News Corp and 21st Century Fox back out of 2 WTC plans

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2 WTCJanuary 15, 2016- All of the major revenue lines for Rupert Murdoch’s companies are going to dwindle soon. Newspapers are almost obsolete, people are cutting their cord, ditching cable subscriptions in droves, and home theaters have made the theater experience necessary. With all of that, one might wonder how News Corp and 21st Century Fox could afford to move into the new fancy 2 WTC in four years, as announced about a year ago.

Well, they are not going to move Downtown after all. The WSJ reports on itself, “Media companies 21st Century Fox and News Corp have dropped plans to relocate to a glassy new skyscraper at the World Trade Center, driven in part by the high costs of a move from the Midtown office tower they currently occupy, the companies said Friday.

The decision comes seven months after the companies announced a tentative plan to move to 2 World Trade Center, a jagged tower that would be the final building on the 16-acre site.

“We have concluded that a relocation project of this scope could be distracting in the near-term and, given the scale of investment in a relocation of this size, that our resources would be better directed elsewhere,” said James Murdoch, 21st Century Fox’s chief executive, and News Corp Co-Chairman Lachlan Murdoch in a joint statement. News Corp owns Dow Jones, publisher of The Wall Street Journal.

The companies are staying until at least 2025 at 1211 Sixth Ave., their headquarters.”

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