21st Century Fox
|Trading name||21st Century Fox|
|Traded as||NASDAQ: FOX
S&P 500 component
|Industry||Broadcast media, film, entertainment|
|Founded||New York City, United States (June 28, 2013 )|
|Headquarters||1211 Avenue of the Americas, New York, NY 10036, United States|
|Key people||Rupert Murdoch
(Chairman and CEO)
(President and COO)
21st Century Fox is an American multinational mass media corporation. It is one of two companies which succeeded News Corporation (as founded by Rupert Murdoch in 1979) after its split in June 2013; 21st Century Fox retains the previous News Corporation's broadcasting and film assets and serves as its legal successor, while its publishing assets were spun off to form News Corp at the same time. The split was designed to ensure that both companies are operated under more "focused" management, which Murdoch claimed would "unlock" their true value.
Among its holdings are Fox Entertainment Group—owners of the 20th Century Fox film studio and Fox television network among other assets, pan-Asian pay channel operator STAR TV, Italian television provider Sky Italia, and stakes in the television providers BSkyB and Sky Deutschland.
21st Century Fox was formed by the splitting of entertainment and media properties from News Corporation. Rupert Murdoch remains chairman, CEO and majority shareholder of the new company, joined by Chase Carey as its president and COO. News Corporation's board approved the split on May 24, 2013, while shareholders approved the split on June 11, 2013; the company completed the split on June 28 and formally started trading on the NASDAQ on July 1. Plans for the split were originally announced on June 28, 2012, while additional details, and the working name of the new company were unveiled on December 3, 2012.
Murdoch stated that performing this split would "unlock the true value of both companies and their distinct assets, enabling investors to benefit from the separate strategic opportunities resulting from more focused management of each division." The move also came in the wake of a series of scandals that had damaged the reputation of the company's publishing operations in the United Kingdom. The split was structured so that News Corporation's publishing assets would be spun off into the similarly named News Corp, with the existing News Corporation being renamed 21st Century Fox and serving as its legal successor.
While the company was originally announced as the Fox Group, on April 16, 2013, Murdoch announced the new name as a way to suggest the retaining of 20th Century Fox's heritage as the group advances into the future. Its logo was officially unveiled on May 9, 2013, featuring a modernized version of the iconic Fox searchlights. However, the 21st Century Fox brand does not extend to the existing 20th Century Fox division (which remains under its original name).
21st Century Fox primarily consists of the media and broadcasting properties that were owned by its predecessor, such as the Fox Entertainment Group, STAR TV, their 39.14% stake in BSkyB, Sky Italia and their 54.5% stake on Sky Deutschland. News Corporation's broadcasting properties in Australia, such as Foxtel and Fox Sports Australia, remain a part of the newly renamed News Corp Australia—which was spun off with the new News Corp. and is not a part of 21st Century Fox.
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