NEW YORK CITY—Two World Center developer Silverstein Properties late Friday was notified that media giants 21st Century Fox andNews Corp. are scrapping ” href=”http://www.globest.com/news/12_1124/newyork/office/Fox-News-Corp-Sign-LOI-for-Downtown-Move-358525-1.html”>plans announced seven months ago to move to the building from their Midtown headquarters, the Wall Street Journalreports. The companies will remain at their 1211 Ave. of the Americas offices through at least 2025.

“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,” says James Murdoch, 21st Century Fox’s chief executive, and News Corp. co-chairman Lachlan Murdoch in a joint statement. 

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