Headquarters of Fox Corporation on 1211 Avenue of the Americas
|Predecessor||21st Century Fox|
|Founded||Late January 2019|
|Headquarters||1211 Avenue of the Americas, |
New York City, New York,
Fox Corporation (originally referred to as New Fox) is a mass media company formed as a result of the acquisition of 21st Century Fox by Disney and served as the corporate spin-off for the assets The Walt Disney Company does not acquire. The company implemented its structure on January 1, 2019, while its operations is scheduled to be launched on the last week of January 2019.
Fox is the legal successor to 21st Century Fox (in turn a successor to News Corporation) dealing primarily in the television broadcast, news and sports industries. Its sister company under Rupert Murdoch's control, News Corp, holds Murdoch's print interests and other media assets in Australia (both owned by him and his family via a family trust with 39% interest in each). Murdoch is co-executive Chairman, while his son Lachlan Murdoch is Chairman and CEO, respectively.
On November 6, 2017, CNBC reported that The Walt Disney Company was negotiating a deal with Rupert Murdoch to acquire 21st Century Fox's filmed entertainment, cable entertainment, and direct broadcast satellite divisions.
On June 20, 2018, The Walt Disney Company announced a definitive agreement to acquire 21st Century Fox for $71.3 billion in cash and stock. Assets being assumed by the acquisition include the 20th Century Fox film and TV studios, Fox Television Group (along with cable channels such as FX), international networks, stakes in National Geographic Partners, Indian television broadcaster Star India, additional 30% stake in Hulu, and other key assets. 21st Century Fox will spin-off the Fox Broadcasting Company, Fox Television Stations, Fox News Channel, the Fox Business Network, FS1, FS2, Fox Deportes and the Big Ten Network into the new Murdoch's company.
Because Disney owns the American Broadcasting Company (ABC), and 21st Century Fox owns the Fox Broadcasting Company, a full acquisition of Fox by Disney would be illegal under the Federal Communications Commission (FCC)'s rules prohibiting a merger between any of the four major broadcast networks.
The deal was approved by shareholders of both companies on July 27, 2018.
On October 10, 2018, it was reported that the new, post-merger organizational structure of "New Fox" would be implemented by January 1, 2019, ahead of the closure of the Disney sale (which is still expected to occur during the early March 2019).
On November 14, 2018, it was revealed that the new independent company will maintain the original "Fox" name.
On January 11, 2019, Fox Corporation said in a securities filing that it has no plans to bid on the Fox Sports Networks that Disney is selling to get approval for the acquisition of the remainder of 21st Century Fox. The deal between Disney and Fox is expected to close between February and March.
The company's Board of Directors consists of 8 individuals:
- Rupert Murdoch (co-chairman)
- Lachlan Murdoch (chairman and chief executive officer)
- John Nallen (chief operating officer)
- Paul Cheesbrough (chief technology officer)
- Steve Tomsic (chief financial officer)
- Mike Biard (president of operations and distribution)
- Marianne Gambelli (president of ad sales)
- Eric Shanks (CEO of Fox Sports)
- Fox Broadcasting Company
- Fox Now
- Fox Television Stations Group
- Fox News Group
- Fox Sports Media Group
- Fox Sports
- Fox Deportes
- Big Ten Network (51%)
- Fox Soccer Plus
- Fox College Sports
- Fox Sports Radio
- Fox Sports Digital Media
- Home Team Sports (HTS) – advertising sales for sports channels including other regional sports networks plus commercial and program production, events, and local live custom brand integration
- The 20th Century Fox studio lot (although it is leased to The Walt Disney Company)
- Atkinson, Claire (December 26, 2018). "Disney and Verizon headed for blackout battle". NBC News. Retrieved December 29, 2018.
- "21ST CENTURY FOX ANNOUNCES FILING OF REGISTRATION STATEMENT ON FORM 10 FOR FOX CORPORATION – 21st Century Fox". Retrieved 2019-01-08.
- Disis, Jill (May 16, 2018). "Lachlan Murdoch, not James, will lead New Fox company". CNN Money. Archived from the original on May 17, 2018. Retrieved May 17, 2018.
- "21st Century Fox to Spin off Businesses and Create New "Fox"; A Growth Company Centered on Live News and Sports Brands and the Iconic Fox Brand". 21st Century Fox. December 14, 2017. Retrieved December 10, 2018.
- Holloway, Daniel (October 10, 2018). "Fox Will Be Ready to Close Disney Deal Jan. 1, Says Peter Rice (EXCLUSIVE)". Variety. Archived from the original on October 11, 2018. Retrieved November 21, 2018.
- Faber, David (November 6, 2017). "21st Century Fox has been holding talks to sell most of the company to Disney: Sources". CNBC. Archived from the original on July 6, 2018. Retrieved July 5, 2018.
- "The Walt Disney Company Signs Amended Acquisition Agreement To Acquire Twenty-First Century Fox, Inc., For $71.3 Billion in Cash And Stock". The Walt Disney Company. June 20, 2018. Archived from the original on June 22, 2018. Retrieved August 1, 2018.
- Littleton, Cynthia (November 16, 2017). "21st Century Fox Shares Soar on Reports of Comcast Acquisition Overture, Verizon Interest". Variety. Archived from the original on November 17, 2017. Retrieved January 4, 2017.
- Johnson, Ted (December 5, 2017). "A Disney-Fox Deal Would Land at an Uncertain Moment for DOJ Review of Big Media". Variety. Archived from the original on December 15, 2017. Retrieved December 15, 2017.
- "21st Century Fox And Disney Stockholders Approve Acquisition By Disney". The Walt Disney Company. July 27, 2018. Retrieved December 10, 2018.
- Donnelly, Matt (November 14, 2018). "Official Name of New Fox Is, Uh, Fox – and Other Takeaways From Annual Stockholders Meeting". Variety. Archived from the original on November 14, 2018. Retrieved November 15, 2018.
- Chmielewski, Dawn (January 7, 2019). "21st Century Fox Files Registration Statement With SEC To Form 'New' Fox". Deadline Hollywood. Retrieved January 7, 2019.
- Littleton, Cynthia (January 11, 2019). "Fox Confirms It Won't Bid on Disney's Regional Sports Networks". Variety. Retrieved January 11, 2019.
- "'New Fox' Announces Top Executive Appointments".