NEW
YORK and LOS
ANGELES, Jan. 24, 2023 /PRNewswire/ -- Fox
Corporation ("FOX" or the "Company") (Nasdaq: FOX, FOXA) announced
today that the Company's board of directors received a letter from
K. Rupert Murdoch withdrawing the
proposal to explore a potential combination of FOX and News
Corporation ("News Corp") (Nasdaq: NWS, NWSA; ASX: NWS,
NWSLV).
In withdrawing the proposal, Mr. Murdoch indicated that he and
Lachlan K. Murdoch have determined
that a combination is not optimal for the shareholders of FOX and
News Corp at this time.
As a result of this action, the Special Committee of the Board
of Directors of Fox Corporation has been dissolved. The Board would
like to express its appreciation for the Special Committee's
efforts on this matter.
CAUTIONARY STATEMENT CONCERNING FORWARD-LOOKING
STATEMENTS
This press release contains "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995. Words such as "may," "will," "should,"
"likely," "anticipates," "expects," "intends," "plans," "projects,"
"believes," "estimates," "outlook" and similar expressions are used
to identify these forward-looking statements. These statements,
including those regarding the exploration of a potential
combination with News Corporation, are based on management's
current expectations and beliefs, are not guarantees of future
results and are subject to risks, uncertainties and assumptions
that could cause actual results to differ materially from those
expressed in any forward-looking statements. More detailed
information is contained in the documents the Company has filed
with or furnished to the Securities and Exchange Commission,
including the Company's Annual Report on Form 10-K, and subsequent
Quarterly Reports on Form 10-Q.
Statements in this press release speak only as of the date they
were made, and the Company undertakes no duty to update or release
any revisions to any forward-looking statement made in this press
release or to report any events or circumstances after the date of
this press release or to reflect the occurrence of unanticipated
events or to conform such statements to actual results or changes
in the Company's expectations, except as required by law.
About Fox Corporation
Fox Corporation produces and
distributes compelling news, sports, and entertainment content
through its primary iconic domestic brands, including FOX News
Media, FOX Sports, FOX Entertainment and FOX Television Stations,
and leading AVOD service Tubi. These brands hold cultural
significance with consumers and commercial importance for
distributors and advertisers. The breadth and depth of our
footprint allows us to deliver content that engages and informs
audiences, develop deeper consumer relationships, and create more
compelling product offerings. FOX maintains an impressive track
record of news, sports, and entertainment industry success that
shapes our strategy to capitalize on existing strengths and invest
in new initiatives. For more information about Fox Corporation,
please visit www.FoxCorporation.com.
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SOURCE Fox Corporation