‘Not optimal for shareholders’: Murdoch scraps proposed Fox-News Corp merger as he prepares to sell real-estate assets

of his two major media companies Fox Corporation and News Corporation after conceding the proposed tie-up was not in the best interest of shareholders.

Rupert Murdoch and son Lachlan have decided that a merger is “not in the best interests of shareholders”.People familiar with those talks, who requested anonymity to speak freely, said the potential deal will be worth more than US$3 billion and was enough to have changed the prospect of a tie-up between Fox and News Corp.reports News Corp would sell the entirety of its 80 per cent stake under the plans. News Corp confirmed the plans in a statement to the ASX and NASDAQ.

“Any potential transaction would support News Corp’s strategy to optimise the value of its digital real estate services segment, while strengthening Realtor.com’s competitive position in the market,” the company said in a statement.

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