History
Fox Entertainment Group was formed in the 1980s after the purchase of the Metromedia-owned independent stations by the 20th Century Fox film studio, at the time jointly owned by Australian-American media mogul Rupert Murdoch's News Corporation, and Denver billionaire Marvin Davis.[5][6] These stations would later become the foundation of the Fox television network (launched in October 1986), which would become the foundation of the company (named after the TV network) itself. Not long after the Metromedia deal was made, Murdoch purchased Davis's shares and News Corp assumed full control of the film studio, which was then placed within Fox Entertainment Group.
In 1995, Saban entered into a joint venture with the Fox children's television network to form Fox Kids Worldwide. In 1997 it was renamed Fox Family Worldwide.[7] On July 23, 2001, Saban announced that Fox Family Worldwide (now ABC Family Worldwide Inc.) would be sold to Disney.[8] On October 24, 2001, the sale was completed.[9]
On March 20, 1998, Fox Entertainment Group (under the management of Rupert Murdoch) purchased the Los Angeles Dodgers from Peter O'Malley on $311-million of dollars. On January 20, 2004, Fox Entertainment Group sold the Dodgers to Frank McCourt.[10][11][12][13][14]
On August 14, 1998, Fox launched an initial public offering as a publicly traded company, trading on the New York Stock Exchange (NYSE,) while Fox Entertainment Group's address has been moved from Los Angeles to New York City.[15] The company has traded on the NYSE since its launch under ticker symbol FOX until its acquisition in 2005 by News Corporation.[16]
In January 2005, shortly after News Corporation reincorporation in the United States, News Corp announced that it was offering $5.9 billion to buy out the remaining 18% of shares in Fox that News Corporation did not already own.[17] The maneuver delisted Fox from the New York Stock Exchange; Fox Entertainment Group traded on the NYSE under the ticker FOX.[18]
In 2012, Rupert Murdoch announced that News Corporation would be split into two publishing and media-oriented companies: a new News Corporation, and 21st Century Fox, which operated the Fox Entertainment Group and 20th Century Fox and other studios. Murdoch considered the name of the new company a way to maintain the 20th Century Fox's heritage as the group advances into the future.[19][20]
In January 2017, Fox Entertainment Group and 20th Century Fox formed FoxNext, which would handle video game developments, VR experiences and theme park businesses.[21]
After Disney completed the acquisition of the 21st Century Fox assets on March 20, 2019, Fox Entertainment Group assets became Disney properties and are now reorganized under other Disney units.[22] The Fox Entertainment name would later be used by the Fox Corporation for its entertainment assets.[23]
