Today, media mogul Rupert Murdoch has withdrawn his bid to recombine the two halves of his media empire, 21st Century Fox and News Corp. The proposed merger would have seen the two companies combine into a single entity.

Murdoch’s decision to withdraw his bid comes after the proposal was blocked by the U.S. Department of Justice. The Department cited antitrust concerns as the primary reason for blocking the merger.

In a statement, Murdoch said that he was disappointed by the decision, but respected the Department’s decision. He also said that the two companies would continue to operate independently.

The move has sent shockwaves through the media industry, as many analysts had expected the merger to go through. It also raises questions about the future of Fox Corp, which is the parent company of 21st Century Fox.

In the aftermath of the decision, Fox Corp shares have been volatile during Tuesday’s after-hours session. Analysts are closely watching the stock to see how it will react to the news.

It remains to be seen how Murdoch’s decision will affect the future of his media empire. For now, it appears that the two companies will continue to operate independently.