21st Century Fox (company)

From Wikipedia, the free encyclopedia
  (Redirected from Fox Group)
Jump to: navigation, search
21st Century Fox Inc.
Type Public
Industry Broadcast media, film, entertainment
Predecessor(s) News Corporation
Key people Rupert Murdoch (CEO)
Chase Carey (President & COO)

21st Century Fox is an upcoming publicly traded spin out of News Corporation. The company will be formed by the splitting of entertainment and media properties from News Corp., such as the Fox Entertainment Group, STAR TV and their 39.14% stake in BSkyB. Rupert Murdoch will remain CEO of the new company, joined by Chase Carey as its president and COO. News Corp.'s board approved the split on May 24, 2013, while shareholders will vote on amendments to allow the split on June 11, 2013; the company has aimed to complete the split by June 28, 2013.[1][2] Plans for the split were originally announced on June 28, 2012, while additional details, and the working title of the new company were unveiled on December 3, 2012.[3][4]

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."[1] The split will be structured so that the current News Corporation will be re-named 21st Century Fox, from which a new News Corporation will be spun off.[2] 21st Century Fox will not include Fox Sports Australia or News Corporation's stake in Foxtel, both of which will be part of the new News Corporation.[5][6]

While the company was originally announced as the Fox Group, on April 16, 2013, Murdoch announced that the new corporation will be named 21st Century Fox 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.[7][8] The 21st Century Fox brand will not extend to the existing 20th Century Fox division, which will remain under its current name.[9]

References [edit]

  1. ^ a b "News Corp. board approves company split, set for June 28". Los Angles Times. Tribune Company. Retrieved 25 May 2013. 
  2. ^ a b "News Corp. plans June 11 shareholder vote on company split". Los Angeles Times. Retrieved 14 May 2013. 
  3. ^ "News Corp confirms plan to split the media giant". BBC News. 28 June 2012. Retrieved 28 June 2012. 
  4. ^ "News Corp. Will Use Fox Name as Breakup Proceeds". Bloomberg. Retrieved 3 December 2012. 
  5. ^ Sweney, Mark (21 December 2012). "News Corp's head of demerged newspaper arm may take home £2.5m". The Guardian. Retrieved 26 December 2012. 
  6. ^ Chozik, Amy (21 December 2012). "In Filing, News Corp. Says Publishing Business Showed $2.1 Billion Loss". The New York Times. Retrieved 26 December 2012. 
  7. ^ "21st Century Fox logo unveiled ahead of News Corp split". The Verge. Retrieved 9 May 2013. 
  8. ^ Finke, Nikki. 21st Century Fox Is Rupert Murdoch’s Renamed Entertainment Giant “To Take Us Into Future.” Deadline.com (April 16, 2013).
  9. ^ No Name Change for 20th Century Fox Deadline.com (April 16, 2013).
Stub icon This corporation or company article is a stub. You can help Wikipedia by expanding it.
Retrieved from "http://en.wikipedia.org/w/index.php?title=21st_Century_Fox_(company)&oldid=556670195"