parts of Rupert Murdoch's empire has been abandoned by the media tycoon
The proposed tie-up, that was perceived in some quarters to be succession planning, is deemed"not optimal" for shareholders.A proposed reunion of two parts of Rupert Murdoch's empire has been abandoned by the media tycoon.
The two companies were split in 2013 in a move designed to draw a line between the publishing businesses, which was struggling at the time, and its entertainment division. Several top investors had since spoken out against the idea, suggesting it could have undervalued News Corp.The proposed tie-up was perceived, in some quarters, as potential succession planning by Murdoch Sr to consolidate power behind his son, the Fox chief, though that prospect was dismissed as"absurd" by the company last November.
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