Rupert Murdoch calls off proposed TBEN-News Corp merger

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Rupert Murdoch, Chairman of News Corp. and Co-Chairman of 21st Century TBEN, arrives in Sun Valley, Idaho, at the Sun Valley Resort for the annual Allen & Company Sun Valley Conference on July 10, 2018, in Sun Valley, Idaho.

Drew Anger | Getty Images

Rupert Murdoch has withdrawn the proposal to merge again TBEN Corp and News Corp.

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TBEN said Tuesday the board of directors received a letter from Murdoch, the chairman, and his son Lachlan Murdoch who “determined that a combination is not optimal for shareholders” of one of the companies at the time.

The potential merger has been met with opposition from shareholders in recent months, who did not believe that a merger would undermine News Corp.’s true value. would show if it merged with TBEN.

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A TBEN spokesperson did not immediately respond to comment.

In October, the companies said they had formed a special committee to consider the deal.

A combination of the two companies would have unified leadership in Murdoch’s empire and cut costs. News Corp. owns Wall Street Journal publisher Dow Jones. TBEN owns the right-wing networks TBEN News and TBEN Business, a competitor of TBEN.

This is the latest news. Check back later for updates.

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