One day before the long-anticipated $71.3 billion merger between the Walt Disney Company and 21st Century Fox is scheduled to close, Fox has created the standalone company that several of its assets will be spun off into ahead of the acquisition.
Fox Corporation, which had been known unofficially as “New Fox,” is now a publicly traded company. It will house the 21st Century Fox assets that won’t be part of the Disney deal, including Fox broadcasting network, Fox Sports, Fox News and Fox Business Network.
Lachlan Murdoch, chairman and CEO of the new company, said that several new directors had been appointed to the board, most notably Paul Ryan, the former House of Representatives speaker.
He’ll be joined by Chase Carey, vice chairman of 21st Century Fox; Roland Hernandez, former chairman of Telemundo and Anne Dias, founder and CEO of Aragon Global Holdings investment fund. Murdoch, his father Rupert and Jacques Nasser had been previously announced as the company’s other board members.
“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 Lachlan Murdoch in a statement.
Last week, Disney and Fox said their merger, first publicly announced almost 15 months ago, will close on Wednesday, March 20 at 12:02 a.m.
At that point, Fox Entertainment will be “an open canvas” and “a startup company,” said Collier, albeit one with “$26 billion in valuation.” He added, “I believe this next era at Fox will welcome another successful chapter to Fox’s 30-year legacy.”