21st Century Fox

From Wikipedia, the free encyclopedia
  (Redirected from Fox Group)
Jump to: navigation, search

Coordinates: 40°45′31″N 73°58′56″W / 40.7585°N 73.9823°W / 40.7585; -73.9823

Twenty-First Century Fox, Inc.
21st Century Fox
Traded as
ISIN US90130A1016
Industry Mass media
Predecessor News Corporation
Founded June 28, 2013; 4 years ago (2013-06-28)
New York City
Founder Rupert Murdoch
Headquarters 1211 Avenue of the Americas, New York, NY 10036
Area served
Key people
Rupert Murdoch
(Executive Chairman)
Lachlan Murdoch
(Executive Chairman)
James Murdoch
Peter Rice
Products Broadcasting, Movie production, TV production, Cable television, Record label, Internet
Revenue Decrease US$27.32 billion (2016)[1]
Decrease US$4.15 billion (2016)[1]
Decrease US$2.75 billion (2016)[1]
Total assets Decrease US$48.19 billion (2016)[1]
Total equity Decrease US$13.66 billion (2016)[1]
Number of employees
21,500 (2016)[2]
Divisions Fox Entertainment Group
Fox Networks Group[3]
Subsidiaries 20th Century Fox
Sky plc (39.14%)
Endemol Shine Group (50%)Fox Television Stations
National Geographic Partners (73%)
Hulu (30%)
DreamWorks Animation (15%)
Star TV
DreamWorks Pictures (15%)
Fox Digital Entertainment
Regency Enterprises (20%)
Fox VFX Labs
Website 21CF.com

Twenty-First Century Fox Inc. (stylized as 21st Century Fox, simply known as Fox, and also called 21CF) is an American multinational mass media corporation based in Midtown Manhattan, New York City. It was one of two companies formed from the 2013 spin-off of the publishing assets of News Corporation, as founded by Rupert Murdoch in 1979.

21st Century Fox is the legal successor to News Corporation dealing primarily in the film and television industries. It is currently the United States' third-largest media conglomerate after The Walt Disney Company and Comcast. The other company, the "new" News Corporation, holds Murdoch's print interests and other media assets in Australia (both owned by him and his family via a family trust with 39 percent controlling interest in each).

The company's assets include the Fox Entertainment Group—owners of the 20th Century Fox film studio, Fox television network, and Fox News Channel, among other assets. It also has significant foreign operations, including the pan-Asian pay channel operator Star TV, as well as an approximately 39% stake in Sky plc—a European operator of satellite television providers and pay channels in the United Kingdom, Austria, Germany, Ireland, and Italy.



21st Century Fox was formed by the splitting of entertainment and media properties from News Corporation. In February 2012, Natalie Ravitz accepted a position to become Rupert Murdoch’s Chief of Staff at News Corporation.[4] News Corporation's board approved the split on May 24, 2013, while shareholders approved the split on June 11, 2013;[5] the company completed the split on June 28 and formally started trading on the NASDAQ on July 1.[6][7][8] 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.[9][10][11]

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.[7][9] The split was structured so that the old News Corporation would change its name to 21st Century Fox and spin off its publishing assets into a "new" News Corporation.[8][12][13]

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.[14][15] However, the 21st Century Fox brand does not extend to the existing 20th Century Fox division (which remains under its original name).[16]

The formation of 21st Century Fox was officially finalized on June 28, 2013. It formally began trading on the NASDAQ and Australian Securities Exchange on July 1, 2013.[17][18]

Subsequent history[edit]

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.[18][19] Also that month, the company acquired a majority ownership in YES Network.[20]

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.[21] On August 5, 2014, 21st Century Fox announced it had withdrawn its bid for Time Warner.[22] 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.[23]

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.[24] Fox would use the money from the sale, along with $25 billion it received from Goldman Sachs, to attempt another bid for Time Warner.[25]

In December 2014, Fox-owned television studio Shine Group merged with the Dutch studio Endemol and Core Media Group to form Endemol Shine Group, which is jointly owned by 21st Century Fox and Apollo Global Management.[26]

On September 9, 2015, 21st Century Fox announced a for-profit joint venture with the National Geographic Society, National Geographic Partners, which took ownership of all of National Geographic media and consumer businesses, including National Geographic magazine, and the National Geographic-branded television channels that were already run as a joint venture with Fox. 21st Century Fox holds a 73% stake in the company.[27][28]

On December 15, 2016, 21st Century Fox reached an agreement to take over the 61% of Sky that it did not already own.[29] The company was valued at £18.5 billion. The deal was approved by the European Commission on April 7, 2017,[30] followed by Ireland's Minister for Communications, Climate Action and Environment on June 27.[31] However, the deal has become subject to scrutiny and an extended regulatory review in the United Kingdom over concerns surrounding the plurality of British media that will be owned by the Murdoch family post-merger (counting News Corp's newspapers and recent acquisition of radio station operator Wireless Group), and violations of British news broadcasting regulations connected to Sky's former carriage of Fox News Channel in the country.[32][33][34][35]

On April 30, 2017, it was reported that 21st Century Fox was in talks to purchase Tribune Media in a joint venture with the Blackstone Group.[36][37] On May 7, 2017, it was reported that Sinclair Broadcast Group was nearing a deal to purchase Tribune Media,[38][39] and that 21st Century Fox had dropped its bid for the company.[40][41] The deal was officially announced the next day.[42] On August 2, 2017, it was reported that 21st Century Fox was in talks to form a similar joint venture with Ion Media in an effort to counter Sinclair and displace Fox affiliations from their stations; analysts felt that the proposed partnership was meant as a bargaining ploy against Sinclair, a sit would have to make significant investments into the acquired stations to make them profitable and capable of producing local news programming (Ion stations have historically had few employees or local infrastructure), and that Fox risked losing viewers through these transitions.[43][44][45]

Acquisition rumors[edit]

On November 6, 2017, it was reported by CNBC that The Walt Disney Company negotiated with Fox to acquire 21st Century Fox's filmed entertainment, cable entertainment, and direct broadcast satellite divisions (including 20th Century Fox, FX Networks, National Geographic Partners, and Fox's international divisions, but excluding divisions such as the Fox Broadcasting Company, Fox Television Stations, Fox News Channel, and Fox Sports). Talks had stalled for the day without a deal being finalized,[46] but CNBC reported on November 10 that the prospected deal has yet to be fully abandoned.[47]

On November 8, 2017, the Kingdom Holding Company, owned by Prince Al-Waleed bin Talal, had recently sold its minority stake in 21st Century Fox. It previously held a 6% stake, making Al-Waleed the company's largest single shareholder behind the Murdoch family; Al-Waleed had also publicly supported Murdoch during the News of the World scandal. Kingdom had reduced its stake to around 5% in 2015, and had sold the remainder during the fiscal quarter ending September 2017. The valuation of the shares, or who they were sold to, is unknown. Earlier in the week, Al-Waleed was arrested in an anti-corruption probe by the Saudi government.[48]

On November 16, 2017, it is reported that Comcast, Verizon Communications, and Sony had also joined Disney in a bidding war for 21st Century Fox's key assets.[49][50] During a recent shareholders meeting, Lachlan Murdoch stated that 21st Century Fox was not a "sub-scale" company "finding it difficult to leverage their positions in new and emerging video platforms", but had "the required scale to continue to both execute on our aggressive growth strategy and deliver significant increased returns to shareholders".[51]


21st Century Fox's operations can be broadly categorized into four major reporting segments:

  • Cable Network Programming
  • Television
  • Filmed Entertainment
  • Direct-Broadcast Satellite Television.[52]

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.[53]

As of 2015, the senior vice president for government relations was Joe Welch.[54]

Corporate governance[edit]

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.[55] Co-chairman and Co-CEO positions were created in 2014 and filled by Lachlan Murdoch and James Murdoch, respectively, both sons of Rupert Murdoch.[56]

On July 1, 2015, Lachlan Murdoch was elevated to Co-Executive Chairman alongside his father and James Murdoch replaced his father as CEO. Former COO Chase Carey became Executive Vice Chairman.[57]


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.[12]


  1. ^ a b c d e "2016 annual results". Twenty-First Century Fox Inc. 
  2. ^ "FOXA Profile - Twenty-First Century Fox, Inc. Stock - Yahoo Finance". 
  3. ^ "Businesses - 21st Century Fox". 
  4. ^ Flint, Joe (January 31, 2012). "Murdoch taps New York City education official as his chief of staff". Company Town. Los Angeles Times. Retrieved February 22, 2016. 
  5. ^ Wall, Matthew (June 11, 2013). "News Corp shareholders vote to split company into two". BBC News Online. 
  6. ^ Rushe, Dominic (June 18, 2013). "Rupert Murdoch splits empire but keeps faith in tomorrow's newspapers". The Guardian. 
  7. ^ a b James, Meg (May 24, 2013). "News Corp. board approves company split, set for June 28". Los Angeles Times. 
  8. ^ a b James, Meg (April 30, 2013). "News Corp. plans June 11 shareholder vote on company split". Los Angeles Times. 
  9. ^ a b Staff (June 28, 2012). "News Corp confirms plan to split the media giant". BBC News Online. 
  10. ^ Turner, Nick; Lee, Edmund (December 3, 2012). "News Corp. Will Use Fox Name as Breakup Proceeds". Bloomberg News. 
  11. ^ Staff (May 30, 2013). "New News is good news, says mogul". Business Day. South Africa. Archived from the original on June 30, 2013. 
  12. ^ a b Sweney, Mark (December 21, 2012). "News Corp's head of demerged newspaper arm may take home £2.5m". The Guardian. 
  13. ^ Chozik, Amy (December 21, 2012). "In Filing, News Corp. Says Publishing Business Showed $2.1 Billion Loss". Media Decoder. The New York Times. 
  14. ^ Welch, Chris (May 9, 2013). "21st Century Fox logo unveiled ahead of News Corp split". The Verge. Vox Media. Retrieved March 22, 2016. 
  15. ^ Finke, Nikki (April 16, 2013). "21st Century Fox Is Rupert Murdoch's Renamed Entertainment Giant "To Take Us Into Future."". Deadline.com. 
  16. ^ Finke, Nikki (April 16, 2013). "No Name Change for 20th Century Fox". Deadline.com. 
  17. ^ Staff (June 28, 2013). "News Corp officially splits in two". Business. BBC News Online. 
  18. ^ a b Fixmer, Andy (January 9, 2014). "Murdoch's 21st Century Fox Abandons Australia Listing". Bloomberg News. 
  19. ^ James, Meg (January 8, 2014). "Fox stock may no longer trade in Murdoch's native Australia". Los Angeles Times. Retrieved January 8, 2014. 
  20. ^ "21st Century Fox Acquires Majority Control of YES Network". Broadcasting & Cable. Retrieved 2017-11-10. 
  21. ^ Sorkin, Andrew; De La Merced, Michael (July 16, 2014). "Rupert Murdoch Is Rebuffed in Offer for Time Warner". The New York Times. Retrieved July 16, 2014. 
  22. ^ "21st Century Fox withdraws bid for Time Warner". BBC News Online. August 5, 2014. Retrieved August 5, 2014. 
  23. ^ Saba, Jennifer; Kim, Soyoung (August 5, 2014). "Murdoch withdraws bid to acquire Time Warner". Reuters. Retrieved August 5, 2014. 
  24. ^ Holton, Kate; Abboud, Leila (July 25, 2014). "BSkyB to pay $9 billion to create Sky Europe". Reuters. Retrieved July 25, 2014. 
  25. ^ Team, Trefis. "Fox Will Raise $9 Billion Cash By Selling Its Italian And German Pay-TV Business". Forbes. Retrieved 2017-09-22. 
  26. ^ Andreeva, Nellie (2014-12-17). "Endemol, Shine & Core Joint Venture Gets Name, Sets More Top Execs, Merges Distribution & International Operations". Deadline.com. Penske Media Corporation. Retrieved 2017-11-10. 
  27. ^ "National Geographic magazine is now a for-profit business thanks to Fox". The Verge. Vox Media. Retrieved September 9, 2015. 
  28. ^ "National Geographic Society and 21st Century Fox Agree to Expand Partnership". National Geographic. September 9, 2015. Retrieved September 23, 2015. 
  29. ^ "Sky and 21st Century Fox seal takeover deal". BBC News. Retrieved December 15, 2016. 
  30. ^ Mitchell, Henry Chu,Robert (April 7, 2017). "European Commission Clears Fox Acquisition of Sky". Variety. Penske Media Corporation. Retrieved June 28, 2017. 
  31. ^ Szalai, George (June 27, 2017). "Fox's Sky Takeover Gets Regulatory Clearance in Ireland". The Hollywood Reporter. Eldridge Industries. Retrieved June 27, 2017. 
  32. ^ "Fox News Scandals, Political Influence Concerns Cast Long Shadow Over Sky Review". Variety. Retrieved 29 June 2017. 
  33. ^ "Murdoch's Sky bid likely to be referred to competition authorities". The Guardian. Retrieved 29 June 2017. 
  34. ^ "Major Setback for Murdoch in $15 Billion Sky Takeover". The New York Times. The New York Times Company. Retrieved 29 June 2017. 
  35. ^ editor, Graham Ruddick Media (2017-11-06). "Fox News shows broke UK TV impartiality rules, Ofcom finds". The Guardian. ISSN 0261-3077. Retrieved 2017-11-07. 
  36. ^ Merced, Michael; Steel, Emily (April 30, 2017). "21st Century Fox and Blackstone Said to Be Interested in Buying Tribune Media". The New York Times. The New York Times Company. Retrieved May 1, 2017. 
  37. ^ "Reports: Fox News owner joins race to buy Tribune Media". Chicago Tribune. Tronc. May 1, 2017. Retrieved May 1, 2017. 
  38. ^ Baker, Liana; Toonkel, Jessica (May 7, 2017). "Sinclair Broadcast nears deal for Tribune Media". Reuters. Retrieved May 8, 2017. 
  39. ^ Stedman, Alex; Littleton, Cynthia (May 7, 2017). "Sinclair Broadcast Group Nears Deal to Buy Tribune Media". Variety. Penske Media Corporation. Retrieved May 8, 2017. 
  40. ^ Merced, Michael (May 7, 2017). "Sinclair Is Said to Be Near a Deal for Tribune Media". The New York Times. The New York Times Company. Retrieved May 8, 2017. 
  41. ^ Flint, Joe (May 7, 2017). "Sinclair Broadcast Near Deal to Buy Tribune Media for About $4 Billion". The Wall Street Journal. News Corp. Retrieved May 8, 2017. 
  42. ^ Littleton, Cynthia (May 8, 2017). "Sinclair Broadcast Group Sets $3.9 Billion Deal to Acquire Tribune Media". Variety. Penske Media Corporation. Retrieved May 8, 2017. 
  43. ^ Sakoui, Anousha (August 2, 2017). "Fox in Talks With Ion Media to Operate Local TV Stations, Source Says". Bloomberg. Retrieved August 3, 2017. 
  44. ^ Lieberman, David (August 3, 2017). "Sinclair Broadcast Shares Slip On Report That Fox May Switch Affiliations To Ion". Deadline.com. Penske Media Corporation. Retrieved August 3, 2017. 
  45. ^ "Murdoch's Ongoing Feud With Sinclair Escalates". Bloomberg.com. August 4, 2017. Retrieved August 4, 2017. 
  46. ^ "Disney Explored Buying Fox Assets; Talks Now Dead". Bloomberg.com. 2017-11-06. Retrieved 2017-11-06. 
  47. ^ Moyer, Liz (2017-11-10). "Fox shares jump as 'pencils aren't down' on possible Disney deal". CNBC. NBCUniversal. Retrieved 2017-11-10. 
  48. ^ "Saudi prince sells 21st Century Fox stake in blow to Murdochs". The Guardian. 2017-11-08. ISSN 0261-3077. Retrieved 2017-11-08. 
  49. ^ James, Meg (2017-11-16). "Comcast jumps into bidding war for 21st Century Fox's media assets". Los Angeles Times. Tronc. Retrieved 2017-11-16. 
  50. ^ Bond, James (2017-11-17). "Sony Also Inquiring About 21st Century Fox Assets". Hollywood Reporter. Eldridge Industries. Retrieved 2017-11-17. 
  51. ^ Littleton, Cynthia (2017-11-16). "21st Century Fox Shares Soar on Reports of Comcast Acquisition Overture, Verizon Interest". Variety. Penske Media Corporation. Retrieved 2017-11-17. 
  52. ^ Nielson, Samantha. "Why ValueAct Capital starts new position in 21st Century Fox". Market Realist. Retrieved September 11, 2014. 
  53. ^ 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. 
  54. ^ "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. 
  55. ^ Greenslade, Roy (April 17, 2013). "Rupert Murdoch renames News Corp entertainment arm 21st Century Fox". The Guardian. Retrieved August 19, 2015. 
  56. ^ "21ST CENTURY FOX ANNOUNCES BOARD AND EXECUTIVE LEADERSHIP CHANGES" (PDF) (Press release). 21st Century Fox. March 26, 2014. 
  57. ^ "21st Century Fox Announces Changes to Senior Executive Team Effective July 1, 2015". Business Wire. June 16, 2015. Retrieved August 19, 2015. 

External links[edit]