OPINION: Murdoch, the man who until now always got what he wanted, has been told firmly he can’t have what he wanted.
over sixty years and that he was forced to break up a decade ago. But he failed to persuade the major investors and stockholders in the two halves of the business, Fox Corp and News Corp, to bend to his will and approve a merger.I reported when the deal was proposedThat was because it was basically a vanity exercise, not a rational business plan.
Nonetheless, Fox Corp stockholders thought that News Corp’s legacy newspaper business—including the notorious London tabloid,, on which the empire was founded—would be a drag on the merged corporation’s profits, while News Corp shareholders were very sniffy about being in the same corporate bed with Fox News, which they considered toxic, and would similarly suffer a loss in market value.
“The promise of the Murdoch magic is severely damaged. Stockholders refused to believe that Murdoch could turn a bad deal into a good one by sleight of his mogul’s hand. Reflecting his error and the views of his major investors, stocks in NewsCorp and Fox immediately rose on the news in after-hours trading.”
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