- News Corp (NWSA, $16.36) shares surged higher following a statement from media mogul Rupert Murdoch which suggested he would re-combine his print media division with Fox Corp (FOXA, $28.58), ten years after he decided to separate them.
- Early Monday trading saw News Corp shares rise 7.8% to trade at $16.66 per share, while Fox Corp shares slid 6.6% to $29.49 per share.
- Murdoch stated that "special committees" have been established by the two media companies to "thoroughly explore a hypothetical combination," but noted that no deal could be anticipated and provided no timeframe for making a choice.
18 Oct 2022
NWSA
FOXA
A Reunion
Rupert Murdoch to re-combine his media business with Fox
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Why it matters
The proposed plans are significant because, in 2013, Murdoch first separated Fox from the print-focused News Corp. to shield it from the financial impact of the phone-hacking scandal which ended the News of the World paper. Currently, The Wall Street Journal, the New York Post, as well as Britain's tabloid publications The Sun and the Times of London are all owned by News Corp.