The original incarnation of News Corporation (abbreviated News Corp. and also variously known as News Corporation Limited) was an American multinational mass media corporation founded and controlled by media mogul Rupert Murdoch. Founded on March 15, 1980 as News Corp Limited and formerly incorporated in Adelaide, South Australia, the company was re-incorporated under Delaware General Corporation Law following a successful shareholder vote on November 12, 2004; it had since been headquartered at 1211 Avenue of the Americas in New York City.
On June 28, 2012, after concerns from shareholders in response to its recent controversies and to "unlock even greater long-term shareholder value", Rupert Murdoch announced that News Corporation's assets would be restructured into two publicly traded companies,[3] one oriented towards media, and the other towards publishing. The formal split was completed on June 28, 2013; the original News Corp. was renamed 21st Century Fox and consisted primarily of media outlets, while the new News Corp was formed to take on the publishing and Australian broadcasting assets.
Its major holdings at the time of the split were News Limited (a group of newspaper publishers in Murdoch's native Australia), News International (a newspaper publisher in the United Kingdom, whose properties include The Times, The Sun, and the now-defunct News of the World (the subject of a phone hacking scandal that led to its closure in July 2011), Dow Jones & Company (an American publisher of financial news outlets, including The Wall Street Journal), the book publisher HarperCollins, and the Fox Entertainment Group (the holding for the 20th Century Fox Film Corporation and the Fox Broadcasting Company). Prior to its split, it was the world's largest media company in terms of total assets and the world's fourth largest media group in terms of revenue, dominating the news, television, film, and print industries.[4][5][6][7][8]
History
News Corp was established in 1980 by Rupert Murdoch as a holding company for News Limited. News Limited was founded in 1923 in Adelaide by James Edward Davidson, funded by the Collins House mining empire for the purpose of publishing anti-union propaganda;[9][10] subsequently the controlling interest was bought by the Herald & Weekly Times. In 1949, Keith Murdoch took control of Adelaide's afternoon tabloid The News. When he died in 1952, his son Rupert inherited a controlling interest in The News. News Limited operates today as News Corporation's Australian brand and includes ownership of The Australian, operating out of Surry Hills, in Sydney.
Expansion into the United States
News Ltd. made its first acquisition in the United States in 1973, when it purchased the San Antonio Express and News (the two papers merged in 1984).
Corporate affairs
Business trends
The key trends for News Corporation are (as of the financial year ending June 30):[92]
Shareholders
- In August 2005, the Murdoch family owned only about 29% of the company of which as of June 2013 had been diluted to around 17%. However, nearly all of these shares were voting shares which currently stand at 39% of the total voting shares, and Rupert Murdoch retained effective control of the company. Nonetheless, John Malone of Liberty Media had built up a large stake, with about half of the shares being voting shares. Therefore, in November 2006, News Corporation announced its intention to transfer its 38.5% interest in DirecTV Group to John Malone's Liberty Media; in return it bought back Liberty's 16.3% stake in News Corp., giving Murdoch tighter control of the latter firm.[95] Murdoch sold 17.5 million class A shares in December 2007.
Final holdings
News Corporation split up to 21st Century Fox and the current incarnation of News Corporation on June 28, 2013. All media and broadcasting assets, except media assets owned by News Limited, now belong to Fox Corporation, the legal successor to News Corporation (and 21st Century Fox). Meanwhile, newspapers and other publishing assets, including media assets under News Limited, were spun off and belong to News Corp.
Music and radio
- Fox Film Music Group
- Fox News Radio
Sport
- Majority ownership of the
Former holdings
Sold
- Fox Family Worldwide – sold to The Walt Disney Company in July 2001 before being reunited 18 years later in 2019.[130]
- BVS Entertainment library
- Fox Kids/Fox Children's Productions/Fox Family library
- Marvel Films Animation/New World Animation library
- DePatie–Freleng Enterprises/Marvel Productions library
See also
- Succession of Rupert Murdoch, a 2024 court case
- List of conglomerates
External links
- News Corp Board of Directors
- News Corp at Bloomberg Businessweek (archived 2 April 2010)
- News Corp. Holdings at Columbia Journalism Review, as of February 2015
References
- News Corp investors agree US move BBC News, October 26, 2004, retrieved March 27, 2010^
- Geraldine Fabrikant. Market Place; News Corp. Plans to Follow Its Chief to the United States The New York Times, April 7, 2004, retrieved March 27, 2010^
- Uh-oh! Looks like your site is down