Last Friday night, after the close of after-hours trading, Rupert Murdoch’s Wall Street Journal broke some landmark news about their owner’s plans for his media empire, estate planning, and legacy. The 91-year-old mogul had proposed recombining his two publicly traded companies, Fox Corp. and News Corp., in a move that would unite the Journal, Murdoch’s myriad U.K. and Australia news organizations and HarperCollins back under the same roof as Fox News, the Fox broadcast network, a slate of local TV stations, sports rights, and the Tubi streaming service.

The proposed merger, like Shari Redstone’s recent reunification of Viacom and CBS, would ostensibly provide the combined New Fox-News Corp. entity with greater scale to pursue acquisitions, compete for advertising revenue and capitalize on new opportunities like sports betting, while also streamlining operations via that dreaded corporate fetish of a buzzword: synergies. Also, it would presumably make the assets more efficient to one day unload, at least for the Murdoch heirs. (Though Shari, for what it’s worth, has seen that the presumed gaggle of suitors for a streamlined mega-media entity doesn’t always materialize as planned.) NewsCorp shareholders liked the news; Fox shareholders didn’t, and drove the stock down 9.4 percent on Monday.