Rupert Murdoch faces opposition from key stakeholder Independent Franchise Partners to recombining his media empire.
a special committee to explore a combination that would reunite Murdoch’s media empire. A representative for IFP confirmed toTheir opposition was firston Wednesday. Murdoch has a controlling stake in Fox, while IFP as a key shareholder has a 7.7 percent stake and another 7 percent stake in News Corp.
Fox Corp. owns the Fox broadcast network, Fox News and Fox Sports, among other ancillary businesses, while News Corp houses, Realtor.com, HarperCollins and the Australian pay TV company FoxTel.said IFP approached News Corp.’s boardroom to argue any potential recombination of Fox and News Corp. would not secure full shareholder value of both companies, and that any merger should include the sale of key assets at News Corp. as part of any strategic alternatives.
All Murdoch-controlled businesses were previously housed under the News Corp. banner until the company split apart in 2013. Fox ultimately sold most of its entertainment assets to The Walt Disney Co. in a $71 billion deal in 2019.
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