21st Century Fox
1211 Avenue of the Americas: Current headquarters of 21st Century Fox
|Trading name||21st Century Fox|
|Traded as||Class A NASDAQ: FOXA
Class B NASDAQ: FOX
NASDAQ-100 Component (FOXA)
S&P 500 Component (FOXA)
|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)
|Revenue||US$ 27.675 billion (2013)|
|Operating income||US$ 6.820 billion (2013)|
|Net income||US$ 7.097 billion (2013)|
|Total assets||US$ 50.944 billion (2013)|
|Subsidiaries||List of subsidiaries|
21st Century Fox is an American multinational mass media corporation. It is one of two companies created from the 2013 split of News Corporation (as founded by Rupert Murdoch in 1979); 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.
21st Century Fox was formed by the splitting of entertainment and media properties from News Corporation. Rupert Murdoch remains chairman, CEO and largest 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).
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 are expected to be complete by June 2014, would "simplify the capital and operating structure" of 21st Century Fox and provide "improved liquidity" to shareholders.
On March 26, 2014, 21st Century Fox announced the appointment of Lachlan and James Murdoch, sons of Chairman Rupert Murdoch, as Co-Chairman and Co-Chief Operations Officer respectively 
In June 2014, 21st Century Fox made a bid to acquire Time Warner, which had similarly spun-off its publishing assets, for $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 July 25, 2014, 21st Century Fox announced the sale of Sky Italia and Sky Deutschland to BSkyB for $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. 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 $6 billion of its shares over the following 12 months.
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 BSkyB. 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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- SORKIN, ANDREW ROSS; DE LA MERCED, MICHAEL J. (July 16, 2014). "Rupert Murdoch Is Rebuffed in Offer for Time Warner". New York Times. Retrieved July 16, 2014.
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