NEW YORK (AP) — Rupert Murdoch has pulled the plug on a proposal to merge his News Corp. and Fox Corp. In statements Tuesday, the companies said their boards received letters from Murdoch withdrawing the plan. They say the letters indicated that “a combination is not optimal for shareholders of News Corp. and Fox at this time." The media mogul first floated the merger in October. News Corp. owns The Wall Street Journal, New York Post and book publisher HarperCollins, while Fox Corp. controls Fox News, Fox Sports and local TV stations. The Murdoch family controls both corporations but had spun off the Fox properties into a separate company after selling Fox entertainment assets to Walt Disney Co. in 2019.

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