FOX's Special Committee Issues Update On Review Of Potential Transaction

(RTTNews) - Fox Corp. (FOX, FOXA) said the Special Committee of the Board is in the process of thoroughly reviewing a potential combination with News Corp. It has retained independent advisors consisting of J.P. Morgan as its financial advisor and Wachtell, Lipton, Rosen & Katz as its legal advisor. The company noted that the Committee has made no determination with respect to a combination at this stage.

The Special Committee is composed solely of independent directors not affiliated with the Murdoch family - Jacques Nasser, Roland Hernandez, Anne Dias, Paul Ryan, and William Burck, with Nasser, Fox Corp.'s Lead Independent Director, serving as chair.

The letters from Rupert Murdoch and the Murdoch Family Trust indicated that they will not 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 entitled to vote.