People/Biz

Fox Corp. materializes as standalone company; names Paul Ryan to board

As hours tick down before Disney’s much anticipated billion-dollar acquisition of 21st Century Fox is set to close, Fox Corporation has become a publicly traded company. Twenty-First Century Fox announced earlier today (March ...
March 19, 2019

As hours tick down before Disney’s much anticipated billion-dollar acquisition of 21st Century Fox is set to close, Fox Corporation has become a publicly traded company.

Twenty-First Century Fox announced earlier today (March 19) that it had completed the distribution of shares to launch the Fox Corporation, which primarily consists of Fox News, Fox Sports and Fox Broadcasting.

21CF and Fox are now each a standalone, publicly traded company,” the company said in a statement.

As such, Fox Corp. has begun trading on Nasdaq under the FOXA and FOX monikers while 21st Century Fox shares will be listed as TFCFA and TFCF.

By 12:02 a.m. ET Wednesday, it’s expected Disney will acquire the full bulk of 21st Century Fox’s assets.

Furthermore, Fox Corp. has also announced that former speaker of the U.S. House of Representatives Paul Ryan (pictured) is to join the media company’s board of directors. Sitting alongside Ryan will be Chase Carey, CEO and chairman of Formula 1; Anne Dias, CEO and founder of Aragon Global Holdings; and Roland A. Hernandez, founding principal and CEO of Hernandez Media Ventures.

Carey previously served in a number of roles at 21CF beginning in 1988, including as vice chairman from 2015 to 2019, as president and chief operating officer as well as deputy chairman, and as a director. Prior to that he was the president and CEO of DIRECTV.

The new board additions will now join previously announced members K. Rupert Murdoch, Lachlan K. Murdoch and Jacques Nasser.

“We are thrilled to welcome our new colleagues to the Fox board. We look forward to working with and being guided by them as we begin a new chapter, steadfastly committed to providing the best in news, sports and entertainment programming,” said Fox chairman and CEO Lachlan Murdoch in a statement.

The scaled-down Fox Network tapped former AMC president and GM Charlie Collier as the company’s CEO of entertainment this past October. Only a few weeks before Collier’s appointment, Fox unveiled its new leadership lineup, which included Mike Biard being elevated to president of operations and distribution for Fox from the role of president of distribution for Fox Networks Group.

The acquisition of 21st Century Fox by Disney was approved by both companies in July 2018. The deal was first proposed in December 2017 and faced an array of hurdles, including a US$65 billion counter offer from Comcast for Fox’s assets. Disney then upped its bid to a whopping $71.3 billion, which led to Comcast bowing out of the bidding race this past July.

(AP Photo/Andrew Harnik)

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