A News Corp special board committee considering a potential combination with Fox Corp. said it has been delegated full authority to evaluate the proposal.
News Corp said Monday that Rupert Murdoch and the Murdoch Family Trust won’t vote in favor of a transaction unless it is both recommended by the special committee and approved by a majority vote of the shares held by non-affiliated stockholders.
Murdoch has proposed a recombination of Fox Corp.
FOX,
and News Corp
NWS,
nearly a decade after they split. Special board committees have been established by both companies to study a possible deal and evaluate potential financial terms, The Wall Street Journal reported in October.
News Corp said its special committee has retained PJT Partners as its financial adviser and Sullivan & Cromwell LLP as its legal adviser.
The special committee consists of Kelly Ayotte, José María Aznar, Natalie Bancroft, Ana Paula Pessoa and Masroor Siddiqui, all independent directors not affiliated with the Murdoch family.