Rupert Murdoch has pulled the plug on a proposal to bring back together his News Corp. and Fox Corp., saying the merger isn’t coming at the right time for shareholders.
In similar statements Tuesday, the companies said their boards received letters from Murdoch withdrawing the plan.
“Mr. Murdoch indicated that he and (son and Fox Corp. chief executive) Lachlan K. Murdoch have determined that a combination is not optimal for shareholders of News Corp. and Fox at this time,” the statements said.
The elder Murdoch first floated merging News Corp. — which owns The Wall Street Journal, New York Post, The Sun and The Times in the U.K., and book publisher HarperCollins — and Fox Corp. that controls Fox News, Fox Sports and local TV stations, in October, according to regulatory filings.
Bieber sells rights to early catalog
Justin Bieber’s record-breaking pop hits from “Baby” to “Sorry” are no longer his after the superstar sold the rights to all his early career music.
The Canadian-American pop star’s six albums, including his most recent album “Justice,” are part of the massive catalog sale deal with Hipgnosis, a U.K-based music investment company.
Top artists like Sting, Bob Dylan and Shakira have in recent years sold rights to their catalogs for massive sums, but at 28 Bieber is the youngest superstar singer to do so. Hipgnosis acquired Shakira’s catalog in 2018.
The deal’s financial details have not been disclosed, but Billboard Magazine reports that the sale was worth an estimated $200 million.
“Justin is truly a once in a generation artist and that is reflected and acknowledged by the magnitude of this deal.” Scooter Braun, Bieber’s longtime manager, said in a statement.