21st Century Fox
1211 Avenue of the Americas: Current headquarters of 21st Century Fox
|21st Century Fox|
|Headquarters||New York City, United States|
Number of employees
|Subsidiaries||List of subsidiaries|
Twenty-First Century Fox, Inc., also referred to as Fox, is an American multinational mass media corporation. It was one of two companies formed from the 2013 spin-out of the publishing assets of News Corporation, as founded by Rupert Murdoch in 1979; 21st Century Fox is the legal successor to News Corporation, and primarily deals in the film and television industries.
Its holdings include the 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, and a stake in European pay TV company Sky plc.
21st Century Fox was formed by the splitting of entertainment and media properties from News Corporation. 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).
On January 8, 2014, Rupert Murdoch announced plans to delist 21st Century Fox's shares from the Australian Securities Exchange, in favor of solely trading on the NASDAQ. Its listing in Australia was a holdover from its period as News Corporation, and 21st Century Fox has relatively little presence in Australia unlike News Corp. Murdoch stated that the changes, which were expected to be complete by June 2014, would "simplify the capital and operating structure" of 21st Century Fox and provide "improved liquidity" to shareholders.
In June 2014, 21st Century Fox made a bid to acquire Time Warner, which had similarly spun off its publishing assets, for US$80 billion in a cash and stock deal. The deal, which was rejected by Time Warner's board of directors in July 2014, would have also involved the sale of CNN to ease antitrust issues. On August 5, 2014, 21st Century Fox announced it had withdrawn its bid for Time Warner. The company's stock had fallen sharply since the bid was announced, prompting directors to announce 21st Century Fox would buy back US$6 billion of its shares over the following 12 months.
On July 25, 2014, 21st Century Fox announced the sale of Sky Italia and Sky Deutschland to BSkyB for US$9 billion, subject to regulatory and shareholder approval. Fox would use the money from the sale, along with $25 billion it received from Goldman Sachs, to attempt another bid for Time Warner.
21st Century Fox's operations can be broadly categorized into four major reporting segments- Cable Network Programming, Television, Filmed Entertainment, and Direct Broadcast Satellite Television.
Among the divisions of the company is Twentieth Century Fox Consumer Products which "licenses and markets properties worldwide" on behalf of a number of 21st Century Fox assets and third-parties.
On its formation in 2013, Murdoch was chairman and chief executive officer (CEO) of the company, while Chase Carey took the posts of president and chief operating officer. Co-chairman and Co-CEO positions were created in 2014 and filled by Lachlan Murdoch and James Murdoch, respectively, both sons of Rupert Murdoch.
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, and their 39.14% stake in Sky plc. 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.
- "2014 Annual Report" (PDF). Annual Reports. 21st Century Fox. August 6, 2013. Retrieved January 27, 2015.
- "2012 Annual Report" (PDF). Annual Reports. 21st Century Fox. 2012. Retrieved January 27, 2015.
- "2013 Annual Report" (PDF). Annual Reports. 21st Century Fox. August 16, 2013. Retrieved January 27, 2015.
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- Finke, Nikki (April 16, 2013). "21st Century Fox Is Rupert Murdoch’s Renamed Entertainment Giant "To Take Us Into Future."". Deadline.com.
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- Sorkin, Andrew Ross; De La Merced, Michael J. (July 16, 2014). "Rupert Murdoch Is Rebuffed in Offer for Time Warner". DealB%k. The New York Times.
- Staff (August 5, 2014). "21st Century Fox withdraws bid for Time Warner". BBC News Online.
- Saba, Jennifer; Kim, Soyoung (August 5, 2014). "Murdoch withdraws bid to acquire Time Warner". Reuters.
- Holton, Kate; Abboud, Leila (July 25, 2014). "BSkyB to pay $9 billion to create Sky Europe". Reuters.
- Nielson, Samantha. "Why ValueAct Capital starts new position in 21st Century Fox". Market Realist. Retrieved September 11, 2014.
- Staff (December 31, 2014). "Twentieth Century Fox Consumer Products Holds Sons of Anarchy Auction with ScreenBid". Wireless News (Florida, United States: Close-up Media) – via Highbeam Research.
- "CASBAA Conference Highlights Gambling and Porn as Main Supports for Indonesian Pirate Websites" (Press release). Cable and Satellite Broadcasting Association of Asia. January 22, 2015 – via Highbeam Research.
- "21ST CENTURY FOX ANNOUNCES BOARD AND EXECUTIVE LEADERSHIP CHANGES" (PDF) (Press release). 21st Century Fox. March 26, 2014.