21st Century Fox

21st Century Fox, formally Twenty-First Century Fox, Inc., was an American multinational media and entertainment conglomerate that existed from 2013 until 2019. It was created through the separation of News Corporation’s publishing interests from its film, television, broadcasting and international media businesses. The old News Corporation became 21st Century Fox, while a newly incorporated News Corp held newspapers, book publishing and related assets. The company combined content production with television networks, cable distribution, advertising, subscription services, licensing and international broadcasting. Its principal assets included the 20th Century Fox film and television studio, the Fox Broadcasting Company, Fox News, FX Networks, National Geographic-branded media interests, Fox Sports Networks, Star India and substantial interests in European and other international television businesses. The portfolio made the company one of the largest media groups in the United States and gave it a significant presence across film, scripted television, news, sports and pay television. The corporate reorganization was announced in 2012 and approved by News Corporation shareholders in 2013. 21st Century Fox legally came into existence on June 28, 2013, and began trading publicly on July 1. Rupert Murdoch served as chairman and chief executive at formation. Leadership later evolved into a structure involving Murdoch’s sons: Lachlan Murdoch became co-executive chairman, while James Murdoch became chief executive. The company also simplified its exchange listings by ending its Australian listing and retaining its principal NASDAQ listing. During its independent life, 21st Century Fox pursued expansion and restructuring. It acquired majority control of the YES Network, attempted to acquire Time Warner, formed National Geographic Partners with the National Geographic Society, reorganized the Shine television-production business with Apollo Global Management, and sought full control of Sky plc. The proposed Time Warner acquisition was withdrawn in 2014, while the Sky transaction became part of a later bidding contest involving Comcast and was ultimately abandoned when Fox sold its Sky stake to Comcast in 2018. In December 2017, Disney agreed to acquire most of 21st Century Fox’s entertainment assets. Comcast subsequently made a competing offer, prompting Disney to raise its consideration to approximately $71.3 billion in cash and stock. Regulatory approvals required divestitures, particularly of regional sports networks and certain overlapping international operations. The transaction excluded the Fox broadcast network, Fox News, Fox Business Network, national Fox sports operations and other retained assets. Those businesses were separated into Fox Corporation, which began trading in March 2019. Disney completed its acquisition on March 20, 2019. After closing, the 20th Century Fox studio, FX Networks, National Geographic Partners, Star India and other entertainment and international assets entered Disney’s corporate structure. The retained U.S. broadcast, news and sports businesses continued under Fox Corporation. Consequently, 21st Century Fox ceased to operate as an independent public company, although many of its former brands continued under successor owners.

21st Century Fox emerged from a restructuring of News Corporation. The separation was proposed in 2012, approved by the board and shareholders in 2013, and completed on June 28, 2013. The former News Corporation became the legal predecessor of 21st Century Fox, while a newly formed News Corp received the publishing portfolio. This arrangement was intended to give the entertainment and publishing businesses more focused management and separate strategic priorities. The name referenced the company’s connection to 20th Century Fox while signaling a new corporate identity; the 20th Century Fox operating brand itself retained its established name. At formation, the company inherited Fox Entertainment Group and a broad collection of film, television and international assets. The portfolio included the 20th Century Fox studio, Fox television network, Fox News, FX Networks, international channels and a substantial interest in National Geographic Partners. Star India provided a major South Asian television platform, while the company’s European interests included Sky-related holdings and other pay-TV operations. Its business model depended on developing and owning content, distributing it through broadcast and cable networks, selling advertising and subscriptions, and licensing programming internationally. The company’s strategic record included both expansion and portfolio reshaping. It acquired majority ownership of the YES Network in 2014 and tried to combine with Time Warner, but withdrew that proposal later the same year. It also combined Shine Group with Endemol and Core Media in a joint venture with Apollo Global Management. In 2015, National Geographic Partners was established with the National Geographic Society, consolidating the commercial magazine, channel and consumer-media operations under a Fox-controlled venture. 21st Century Fox later pursued full ownership of Sky plc. The proposal faced extended scrutiny in the United Kingdom because of concerns about media plurality and the Murdoch family’s combined ownership of newspapers, news channels and broadcasting assets. Comcast ultimately won a 2018 auction for Sky, after which 21st Century Fox sold its stake to Comcast. The company’s defining final event was the sale of most of its entertainment assets to Disney. Disney announced its initial agreement in December 2017. Comcast then made a competing all-cash proposal, leading Disney to increase its offer. Shareholders approved the revised agreement in July 2018, and regulators imposed conditions including the disposal of regional sports networks and certain overlapping international businesses. The transaction was structured so that Fox’s broadcast, news and national sports assets were separated into Fox Corporation. Disney completed the acquisition on March 20, 2019. 21st Century Fox then ceased to exist as an independent listed corporation, with its former businesses divided mainly between Disney, Fox Corporation and other purchasers.

1. 2019Disney acquisition closes

   Disney completed the acquisition on March 20, after Fox’s retained U.S. businesses had been separated into Fox Corporation.

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2. 2018Revised Disney offer is approved

   Following a Comcast counterbid, Disney increased its offer and shareholders of both companies approved the transaction.

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3. 2017Disney announces agreement to acquire most of Fox

   Disney agreed to acquire most of 21st Century Fox’s entertainment assets in a cash-and-stock transaction.

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4. 2015National Geographic Partners launches

   Fox and the National Geographic Society created a joint venture for National Geographic media and consumer businesses.

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5. 2014Time Warner proposal is withdrawn

   21st Century Fox ended its proposed acquisition of Time Warner after the offer was rejected.

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6. 201321st Century Fox is formed

   The separation was completed on June 28, creating 21st Century Fox as the successor holding the former News Corporation entertainment assets.

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7. 2013Public trading begins

   Shares began trading on NASDAQ and the Australian Securities Exchange on July 1.

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8. 2012News Corporation announces planned separation

   News Corporation announced plans to separate its publishing operations from its entertainment and television businesses.

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An integrated global media group centered on premium film and television content, U.S. broadcast and cable networks, news and sports programming, and international television distribution.

• 20th Century FoxFilm and television studio

  The principal film and television production and distribution studio associated with the company. It developed, produced, marketed and distributed feature films and television programming internationally. The studio and related entertainment assets were included in Disney’s acquisition and subsequently became part of Disney’s studio organization.

• Fox Broadcasting CompanyBroadcast television network1986

  A U.S. broadcast network built around entertainment programming, scripted series, sports and other mass-market television content. It was excluded from Disney’s acquisition and transferred into the retained Fox Corporation structure.

• Fox NewsCable news network1996

  A U.S. cable news channel and one of the company’s most prominent news assets. Fox News, together with related U.S. news operations, was retained outside the Disney transaction and became part of Fox Corporation.

• FX NetworksCable entertainment networks1994

  A portfolio of U.S. cable networks known for scripted series, films and other entertainment programming. FX Networks was among the major entertainment assets acquired by Disney in 2019.

• National Geographic PartnersBranded media joint venture2015

  A joint venture with the National Geographic Society covering National Geographic television channels, magazine-related operations and consumer media. 21st Century Fox held the controlling economic interest, and the venture was acquired by Disney.

• Star IndiaInternational television operator

  A major Indian television and media operation with channels and content serving multiple Indian-language markets. It was included among the international assets transferred to Disney in the acquisition.

• 2018Sell Sky stake to ComcastM&A

  Fox’s effort to acquire the remaining shares of Sky faced regulatory scrutiny in the United Kingdom and a competing Comcast offer.

  What changed. After Comcast won the regulator-mandated auction, 21st Century Fox agreed to sell its Sky shares to Comcast.

  Aftermath. Fox completed the sale of its stake in October 2018, and Comcast became Sky’s controlling shareholder.

  • Comcast — Won the auction for Sky and acquired Fox’s stake.
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• 2017Agree to sell most entertainment assets to DisneyM&A

  The media industry was consolidating around large libraries, international distribution platforms and direct-to-consumer services. Disney sought Fox’s film, television and international assets, while Fox planned to separate its U.S. broadcast, news and national sports operations.

  What changed. 21st Century Fox accepted Disney’s revised cash-and-stock proposal after Comcast made a competing bid. The transaction excluded the businesses designated for the new Fox Corporation.

  Aftermath. Regulatory conditions required divestitures, including regional sports networks and some overlapping international operations. Disney closed the acquisition on March 20, 2019, ending 21st Century Fox as an independent company.

  Transaction consideration. Approximately $71.3 billion in cash and stock (Revised offer announced June 2018)

  • Comcast — Made a competing all-cash offer, later withdrew from the Fox contest and concentrated on acquiring Sky.
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• 2015Create National Geographic PartnersStrategy

  The company sought to consolidate and commercialize National Geographic’s media and consumer businesses through a closer partnership with the National Geographic Society.

  What changed. 21st Century Fox and the society formed National Geographic Partners, with Fox holding a 73 percent stake.

  Aftermath. The joint venture became part of Disney’s acquired portfolio in 2019.

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• 2014Withdraw the Time Warner acquisition proposalM&A

  21st Century Fox sought a larger combination with Time Warner, another diversified media company that had separated its publishing operations. Time Warner’s board rejected the proposal, and regulatory and market considerations complicated the transaction.

  What changed. The company withdrew its bid in August 2014 and announced a share-repurchase program after the market response to the proposal weakened its stock.

  Aftermath. Time Warner remained independent until its later acquisition by AT&T. 21st Century Fox continued pursuing more targeted network, production and international transactions.

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• 2013Corporate separation follows News Corporation publishing scandalsControversy

  The restructuring that created 21st Century Fox occurred after scandals affecting News Corporation’s United Kingdom publishing operations damaged the wider group’s reputation. The new company primarily received entertainment and broadcasting assets, while publishing operations were placed in the new News Corp. The separation was a corporate response to distinct business and governance concerns rather than a scandal attributed specifically to 21st Century Fox’s later operating company.

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• 2019Disney completes acquisition of most 21st Century Fox assets

  Disney closed the transaction after regulatory approvals and the separation of retained businesses into Fox Corporation.

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• 2019Fox Corporation begins trading

  The retained Fox broadcast, news and sports businesses began operating as a separate public company ahead of the Disney closing.

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• 201821st Century Fox agrees to sell Sky stake to Comcast

  After Comcast won a regulator-mandated auction for Sky, 21st Century Fox sold its controlling stake to Comcast.

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• 2018Disney and Fox shareholders approve acquisition

  Shareholders approved Disney’s revised transaction for most of 21st Century Fox’s entertainment assets.

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• 2015National Geographic Partners is formed

  21st Century Fox and the National Geographic Society established a commercial joint venture covering National Geographic media and consumer businesses.

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• 201421st Century Fox withdraws proposed Time Warner bid

  The company abandoned its effort to acquire Time Warner after the target rejected the proposal and market conditions weakened.

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• 2014Shine Group combines with Endemol and Core Media

  Fox’s Shine Group joined with Apollo-backed Endemol and Core Media to create Endemol Shine Group.

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• 2013News Corporation approves separation into two companies

  The corporate split separated publishing assets into a new News Corp and placed film, television and international entertainment assets in 21st Century Fox.

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• 201321st Century Fox begins public trading

  The new company began trading on NASDAQ and the Australian Securities Exchange after the News Corporation separation.

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1. 21st Century Fox
2. Acquisition of 21st Century Fox by Disney
3. National Geographic Partners
4. Sky Group
5. Fox Corporation
6. Shine集团与Endemol和Core Media合并