Shares of Fox Corp and News Corp experienced pronounced volatility on Thursday, with trading volumes spiking after a Reuters report cited newly unsealed court documents. The filings, part of a family succession case that began in 2023, were released by the presiding judicial official at the end of July.
The documents reveal that Rupert Murdoch is contemplating a re‑merger of the two companies. A draft letter attributed to Murdoch states the family trust would not "vote in favor of any alternative sale, merger or similar transaction involving either company." When his daughter Elisabeth’s representative questioned the proposal, Murdoch allegedly texted that he would "ram it through ... if necessary."
The speculation revives a storyline that dates back to 2022, when Murdoch first expressed interest in recombining the entities that were split less than ten years earlier. An earlier merger attempt collapsed after investors rejected the plan.
Legal proceedings in June indicated Murdoch could make another attempt. During a hearing on whether the testimony should be made public, Lachlan Murdoch’s attorney argued the merger discussions should remain sealed because they "still could happen in the future."
