Rupert Murdoch's companies News Corp. and Fox Corp. said they are exploring a potential merger at the behest of Murdoch and his family’s trust.
The Murdoch Family Trust owns about 40 percent of the voting stakes in both News Corp and Fox Corp — and any combination would amount to something of a corporate reunion.
But it was accompanied by a measure of Murdoch family drama. Rupert Murdoch’s younger son, James, left his role as CEO of their European and Asian businesses — including the London tabloids. He eventually became CEO of the entertainment company 21st Century Fox. But he ended up clashing over business strategy with his older brother, Lachlan, who had been elevated to executive co-chairman of the company.
In 2019, the Murdochs closed a $71.3 billion sale of most of 21st Century Fox — which also included the FX cable network, Fox Searchlight label and National Geographic properties — to Disney.While James Murdoch left his executive roles with the sale, Lachlan elected to stay and run the parts of the company that remained under Murdoch control, including Fox News, Fox TV stations, and Fox Sports.