Rupert Murdoch calls off Fox and News Corp merger

In brief

Rupert Murdoch has decided against combining Fox Corp and News Corp in a letter to the two companies revealed by regulatory filings.

The letter revealed that Murdoch, along with his son and Fox Corp chief executive thought the merger was “not optimal” for shareholders.

Additionally, according to sources close to The Guardian, the proposal to unite the two media brands has been abandoned due to plans to sell Move Inc to CoStar Group for a reported $3bn.

If the plan had gone ahead, it would have united the press mogul’s empire, which was split in 2013.