On January 26, 2023, News Corp Chairman Murdoch called off his effort to merge the 2 parts of his media empire, News Corp and Fox Corp, saying the transaction is not optimal for shareholders of the companies at this time. Irenic Capital stated that this is the right decision and looking ahead, the Company has an opportunity to create substantial value for its owners. In addition, Irenic Capital stated that special committees of the Fox and News boards that had been set up to review the proposed merger had been dissolved.