Rupert Murdoch calls off proposed Fox-News Corp merger

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Rupert Murdoch, chairman of News Corp and co-chairman of 21st Century Fox, arrives at the Sun Valley Resort of the annual Allen & Company Sun Valley Conference, July 10, 2018 in Sun Valley, Idaho.

Drew Angerer | Getty Images

Rupert Murdoch has withdrawn the proposal to re-combine Fox Corp and News Corp.

On Tuesday, Fox said its board received a letter from its chairman, and his son, Lachlan Murdoch, that “determined that a combination is not optimal for the shareholders” of either of the companies at the time.

This is breaking news. Please check back for updates.

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