The Fox chief executive addresses the ”why now“ and how to use the balance sheets of both companies to fortify earnings
Rupert Murdoch is ready to get the band back together — nine years after he split his media empire’s news division from entertainment.
And the heir apparent Lachlan Murdoch was not shy about calling out the elephant when Fox Corp. reported higher-than-expected earnings Tuesday. The first time that a Murdoch family member raised the issue of a recombination among right-leaning media giant News Corp., and now Fox, was also Tuesday.
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“As has been made public, separate special committees have been set up at News Corp. and Fox,”Lachlan Murdoch stated this in a telephone call with analysts. “We will need the approval of both committees and shareholders. The special committees have not made any determination at this time, and there’s no certainty the company will engage.”
The “reunited and it feels so good”The plan would combine Fox News parent with The Wall Street Journal’s and New York Post. Rupert Murdoch and his family trust controlled about 40% of voting stock at both companies. They proposed the merger to their respective boards approximately a month before. The deal would need to be approved by a majority of shareholders other than family.
More to come…
