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21st Century Fox

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This article is about the corporation. For the film studio, see 20th Century Fox. For other uses, see 21st Century Fox (disambiguation).
Twenty-First Century Fox, Inc.
21st Century Fox
Company typePublic
Nasdaq: FOX
Nasdaq: FOXA
NASDAQ-100 Component
S&P 500 component
ISINUS90130A3095
US90130A4085 Edit this on Wikidata
IndustryBroadcast media, film, entertainment
PredecessorNews Corporation
FoundedNew York City, United States (June 28, 2013 (2013-06-28))
FounderRupert Murdoch
Headquarters
1211 Avenue of the Americas, New York, NY 10036
,
United States
Key people
Rupert Murdoch
(Chairman and CEO)
Chase Carey
(President and COO)
Websitewww.21cf.com

Twenty-First Century Fox, Inc. (trading as 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 Corp's broadcasting and film assets (and serves as its legal successor), while the 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, Fox television network among other assets, STAR TV, Italian television provider Sky Italia, and stakes in the television providers BSkyB and Sky Deutschland.

History

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;[1] the company completed the split on June 28 and formally started trading on the NASDAQ on July 1.[2][3][4] 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.[5][6][7]

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 multiple News Corporation-owned properties.[5][3] 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.[4][8][9]

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.[10][11] However, the 21st Century Fox brand does not extend to the existing 20th Century Fox division (which remains under its original name).[12]

The formation of 21st Century Fox was officially finalized on June 28, 2013. It formally began trading on the NASDAQ on July 1, 2013.[13]

Assets

Main article: List of assets owned by 21st Century Fox

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 News Limited—which was spun off with the new News Corp.[8]

See also

References

  1. ^ Wall, Matthew (2013-06-11). "News Corp shareholders vote to split company into two". BBC News. Retrieved 2013-06-11.
  2. ^ "Rupert Murdoch splits empire but keeps faith in tomorrow's newspapers". The Guardian. 2013-06-18. Retrieved 2013-06-18.
  3. ^ a b "News Corp. board approves company split, set for June 28". Los Angles Times. Retrieved 25 May 2013.
  4. ^ a b "News Corp. plans June 11 shareholder vote on company split". Los Angeles Times. Retrieved 14 May 2013.
  5. ^ a b "News Corp confirms plan to split the media giant". BBC News. 28 June 2012. Retrieved 28 June 2012.
  6. ^ "News Corp. Will Use Fox Name as Breakup Proceeds". Bloomberg. Retrieved 3 December 2012.
  7. ^ "New News is good news, says mogul". Business Day. South Africa: Fairfax Media. Retrieved 29 May 2013.
  8. ^ a b Sweney, Mark (21 December 2012). "News Corp's head of demerged newspaper arm may take home £2.5m". The Guardian. Retrieved 26 December 2012.
  9. ^ 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.
  10. ^ "21st Century Fox logo unveiled ahead of News Corp split". The Verge. Retrieved 9 May 2013.
  11. ^ Finke, Nikki. 21st Century Fox Is Rupert Murdoch’s Renamed Entertainment Giant “To Take Us Into Future.” Deadline.com (April 16, 2013).
  12. ^ No Name Change for 20th Century Fox Deadline.com (April 16, 2013).
  13. ^ "News Corp officially splits in two". BBC News. Retrieved 29 June 2013.
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