News Corp said on Friday it was exploring a potential merger with Fox Corp at the behest of common shareholder and media mogul Rupert Murdoch.
The publisher said it had formed a special committee to review the proposal to combine the two companies.
Media businesses have been looking for ways to streamline costs, which includes the combination or divestiture of assets, to counter a slowdown in advertising sales and flight of online users to social media and content platforms.
The Murdoch Family Trust owns about 39.5% and 42.7% voting stakes in News Corp and Fox Corp, respectively, according to the latest securities filings by the two companies.
As of market-close on Friday, News Corp had a market cap of $9.31 billion and Fox Corp was $16.84 billion, according to Refinitiv. News Corp shares surged 5% and Fox rose about 1% in after-market trade.
Murdoch had split his empire in 2013, housing the publishing business under News Corp and TV and film assets under 21st Century Fox, which eventually became Fox Corp.
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