Rupert Murdoch is considering recombining his Fox Corp. and News Corp. businesses, putting back together a media empire that he split in 2013.

News Corp. has set up a special board committee of independent directors to study a potential deal and evaluate possible terms, according to a statement late Friday. There’s no certainty an agreement will be reached, the company said.

Both companies have changed dramatically since their split almost a decade ago. Fox sold most of its entertainment assets to Walt Disney Co. and is largely focused on broadcasting and cable television, led by the Fox News Channel. News Corp., owner of the Wall Street Journal, has diversified into new areas, like online real estate services.

The Murdoch family has about a 39% voting stake in News Corp. and approximately 42% of Fox, filings show. The Wall Street Journal reported on the deliberations earlier Friday.

Rupert Murdoch, 91, is executive chairman of News Corp. and chairman of Fox. He started building the global media giant from a single newspaper in Australia. Along the way he acquired the Fox film studio and launched the Fox broadcast network. Other acquisitions included Dow Jones & Co., publisher of the Wall Street Journal, in 2007, as well as some of Britain’s most-read newspapers.

The newspaper business began to collapse in the digital age, however, with publications losing much of their advertising to online outlets. The separation of the company’s print and entertainment businesses in 2013 allowed investors to independently value the faster-growing cable TV business, including channels such as Fox News, FX and Nat Geo. 

More recently, cable TV has been challenged by streaming services such as Netflix Inc. that are drawing away millions of viewers. After failing in an attempt to bulk up by acquiring Time Warner in 2014, Murdoch ultimately decided in 2017 to sell his entertainment assets to Disney. 

At the same time, News Corp. began to show renewed vigor, with the Wall Street Journal growing again thanks to online subscriptions. Acquisitions, such as Realtor.com, opened up new sources of profit.

Uniting the two businesses could give the Murdochs a broader portfolio of opportunities in which to invest. Fox has a market capitalization of about $16.7 billion, while News Corp. is about $9.14 billion.

It would also potentially consolidate power for Rupert’s son Lachlan, 51, who is News Corp.’s co-chairman. He is also executive chairman and chief executive officer of Fox.

Bloomberg News competes with News Corp.’s Dow Jones and Wall Street Journal in providing financial news and information.

News Corp. shares rose 3.9% to $16.21 in extended trading after trding higher. Fox was down slightly.

—Bloomberg News