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21st Century Fox

{{Short description|American multinational mass media corporation (2013–2019)}}

{{about|the corporation that was active from 2013 until 2019|the corporation that replaced 21st Century Fox after the sale|Fox Corporation|the album by Samantha Fox|21st Century Fox (album)}}

{{Use American English|date=November 2018}}

{{Use mdy dates|date=November 2018}}

{{Infobox company

| name = Twenty-First Century Fox, Inc.

| logo = 21st Century Fox logo.svg

| logo_caption = Logo used from 2013 to 2019

| image = 1211 Avenue of the Americas.jpg

| image_caption = Headquarters of 21st Century Fox on 1211 Avenue of the Americas

| fate = Merged with The Walt Disney Company; certain assets were spun off into Fox Corporation

| trade_name = 21st Century Fox

| type = Public

| traded_as = Nasdaq{{bulleted list

|FOXA (Class A, 2013-2019)

|FOX (Class B, 2013-2019)

|TFCFA (Class A, 2019)

|TFCF (Class B, 2019)

}}

| ISIN = {{Unbulleted|{{ISIN|sl=n|pl=y|US90130A1016}}|{{ISIN|sl=n|pl=y|US90130A2006}}}}

| industry = Media
Entertainment

| predecessor = News Corporation

| successors = {{Plainlist|

| founded = {{Start date and age|2013|6|28}}

| founder = Rupert Murdoch

| defunct = {{End date and age|2019|3|20}}

| hq_location = 1211 Avenue of the Americas

| hq_location_city = New York City, New York

| hq_location_country = U.S.

| area_served = Worldwide

| key_people = {{Plainlist|

}}

| revenue = {{Increase}} {{US$|30.400 billion|link=yes}}

| revenue_year = 2018

| operating_income = {{Decrease}} US$4.410 billion

| income_year = 2018

| net_income = {{Increase}} US$4.464 billion

| net_income_year = 2018

| assets = {{Increase}} US$53.831 billion

| assets_year = 2018

| equity = {{Increase}} US$19.564 billion

| equity_year = 2018

| num_employees = 22,400

| num_employees_year = 2018

| owner = Murdoch family (39% voting power, 2013-2019)

| parent =

| divisions = {{Plainlist|

}}

| subsid = {{Plainlist|

}}

| website = [https://web.archive.org/web/20190319232338/https://www.21cf.com/ 21cf.com]
{{small|(archived March 19, 2019)}}

| footnotes = {{cite web|url=https://www.forbes.com/sites/mikeozanian/2019/03/08/new-york-yankees-buy-back-yes-network-for-3-47-billion/|title=New York Yankees Buy Back YES Network For $3.47 Billion|last=Ozanian|first=Mike|work=Forbes|date=March 8, 2019|access-date=March 20, 2019}}{{cite web|url=https://www.sec.gov/Archives/edgar/data/1308161/000156459018021493/fox-10k_20180630.htm |title=Twenty-First Century Fox 2018 Annual Report Form (10-K) |publisher=U.S. Securities and Exchange Commission |date=August 13, 2018 |access-date=August 23, 2018}}

}}

Twenty-First Century Fox, Inc., which did business as 21st Century Fox, was an American multinational mass media and entertainment conglomerate based in Midtown Manhattan, New York City. It was formed on June 28, 2013, as the legal successor to News Corporation, while the second News Corporation was formed the same day as a spin-off. 21st Century Fox was the legal successor to News Corporation dealing primarily in the film and television industries. It was the United States' fourth-largest media conglomerate by revenue, up until its acquisition by the Walt Disney Company in 2019. The second News Corporation, which is doing business as News Corp, was spun off from the first News Corporation and holds Rupert 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 was co-executive chairman, while his sons Lachlan Murdoch and James Murdoch were co-executive chairman and CEO, respectively.

21st Century Fox's assets included the Fox Entertainment Group—owners of the 20th Century Fox film studio (the company's partial namesake), the Fox television network, and a 73% stake in National Geographic Partners—the commercial media arm of the National Geographic Society, among other assets. It also had significant foreign operations, including the prominent Indian television channel operator Star India. The company ranked No. 109 in the 2018 Fortune 500 list of the largest United States corporations by total revenue.{{cite web|url=http://fortune.com/fortune500/list/|title=Fortune 500 Companies 2018: Who Made the List|website=Fortune|language=en-US|access-date=November 10, 2018|archive-date=January 15, 2019|archive-url=https://web.archive.org/web/20190115060417/http://fortune.com/fortune500/list/}}

On December 14, 2017, The Walt Disney Company agreed to acquire 21st Century Fox for $52.4 billion in stock.{{cite press release|title=The Walt Disney Company To Acquire Twenty-First Century Fox, Inc., After Spinoff Of Certain Businesses, For $52.4 Billion In Stock|url=https://thewaltdisneycompany.com/walt-disney-company-acquire-twenty-first-century-fox-inc-spinoff-certain-businesses-52-4-billion-stock-2/|work=The Walt Disney Company|date=December 14, 2017|access-date=December 15, 2017}} After Comcast mounted an all-cash bid of $65 billion,{{Cite web |url=https://corporate.comcast.com/stories/comcast-makes-superior-all-cash-proposal-to-acquire-21st-century-fox-after-spinoff-of-new-fox |title=Comcast Makes Superior All-Cash Proposal to Acquire 21st Century Fox After Spinoff of 'New Fox' |date=June 13, 2018 |website=Comcast Corp. |url-status=live |archive-url=https://web.archive.org/web/20181211010422/https://corporate.comcast.com/stories/comcast-makes-superior-all-cash-proposal-to-acquire-21st-century-fox-after-spinoff-of-new-fox |archive-date=December 11, 2018 |access-date=December 10, 2018}} Disney increased their offer to $71.3 billion in cash and stock.{{Cite news |url=https://www.thewaltdisneycompany.com/the-walt-disney-company-signs-amended-acquisition-agreement-to-acquire-twenty-first-century-fox-inc-for-71-3-billion-in-cash-and-stock/ |title=The Walt Disney Company Signs Amended Acquisition Agreement To Acquire Twenty-First Century Fox, Inc., For $71.3 Billion in Cash And Stock |date=June 20, 2018 |work=The Walt Disney Company |access-date=August 1, 2018 |url-status=live |archive-url=https://web.archive.org/web/20180622032442/https://www.thewaltdisneycompany.com/the-walt-disney-company-signs-amended-acquisition-agreement-to-acquire-twenty-first-century-fox-inc-for-71-3-billion-in-cash-and-stock/ |archive-date=June 22, 2018}} Comcast dropped their bid on July 19, 2018, to instead acquire Sky plc, a British media group in which 21CF held a 39% stake in and also planned to fully acquire back in December 2016; Comcast's acquisition closed on November 7, 2018. On July 27, 2018, Disney's offer was approved by shareholders of both companies. The sale covered the majority of 21CF's entertainment assets, including 20th Century Fox, FX Networks, and National Geographic Partners among others; while the sale also included 21CF's regional Fox Sports Networks, Disney was required to sell them within 90 days of the closure of the acquisition to comply with antitrust rulings.{{Cite web|url=https://awfulannouncing.com/local-networks/sinclair-fox-rsns-up-to-10-billion.html|title=Sinclair is the reported winner of the former Fox RSNs|last=Bucholtz|first=Andrew|date=April 26, 2019|website=Awful Announcing}} The remaining assets, consisting primarily of the Fox and MyNetworkTV networks, and 21CF's local station, news and national sports assets, were spun out into a new company named Fox Corporation, which began trading on March 19, 2019. Disney's acquisition of 21st Century Fox was closed on March 20 of the same year. After that, all of the included 21CF assets were scattered across the divisions of Disney.{{Cite web|url=https://www.sec.gov/Archives/edgar/data/1744489/000119312518201596/d770960ds4.htm#rom770960_40|title=S-4|website=www.sec.gov}}

History

=Formation=

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.{{cite web|url=http://latimesblogs.latimes.com/entertainmentnewsbuzz/2012/01/murdoch-taps-new-york-city-education-offical-as-his-chief-of-staff.html|title=Murdoch taps New York City education official as his chief of staff|last=Flint|first=Joe|date=January 31, 2012|website=Company Town|publisher=Los Angeles Times|type=Blog|access-date=February 22, 2016}}

News Corporation's board approved the split on May 24, 2013, while shareholders approved the split on June 11, 2013;{{cite news|last=Wall|first=Matthew|url=https://www.bbc.co.uk/news/business-22857106|title=News Corp shareholders vote to split company into two|work=BBC News Online|date=June 11, 2013}} the company completed the split on June 28 and formally started trading on NASDAQ on July 1.{{cite news|author=Rushe, Dominic|url=https://www.theguardian.com/media/2013/jun/18/rupert-murdoch-split-empire-news-corp|title=Rupert Murdoch splits empire but keeps faith in tomorrow's newspapers|work=The Guardian|date=June 18, 2013}}{{cite news|date=May 24, 2013|author=James, Meg|title=News Corp. board approves company split, set for June 28|url=https://www.latimes.com/entertainment/envelope/cotown/la-et-ct-news-corp-board-approves-company-split-28-20130524,0,2598197.story|work=Los Angeles Times}}{{cite news|author=James, Meg|date=April 30, 2013|title=News Corp. plans June 11 shareholder vote on company split|url=https://www.latimes.com/entertainment/envelope/cotown/la-et-ct-news-corp-plans-june-11-shareholder-vote-on-company-split-20130430,0,2257797.story|work=Los Angeles Times}}

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.{{cite news|author=Staff|title=News Corp confirms plan to split the media giant|url=https://www.bbc.co.uk/news/business-18621949|work=BBC News Online|date=June 28, 2012}}{{cite news|author=Turner, Nick|author2=Lee, Edmund|date=December 3, 2012|title=News Corp. Will Use Fox Name as Breakup Proceeds|url=https://www.bloomberg.com/news/2012-12-03/news-corp-moves-ahead-with-split-gives-names-for-new-companies.html|agency=Bloomberg News}}{{cite news|author=Staff|date=May 30, 2013|title=New News is good news, says mogul|url=http://www.businessday.com.au/business/new-news-is-good-news-says-mogul-20130529-2nc8u.html|work=Business Day|location=South Africa|archive-date=June 30, 2013|archive-url=https://web.archive.org/web/20130630074305/http://www.businessday.com.au/business/new-news-is-good-news-says-mogul-20130529-2nc8u.html}}

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. 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.{{cite news|last=Sweney|first=Mark|date=December 21, 2012|title=News Corp's head of demerged newspaper arm may take home £2.5m|url=https://www.theguardian.com/media/2012/dec/21/news-corp-robert-thomson-fox|work=The Guardian}}{{cite news|last=Chozik|first=Amy|date=December 21, 2012|title=In Filing, News Corp. Says Publishing Business Showed $2.1 Billion Loss|url=http://mediadecoder.blogs.nytimes.com/2012/12/21/in-filing-news-corp-says-publishing-business-showed-2-1-billion-loss|work=The New York Times|department=Media Decoder}}

While the company was originally announced as the Fox Group, on April 16, 2013, Murdoch announced the new name as a way to leverage the already established 20th Century Fox brand name. Its logo was officially unveiled on May 9, 2013, featuring a modernized version of the iconic Fox searchlights designed by Pentagram.{{Cite news|author=Welch, Chris|date=May 9, 2013|title=21st Century Fox logo unveiled ahead of News Corp split|url=https://www.theverge.com/2013/5/9/4316444/21st-century-fox-logo-revealed-by-rupert-murdoch|website=The Verge|publisher=Vox Media|access-date=March 22, 2016}}{{cite magazine|author=Finke, Nikki|author-link=Nikki Finke|url=https://deadline.com/2013/04/21st-century-fox-is-rupert-murdochs-renamed-entertainment-giant-to-take-us-into-future-476228/|title=21st Century Fox Is Rupert Murdoch's Renamed Entertainment Giant "To Take Us Into Future"|date=April 16, 2013|magazine=Deadline Hollywood}}

However, the 21st Century Fox brand does not extend to the existing 20th Century Fox division (which remains under its original name).{{cite magazine|author=Finke, Nikki|author-link =Nikki Finke|url =https://deadline.com/2013/04/no-name-change-for-20th-century-fox-476354/|title=No Name Change for 20th Century Fox|magazine=Deadline Hollywood|date=April 16, 2013}}

The formation of 21st Century Fox was officially finalized on June 28, 2013. It formally began trading on NASDAQ and the Australian Securities Exchange on July 1, 2013, with its executives including Rupert Murdoch being chairman and chief executive officer (CEO) of the company, while Chase Carey took the posts of president and chief operating officer, with Co-chairman and Co-CEO positions were created in 2014 and later filled by Lachlan Murdoch and James Murdoch, respectively, both sons of Rupert Murdoch.{{cite news|last=Greenslade|first=Roy|url=https://www.theguardian.com/media/2013/apr/17/rupert-murdoch-21st-century-foc-news-corp|title=Rupert Murdoch renames News Corp entertainment arm 21st Century Fox|newspaper=The Guardian|date=April 17, 2013|access-date=August 19, 2015}}{{cite press release | date=March 26, 2014 | title=21ST CENTURY FOX ANNOUNCES BOARD AND EXECUTIVE LEADERSHIP CHANGES | url=http://www.21cf.com/News/21st_Century_Fox/2014/21st_Century_Fox_Leadership_Changes/ | format=PDF |publisher=21st Century Fox | access-date=January 28, 2015 | archive-url=https://web.archive.org/web/20140328145450/http://www.21cf.com/News/21st_Century_Fox/2014/21st_Century_Fox_Leadership_Changes/ | archive-date=March 28, 2014 | df=mdy-all }}{{cite news|date=June 28, 2013|title=News Corp officially splits in two|url=https://www.bbc.co.uk/news/business-23104822|work=BBC News Online}}{{cite news|author=Fixmer, Andy|date=January 9, 2014|title=Murdoch's 21st Century Fox Abandons Australia Listing|url=https://www.bloomberg.com/news/2014-01-09/murdoch-s-21st-century-fox-to-abandon-australian-stock-listing.html|agency=Bloomberg News}}

=Subsequent history=

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.{{cite web|last=James|first=Meg|date=January 8, 2014|title=Fox stock may no longer trade in Murdoch's native Australia|url=https://www.latimes.com/entertainment/envelope/cotown/la-et-ct-fox-stock-to-be-delisted-in-australia-20140108,0,3111340.story|work=Los Angeles Times|access-date=January 8, 2014}} Also that month, the company acquired a majority ownership in YES Network, a New York regional sports network founded by the New York Yankees.{{cite web|url=http://www.broadcastingcable.com/news/currency/21st-century-fox-acquires-majority-control-yes-network/128714|title=21st Century Fox Acquires Majority Control of YES Network|website=Broadcasting & Cable|date=January 24, 2014 |access-date=November 10, 2017}}

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.{{cite web|last1=Sorkin|first1=Andrew|last2=De La Merced|first2=Michael|title=Rupert Murdoch Is Rebuffed in Offer for Time Warner|url=https://dealbook.nytimes.com/2014/07/16/rupert-murdoch-said-to-have-made-offer-for-time-warner/|work=The New York Times|date=July 16, 2014|access-date=July 16, 2014}} On August 5, 2014, 21st Century Fox announced it had withdrawn its bid for Time Warner.{{cite web|url=https://www.bbc.co.uk/news/business-28668539|title=21st Century Fox withdraws bid for Time Warner|work=BBC News Online|date=August 5, 2014|access-date=August 5, 2014}} 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.{{cite web|last1=Saba|first1=Jennifer|last2=Kim|first2=Soyoung|date=August 5, 2014|title=Murdoch withdraws bid to acquire Time Warner|url=https://www.reuters.com/article/us-time-warner-fox-idUSKBN0G529X20140805|work=Reuters|access-date=August 5, 2014}}

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.{{cite web|last1=Holton|first1=Kate|last2=Abboud|first2=Leila|url=http://uk.reuters.com/article/us-bskyb-europe-idUKKBN0FU0EE20140725|archive-url=https://web.archive.org/web/20170315131114/http://uk.reuters.com/article/us-bskyb-europe-idUKKBN0FU0EE20140725|url-status=dead|archive-date=March 15, 2017|title=BSkyB to pay $9 billion to create Sky Europe|work=Reuters|date=July 25, 2014|access-date=July 25, 2014}} Fox would use the money from the sale, along with $25 billion it received from Goldman Sachs, to attempt another bid for Time Warner.{{Cite news|url=https://www.forbes.com/sites/greatspeculations/2014/07/31/fox-will-raise-9-billion-cash-by-selling-its-italian-and-german-pay-tv-business/#620c9acc95e2|title=Fox Will Raise $9 Billion Cash By Selling Its Italian And German Pay-TV Business|last=Team|first=Trefis|work=Forbes|access-date=September 22, 2017|language=en}}

In December 2014, Fox-owned television studio Shine Group merged with Apollo Global Management's Endemol and Core Media Group to form Endemol Shine Group, which was jointly owned by 21st Century Fox and Apollo.{{Cite news|url=https://deadline.com/2014/12/endemol-shine-core-media-joint-venture-name-executives-distribution-international-1201328128/|title=Endemol, Shine & Core Joint Venture Gets Name, Sets More Top Execs, Merges Distribution & International Operations|last=Andreeva|first=Nellie|date=December 17, 2014|website=Deadline Hollywood|publisher=Penske Media Corporation|access-date=November 10, 2017|language=en-US}}

On July 1, 2015, Lachlan Murdoch was elevated to Co-Executive Chairman alongside his father and James Murdoch replaced his father as CEO of the company.{{Cite news|url=https://www.nytimes.com/2015/06/17/business/media/21st-century-fox-announces-new-murdoch-roles.html|title=21st Century Fox Announces New Murdoch Roles|last=Steel|first=Emily|date=June 16, 2015|work=The New York Times|access-date=February 8, 2018|language=en-US|issn=0362-4331}} Former COO Chase Carey became Executive Vice-chairman.{{cite web|url=http://www.businesswire.com/news/home/20150616006666/en/21st-Century-Fox-Announces-Senior-Executive-Team#.VdU-xEbi_8c|title=21st Century Fox Announces Changes to Senior Executive Team Effective July 1, 2015|publisher=Business Wire|date=June 16, 2015|access-date=August 19, 2015}}

On September 9, 2015, 21st Century Fox announced a for-profit joint venture with the National Geographic Society, which called 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.{{cite web|title=National Geographic magazine is now a for-profit business thanks to Fox|url=https://www.theverge.com/2015/9/9/9296815/national-geographic-magazine-is-now-a-for-profit-business-fox|website=The Verge|date=September 9, 2015 |publisher=Vox Media|access-date=September 9, 2015}}{{cite web|title=National Geographic Society and 21st Century Fox Agree to Expand Partnership|url=https://nationalgeographicpartners.com/2015/09/21st-century-fox-agree-to-expand-partnership/|work=National Geographic|date=September 9, 2015|access-date=September 23, 2015}}

On December 9, 2016, 21st Century Fox announced it had made an offer to acquire the 61% share of Sky plc that it did not already own.{{cite news|title=21st Century Fox Agrees to Buy Sky|url=https://www.bloomberg.com/news/articles/2016-12-09/fox-in-preliminary-deal-to-acquire-sky-for-10-75-pounds-a-share|newspaper=Bloomberg.com|date=December 9, 2016 |access-date=December 11, 2016}}{{cite news|title=Sky and 21st Century Fox agree £18.5bn takeover deal|work=BBC News |date=December 15, 2016 |url=https://www.bbc.com/news/business-38326530|access-date=December 15, 2016}}{{cite news|url=https://www.bbc.com/news/business-38326530|title=Sky and 21st Century Fox seal takeover deal|work=BBC News|date=December 15, 2016 |access-date=December 15, 2016}} The company was valued at £18.5 billion. The deal was approved by the European Commission on April 7, 2017,{{cite magazine |author=Henry Chu |author2=Robert Mitchell |title=European Commission Clears Fox Acquisition of Sky|url=https://variety.com/2017/biz/news/european-commission-clears-fox-acquisition-sky-1202026199/|access-date=June 28, 2017|magazine=Variety|date=April 7, 2017}} followed by Ireland's Minister for Communications, Climate Action and Environment on June 27.{{cite web|last=Szalai|first=George|title=Fox's Sky Takeover Gets Regulatory Clearance in Ireland|url=https://www.hollywoodreporter.com/news/foxs-sky-takeover-gets-regulatory-clearance-ireland-1016939|work=The Hollywood Reporter|publisher=Eldridge Industries|date=June 27, 2017|access-date=June 27, 2017}} However, the deal has become subject to scrutiny and an extended regulatory review in the United Kingdom, over concerns surrounding the plurality of British news media that will be owned by the Murdoch family post-merger (counting Sky News, as well as 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.{{cite web|title=Fox News Scandals, Political Influence Concerns Cast Long Shadow Over Sky Review|url=https://variety.com/2017/tv/news/fox-news-sexual-harassment-sky-21st-century-fox-1202482623/|website=Variety|date=June 29, 2017 |access-date=June 29, 2017}}{{cite web|title=Murdoch's Sky bid likely to be referred to competition authorities|url=https://www.theguardian.com/business/2017/jun/29/rupert-murdoch-sky-takeover-bid-referred-to-competition-authorites|website=The Guardian|date=June 29, 2017 |access-date=June 29, 2017}}{{cite news|title=Major Setback for Murdoch in $15 Billion Sky Takeover|url=https://www.nytimes.com/2017/06/29/business/media/sky-21st-century-fox.html|website=The New York Times|date=June 29, 2017 |access-date=June 29, 2017|last1=Scott |first1=Mark |last2=Steel |first2=Emily }}{{Cite news|url=https://www.theguardian.com/media/2017/nov/06/fox-news-shows-broke-uk-tv-impartiality-rules-ofcom-finds|title=Fox News shows broke UK TV impartiality rules, Ofcom finds|last=Ruddick|first=Graham|date=November 6, 2017|work=The Guardian|access-date=November 7, 2017|language=en-GB|issn=0261-3077}} However, a bidding war ensued over the company; in September 2018, Comcast won a regulator-mandated auction with a bid of £17.28 per-share.{{cite web|url=https://www.theguardian.com/business/2018/sep/20/sky-takeover-battle-fox-comcast-auction-regulator|title=Sky takeover battle must go to auction, orders regulator|last=Waterson|first=Jim|date=September 20, 2018|website=the Guardian|language=en|access-date=September 20, 2018}}{{Cite news|url=https://techcrunch.com/2018/09/22/comcast-outbids-fox-in-40b-battle-for-sky/|title=Comcast outbids Fox in $40B battle for Sky|last=Clark|first=Kate|date=September 22, 2018|work=TechCrunch|access-date=September 22, 2018|language=en-US}}{{Cite news|url=https://www.bbc.com/news/business-45615441|title=Sky: Comcast outbids Fox with £30bn bid for broadcaster|date=September 22, 2018|work=BBC News|access-date=September 22, 2018|language=en-GB}} On September 26, 2018, 21st Century Fox subsequently announced its intent to sell all of its shares in Sky plc to Comcast for £12 billion.{{cite web|url=https://www.theguardian.com/media/2018/sep/26/rupert-murdochs-sky-reign-to-end-as-fox-sells-all-shares-to-comcast|title=Rupert Murdoch's Sky reign to end as Fox sells all shares to Comcast|last=Waterson|first=Jim|date=September 26, 2018|website=The Guardian|language=en|access-date=September 27, 2018}}{{Cite news|url=https://variety.com/2018/tv/global/comcast-buys-sky-shares-open-market-1202956344/|title=Comcast Buys Over 30% of Sky on Open Market, Seeks More Before Takeover Deadline|last=Clarke|first=Stewart|date=September 25, 2018|work=Variety|access-date=September 27, 2018|language=en-US}} On October 4, 2018, 21st Century Fox completed the sale of their stake to Comcast, giving the latter a 76.8% controlling stake.{{Cite news|url=https://variety.com/2018/tv/news/comcast-closes-deal-for-foxs-sky-stake-owns-over-75-of-european-pay-tv-giant-1202973728/|title=Comcast Closes Deal for Fox's Sky Stake, Owns Over 75% of European Pay-TV Giant|last=Clarke|first=Stewart|date=October 9, 2018|work=Variety|access-date=October 11, 2018|language=en-US}}

The Kingdom Holding Company, owned by Prince Al-Waleed bin Talal, sold its minority stake in 21st Century Fox during the fiscal quarter ending September 2017. It previously held a 6% stake, which had been reduced to around 5% in 2015. The valuation of the shares, or who they were sold to, is unknown; Al-Waleed was the company's largest single shareholder behind the Murdoch family. The sale was reported after Al-Waleed was arrested in early-November 2017 as part of an anti-corruption probe by the Saudi government.{{Cite news|url=https://www.theguardian.com/media/2017/nov/08/saudi-prince-sells-21st-century-fox-stake-in-blow-to-murdochs|title=Saudi prince sells 21st Century Fox stake in blow to Murdochs|date=November 8, 2017|work=The Guardian|access-date=November 8, 2017|language=en-GB|issn=0261-3077}}

=Sale to Disney=

{{Further|Acquisition of 21st Century Fox by Disney}}

On December 14, 2017, after rumors of such a sale that had been circulating since November 6 following a CNBC report, The Walt Disney Company began its acquisition of 21st Century Fox for $52.4 billion after the spin-off of certain businesses, pending regulatory approval.{{Cite news|url=https://www.latimes.com/entertainment/envelope/cotown/la-et-ct-news-corp-21st-century-fox-20130628-story.html|title=News Corp. divides into two companies; 21st Century Fox is born|last=James|first=Meg|date=June 28, 2013|work=Los Angeles Times|access-date=February 8, 2018}}{{Cite news|url=https://variety.com/2017/biz/news/disney-fox-merger-deal-52-4-billion-merger-1202631242/|title=Disney to Buy 21st Century Fox Assets for $52.4 Billion in Historic Hollywood Merger|last1=Steinberg|first1=Cynthia|last2=Littleton|first2=Brian|date=December 14, 2017|work=Variety|access-date=February 8, 2018}} 21st Century Fox president Peter Rice stated that he expected the sale to be completed by mid-2019.{{cite web|url=https://deadline.com/2018/04/disney-fox-merger-close-idate-summer-2019-fbc-diet-fox-peter-rice-1202363025/|title=Disney-Fox Deal To Close By Summer 2019, FBC To Evolve, "Diet Fox" & More Highlights From Fox Town Hall Meeting|last=Andreeva|first=Nellie|website=Deadline Hollywood|date=April 12, 2018|access-date=April 12, 2018}}

Under the terms of the deal, 21st Century Fox spun off an entity that was initially being referred to as "New Fox", consisting of the Fox Broadcasting Company, Fox News, Fox Business Network, and the national operations of Fox Sports (such as Fox Sports 1, Fox Sports 2, and Big Ten Network, but excluding its regional sports networks), and Disney acquired the remainder of 21st Century Fox. This included key entertainment assets such as the 20th Century Fox film studio and its subsidiaries; a stake in Hulu; the U.S. pay television subsidiaries FX Networks, Fox Sports Networks and National Geographic Partners; and international operations of Fox Networks Group as well as Star India. The acquisition was primarily intended to bolster two over-the-top content endeavors—ESPN+ and Disney+.{{Cite news|url=https://variety.com/2017/biz/news/disney-fox-merger-deal-52-4-billion-merger-1202631242/|title=Disney to Buy 21st Century Fox Assets for $52.4 Billion in Historic Hollywood Merger|last1=Littleton|first1=Cynthia|last2=Steinberg|first2=Brian|work=Variety|date=December 14, 2017|access-date=December 15, 2017}}{{Cite news|url=https://www.bloomberg.com/news/articles/2017-12-14/disney-buys-fox-assets-in-52-billion-breakup-of-murdoch-empire|title=Disney Buys Fox Assets in $52 Billion Split of Murdoch Realm|last=Sakoui|first=Anousha|work=Bloomberg|date=December 14, 2017|access-date=December 15, 2017}} Disney will lease the 20th Century Fox backlot in Century City, Los Angeles for seven years.{{Cite news|url=https://variety.com/2017/biz/news/disney-fox-lot-1202641181/|title=Disney to Lease Fox Lot for Seven Years (EXCLUSIVE)|last1=Lang|first1=Daniel|last2=Holloway|first2=Brent|date=December 14, 2017|work=Variety|access-date=December 19, 2017}}

The proposed transaction raised antitrust issues, due to concerns that it could have led to a tangible loss in competition in the film and sports broadcasting industries.{{cite news|last=Johnson|first=Ted|title=Disney-Fox Deal Lands at Uncertain Time for Antitrust Enforcement|url=https://variety.com/2017/politics/news/disney-fox-deal-antitrust-enforcement-1202637338/|magazine=Variety|date=December 14, 2017|access-date=December 14, 2017}}{{cite news|last1=James|first1=Meg|last2=Peltz|first2=James F.|title=Massive Disney-Fox deal expected to get close antitrust scrutiny|url=https://www.latimes.com/business/hollywood/la-fi-ct-disney-fox-regulatory-concerns-20171214-story.html|newspaper=Los Angeles Times|date=December 14, 2017|access-date=December 15, 2017}} Several legal experts and industry analysts expressed the opinion that the transaction was likely to receive regulatory approval, but would be scrutinized by regulators.{{cite news|last=Perlman|first=Matthew|title=Disney's Fox Deal To Get Scrutiny, But Will Likely Clear|url=https://www.law360.com/articles/994986/disney-s-fox-deal-to-get-scrutiny-but-will-likely-clear|newspaper=Law360|date=December 14, 2017}}

In February 2018, the Wall Street Journal reported that Comcast, the owner of NBCUniversal, was considering a counter-offer. Despite initially bidding $60 billion earlier, Fox had rejected Comcast's offer due to the possibility of antitrust concerns.{{Cite news|url=https://deadline.com/2018/02/comcast-mulls-renewed-21st-century-fox-pursuit-1202285921/|title=Comcast Mulls Renewing Its 21st Century Fox Assets Pursuit|last=Haring|first=Bruce|date=February 12, 2018|website=Deadline Hollywood|access-date=February 24, 2018}}{{Cite news|url=https://variety.com/2018/biz/news/comcast-fox-bid-disney-merger-1202694858/|title=Comcast May Make Another Bid for 21st Century Fox (Report)|author=Variety Staff|date=February 12, 2018|work=Variety|access-date=February 24, 2018}}{{Cite news|url=https://variety.com/2018/tv/news/disney-sky-news-21st-century-fox-takeover-bid-1202742166/|title=Disney Could Acquire Sky News in Fox-Sky Deal's Latest Twist|last=Clarke|first=Stewart|date=April 3, 2018|work=Variety|access-date=April 3, 2018}} On May 5, 2018, it was reported that Comcast was preparing to make an unsolicited, all-cash counteroffer to acquire the 21st Century Fox's assets Disney has offered to purchase, contingent on the outcome of an antitrust lawsuit AT&T's acquisition of Time Warner.{{Cite news|url=https://www.reuters.com/article/us-fox-m-a-comcast-exclusive/exclusive-comcast-prepares-all-cash-bid-to-gate-crash-disney-fox-deal-sources-idUSKBN1I82I7|title=Exclusive: Comcast prepares all-cash bid to gate-crash Disney-Fox...|last=Roumeliotis|first=Greg|work=Reuters|access-date=May 9, 2018|language=en-US}}{{Cite news|url=https://www.bbc.co.uk/news/business-43891132|title=Comcast starts £22bn bidding war for Sky|last=Wilson|first=Bill|date=April 25, 2018|work=BBC News|access-date=May 8, 2018|language=en-GB}}{{Cite news|url=https://deadline.com/2018/05/comcast-prepares-unsolicited-offer-fox-1202384424/|title=Comcast Prepares To Make Unsolicited Offer For Fox|last=Chmielewski|first=Dawn C.|date=May 8, 2018|website=Deadline Hollywood|access-date=May 8, 2018|language=en-US}}{{Cite news|url=https://www.wsj.com/articles/comcast-lines-up-financing-for-possible-hostile-bid-for-21st-century-fox-1525747160|title=Comcast Lines Up Financing for Possible Hostile Bid for 21st Century Fox Assets|last=Sharma|first=Amol|date=May 8, 2018|work=Wall Street Journal|access-date=May 8, 2018|language=en-US|issn=0099-9660}} Comcast confirmed on May 23, 2018, that it was "considering, and is in advanced stages of preparing, an offer for the businesses that Fox has agreed to sell to Disney."{{Cite news|url=https://arstechnica.com/tech-policy/2018/05/comcast-confirms-plan-to-buy-21st-century-fox-and-control-of-hulu/|title=Comcast confirms plan to buy 21st Century Fox and control of Hulu|work=Ars Technica|access-date=May 24, 2018|language=en-us}}

A shareholder vote on the sale was scheduled for special shareholder meetings by Fox and Disney on July 10, 2018, at the New York Hilton Midtown and New Amsterdam Theatre respectively, although Fox warned that it might "postpone or adjourn" the meeting if Comcast were to follow through with its intent to make a counter-offer. It was also reported that Disney was preparing an all-cash offer of its own to counter Comcast's bid.{{Cite news|url=https://www.cnbc.com/2018/05/29/disney-lines-up-financing-in-case-fox-board-demands-cash-sources.html|title=Disney lines up financing in case Fox board demands cash: Sources|last=Faber|first=David|date=May 29, 2018|work=CNBC|access-date=May 30, 2018}}{{Cite news|url=https://www.hollywoodreporter.com/news/disney-fox-set-july-10-shareholder-votes-524b-deal-1115667|title=Disney, Fox Set July 10 Shareholder Votes on $52.4B Deal|work=The Hollywood Reporter|access-date=May 30, 2018|language=en}}{{cite web|url=https://www.fiercecable.com/video/disney-rounding-up-cash-to-fight-off-comcast-s-rival-bid-for-fox-report|title=Disney rounding up cash to fight off Comcast's rival bid for Fox|last=Munson|first=Ben|work=Fierce Cable|date=May 29, 2018|access-date=May 29, 2018}}

On June 13, 2018, the day after AT&T was given an approval to merge with Time Warner, Comcast officially announced a $65 billion all-cash counter-offer to acquire the 21st Century Fox's assets Disney had offered to purchase.{{cite web|url=https://www.theverge.com/2018/6/13/17457244/comcast-21st-century-fox-film-tv-studios-acquisition-deal-announced|title=Comcast makes $65 billion offer to steal 21st Century Fox away from Disney|work=The Verge|date=June 13, 2018|access-date=June 13, 2018}} However, on June 20, 2018, Disney agreed to increase its bid to a $71.3 billion cash-and-stock offer.{{cite web|url=https://arstechnica.com/tech-policy/2018/06/disney-outbids-comcast-in-escalating-bidding-war-for-21st-century-fox/|title=Sorry, Comcast: Fox and Disney sign new merger deal, rejecting Comcast bid|work=Ars Technica|date=June 20, 2018|access-date=June 20, 2018}}{{cite news|url=https://www.nytimes.com/2018/06/20/business/dealbook/disney-comcast-21st-century-fox.html|title=Disney Ups Its Bid for 21st Century Fox to $71.3 Billion|work=The New York Times|date=June 20, 2018|access-date=June 20, 2018}} Fox agreed to the new offer.{{cite web|url=https://www.wsj.com/articles/fox-disney-announce-new-deal-1529496937|title=21st Century Fox Agrees to Higher Offer From Disney|last1=Hagey|first1=Keach|last2=Schwartzel|first2=Erich|date=June 21, 2018|work=The Wall Street Journal|access-date=June 26, 2018}}

The proposed purchase was given antitrust approval by the Department of Justice on June 27, 2018, under the condition that Disney divest all of Fox's regional sports networks. The networks could either be divested to third-parties, or retained by "New Fox".{{cite web|url=https://variety.com/2018/biz/news/disney-21st-century-fox-justice-department-approval-1202859241/|title=Justice Department Approves Disney's Acquisition of 21st Century Fox With Divestiture of Regional Sports Networks|last=Littleton|first=Cynthia|date=June 27, 2018|work=Variety|access-date=June 27, 2018}} On July 19, 2018, Comcast announced it was dropping its bid for Fox in order to focus on its bid for Sky. On July 27, 2018, it was reported that Fox and Disney shareholders had "overwhelmingly" approved the proposed purchase. The acquisition was expected to be completed by late January 2019, after remaining regulatory approvals are granted in China and the European Union.{{cite web|last1=Hayes|first1=Dade|last2=Chmielewski|first2=Dawn|title=Disney And Fox Shareholders Give Historic Merger Votes Of Approval|url=https://deadline.com/2018/07/disney-fox-shareholders-give-historic-merger-vote-of-approval-1202434925/|work=Deadline Hollywood|date=July 27, 2018|access-date=July 27, 2018}}{{cite web|url=https://www.wsj.com/articles/shareholders-approve-disneys-acquisition-of-fox-entertainment-assets-1532701190|title=Shareholders Approve Walt Disney Deal for 21st Century Fox Assets|last1=Schwartzel|first1=Erich|last2=Hagey|first2=Keach|work=The Wall Street Journal|date=July 27, 2018|access-date=July 27, 2018}}{{cite web|url=https://www.cnbc.com/video/2018/07/27/disney-fox-deal-approved-by-shareholders.html|title=Disney-Fox deal approved by shareholders|website=CNBC|date=July 27, 2018 |access-date=July 31, 2018}}

In October 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 was still expected to occur within the early of March).{{Cite news|url=https://variety.com/2018/biz/news/disney-fox-deal-will-be-ready-to-close-jan-1-says-peter-rice-exclusive-1202976061/|title=Fox Will Be Ready to Close Disney Deal Jan. 1, Says Peter Rice (EXCLUSIVE)|last=Holloway|first=Daniel|date=October 10, 2018|work=Variety|access-date=October 27, 2018|language=en-US}}

On November 6, 2018, the European Commission approved the sale, pursuant to the divestment of A&E Networks properties in Europe deemed to overlap with those of Fox.{{cite news|last=Roxborough|first=Scott|title=Disney's Fox Deal Gets European Union Clearance Subject to Divestments|url=https://www.hollywoodreporter.com/news/disneys-fox-deal-gets-european-union-clearance-conditions-1148195|work=The Hollywood Reporter|date=November 6, 2018}} At a shareholders' meeting the following week, it was revealed that the new company would simply be known as "Fox".{{cite web |url=https://variety.com/2018/tv/news/21st-century-fox-new-name-disney-1203028619/ |title=Official Name of New Fox Is, Uh, Fox – and Other Takeaways From Annual Stockholders Meeting |last=Donnelly |first=Matt |work=Variety |date=November 14, 2018 |access-date=November 15, 2018 |archive-url=https://web.archive.org/web/20181114233118/https://variety.com/2018/tv/news/21st-century-fox-new-name-disney-1203028619/ |archive-date=November 14, 2018 |url-status=live }} On November 19, 2018, the deal was approved unconditionally by Chinese regulators.{{Cite news|url=https://www.nytimes.com/2018/11/19/business/media/disney-fox-china-approval.html|title=Disney Wins Chinese Approval for Fox Deal, Clearing Major Hurdle|last=Barnes|first=Brooks|date=2018-11-19|work=The New York Times|access-date=2019-01-02|language=en-US|issn=0362-4331}}

On January 7, 2019, 21st Century Fox filed the registration statement for "New Fox", under the name Fox Corporation, with the U.S. Securities and Exchange Commission.{{cite web|url=https://www.21cf.com/news/21st-century-fox/2019/21st-century-fox-announces-filing-of-registration-statement-on-form-10-for-fox-corporation/|title=21ST CENTURY FOX ANNOUNCES FILING OF REGISTRATION STATEMENT ON FORM 10 FOR FOX CORPORATION – 21st Century Fox|language=en-US|access-date=2019-01-08|archive-date=January 9, 2019|archive-url=https://web.archive.org/web/20190109062837/https://www.21cf.com/news/21st-century-fox/2019/21st-century-fox-announces-filing-of-registration-statement-on-form-10-for-fox-corporation/}} In an SEC filing, Fox stated that it did not intend to bid for its former regional sports networks.{{cite web|url=https://variety.com/2019/biz/news/fox-disney-regional-sports-networks-bid-1203105421/|title=Fox Confirms It Won't Bid on Disney's Regional Sports Networks|date=January 11, 2019|access-date=January 11, 2019}}

On February 27, 2019, it was reported by Bloomberg that Disney had also planned to divest the international Fox Sports operations in Brazil and Latin America to secure antitrust clearance in Brazil and Mexico, as they both compete with ESPN International properties in their respective regions.{{cite web |last1=Lima |first1=Mario |last2=Navarro |first2=Andrea |title=Disney to Accept Divesting of Fox Sports in Brazil and Mexico |url=https://www.bloomberg.com/news/articles/2019-02-21/disney-is-said-to-accept-divesting-fox-sports-in-brazil-mexico?srnd=economics-vp |website=Bloomberg |access-date=February 21, 2019 |date=February 21, 2019}} On February 27, 2019, the sale was approved by Brazil's Administrative Council for Economic Defense (CADE), with Disney having agreed to the expected divestiture of Fox Sports Latin America. CADE coordinated with regulators in Mexico and Chile in evaluating the transaction. Mexico approved the sale on March 12, 2019, with similar concessions.{{cite web|url=https://deadline.com/2019/03/disney-fox-merger-mexico-approval-1202574733/|title=Final Disney-Fox Merger Hurdle Cleared As Mexico Gives OK|last=Hipes|first=Patrick|date=2019-03-13|website=Deadline|language=en|access-date=2019-03-13}} Clearance in Brazil and Mexico was reported to be the last major hurdles for the sale.{{cite web |last1=Chu |first1=Henry |last2=Littleton |first2=Cynthia |title=Disney-Fox Merger Nears Completion as Brazil Grants Approval With Conditions |url=https://variety.com/2019/biz/news/disney-21st-century-fox-brazil-approval-sports-1203150861/ |website=Variety |access-date=February 27, 2019 |language=en |date=February 27, 2019}}

On March 12, 2019, Disney officially announced that the sale would be completed on March 20, 2019.{{Cite web|url=https://deadline.com/2019/03/disney-sets-march-20-closing-date-for-21st-century-fox-acquisition-1202574146/|title=Disney Sets March 20 Closing Date For 21st Century Fox Acquisition|last1=Petski|first1=Denise|last2=Hayes|first2=Dade|date=2019-03-12|website=Deadline|language=en|access-date=2019-03-12}} On March 19, 2019, preliminary trading for the new Fox Corporation on the S&P 500 started in preparation for the formal merger that was finalized on the next day.{{cite web|url=https://variety.com/2019/biz/news/fox-corporation-debut-disney-murdoch-1203165925/|title=Fox Corporation Emerges as Standalone Entity, Paul Ryan Joins Board|last1=Littleton|first1=Cynthia|last2=Steinberg|first2=Brian|date=2019-03-18|website=Variety|language=en|access-date=2019-03-19}}{{cite web|url=https://variety.com/2019/biz/news/disney-march-20-close-21st-century-fox-acquisition-1203161135/|title=Disney Sets March 20 Closing Date for 21st Century Fox Acquisition|last=Littleton|first=Cynthia|date=2019-03-12|website=Variety|language=en|access-date=2019-03-19}}{{cite web|url=https://www.hollywoodreporter.com/news/disney-closes-fox-deal-creating-global-content-powerhouse-1174498|title=Disney Closes $71.3 Billion Fox Deal, Creating Global Content Powerhouse|last1=Szalai|first1=Georg|last2=Bond|first2=Paul|work=The Hollywood Reporter|date=March 20, 2019|access-date=March 20, 2019}} Under the terms of acquisition, Disney would phase out Fox brand usage by 2024.{{Cite web|title=2020 Annual Report|url=https://thewaltdisneycompany.com/app/uploads/2021/01/2020-Annual-Report.pdf|url-status=live|access-date=2021-10-02|website=The Walt Disney Company|page=79|archive-url=https://web.archive.org/web/20210220183208/https://thewaltdisneycompany.com/app/uploads/2021/01/2020-Annual-Report.pdf |archive-date=February 20, 2021 }}

The sale to Disney put around $2 billion into each of the pockets of Rupert Murdoch's offspring, including Lachlan, James, their sister Elisabeth, and half-sister Prudence MacLeod.{{cite web |last=Verrender |first=Ian |title=Inside 'Project Harmony', Rupert Murdoch's desperate plan to keep control from beyond the grave |website=ABC News |date=21 September 2024 |url=https://www.abc.net.au/news/2024-09-21/inside-the-murdoch-family-power-struggle/104376356 |access-date=20 September 2024}}

Final holdings

21st Century Fox primarily consisted of the media and broadcasting properties that were owned by its predecessor, such as the Fox Entertainment Group and Star India. 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 current incarnation of News Corp and was not a part of 21st Century Fox.

{{clear right}}

=Music and radio=

=Studios=

=TV=

==Production==

==Broadcast==

These units were transferred to the Fox Corporation, not Disney.

==Satellite television==

  • Tata Sky (30%), an Indian Direct to Home Television Service Provider. (in partnership with Tata Group (70%))
  • Fox Networks Group Asia Pacific (formerly Star TV), an Asian satellite TV service having 300 million viewers in 53 countries, mainly in Taiwan, China & other Asian countries
  • Star India, satellite TV network with landing rights in India.

==Cable==

Cable TV channels owned (in whole or part) and operated by 21st Century Fox include:

=Internet=

=Other assets=

  • FoxNext – video game, virtual reality and theme park company

References

{{reflist|colwidth=30em}}

External links

  • [https://web.archive.org/web/20190319232338/https://www.21cf.com/ Official website] (archived March 19, 2019)
  • [http://investor.21cf.com/ Website for investors]

{{Finance links historical

| name = 21st Century Fox

| sec_cik = 0001308161

}}

{{Fox Corporation}}

{{News Corporation}}

{{20th Century Studios}}

{{authority control}}

Category:Disney acquisitions

Category:Fox Corporation

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Category:Conglomerate companies established in 2013

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Category:Defunct mass media companies of the United States

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