FOX - News of a Merger Drives Fox Stock Fall
The drop in fox stock ( NASDAQ:FOX ) on Monday resulted from a merger proposal that is now being considered.
What Happened to Fox Stock?
Blockbuster mergers between giant corporations may frequently thrill investors. However, with the possible merger of Fox Corporation (FOX ) (FOXA) and its near corporate-related News Corp (NWS) , such was not the case on Monday. Although the latter’s share price rose somewhat due to the rumor, market players sold both classes of Fox stock ( NASDAQ:FOX ) at rates nearing 10%.
Fox basically verified a story published after market hours Friday in The Wall Street Journal that company founder and chairman Rupert Murdoch was considering a merger between the two firms. It said that its board of directors had constituted a special committee to investigate such a move. The receipt of letters from Murdoch and his connected organization, the Murdoch Family Trust, provoked this.
The short Fox press statement stated simply that the special committee would “thoroughly assess” a prospective Fox-News Corp merger; the former is anchored by the Murdoch empire’s TV businesses, while the latter is essentially its traditional print and online journalism company. Ironically, The Wall Street Journal is one of the latter’s key assets.
Because the process is still in its early stages, Fox cautioned in a press release that it “has not made any determination at this time, and there can be no certainty that the Company will engage in such ...
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