Fox will be actively pursuing M&A opportunities now that it won’t be merging with News Corp. Outside shareholders of both of the Murdoch family holdings had protested after patriarch Rupe…
and a solid balance sheet. Its defined focus on sports and news helped boost ad revenue in a soft market and has been keeping the stock a favorite with investors. “We will be looking at M&A to deploy our capital. We don’t have anything on the table today, but I think we are in a strong position to capture opportunities when they present themselves. And, obviously, there are other companies in our sector that are not in as great a position that we will cast our eyes over,” Murdoch said.
He the scale and the depth of the Fox business is important “and we will be investing equally in both.”“As you know, my father and I reached the conclusion that exploring a combination with News Corp. is not optimal for shareholders of Fox or News Corp. at this time. No further time or action is being taken on this topic,” Murdoch said today. “I think scale provides flexibility and that it’s important to be prepared when opportunities present themselves.
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