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The Wall Street Journal: Rupert Murdoch scraps plan to merge Fox and News Corp

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Rupert Murdoch called off his effort to merge the two parts of his media empire, News Corp NWS and Fox Corp. FOX, saying the transaction “is not optimal” for shareholders of the companies at this time.

Murdoch proposed reuniting News Corp and Fox last fall, nearly a decade after they split apart. In statements on Tuesday, the boards of the two companies said they received a letter from Murdoch withdrawing the proposal.

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