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Fox Corporation

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Fox Corporation
NameFox Corporation
TypePublic
Traded asNASDAQ: FOXA, FOX
IndustryMass media
Founded19 March 2019
FounderRupert Murdoch
Hq locationNew York City
Hq location countryUnited States
Key peopleRupert Murdoch (Chairman Emeritus), Lachlan Murdoch (Executive Chair & CEO), John Nallen (COO), Steve Tomsic (CFO)
ProductsBroadcasting, Cable television, News media

Fox Corporation. It is a major American mass media company formed in 2019 following the acquisition of most of 21st Century Fox by The Walt Disney Company. The company holds the assets not sold to Disney, primarily its television properties, and is controlled by the Murdoch family through the Murdoch Family Trust. Its operations are centered on live news and sports broadcasting through a portfolio of national and local outlets.

History

The company's origins are tied to the corporate restructuring of Rupert Murdoch's media empire. In December 2017, The Walt Disney Company announced an agreement to acquire key assets of 21st Century Fox, including its film studio and international television businesses. The remaining assets, which included the Fox Broadcasting Company, Fox News, and Fox Sports, were spun off into a new entity. This transaction was completed on March 19, 2019, formally establishing the current entity, which began trading on the NASDAQ under the tickers "FOXA" and "FOX". This separation marked a strategic refocusing on live, must-see content, particularly news and sports, in contrast to the scripted entertainment and film production sold to Disney.

Corporate structure

The company is a publicly traded entity controlled by the Murdoch Family Trust, which holds a significant voting stake. Its corporate leadership is based in New York City, with major operational hubs in Los Angeles and other cities. The board of directors includes members of the Murdoch family and independent directors such as Anne Dias and Chase Carey. Its operational management is divided into distinct business segments, each led by its own president, which report to the executive leadership team headed by Lachlan Murdoch. This structure is designed to provide clear lines of accountability for its broadcast, cable, and other media divisions.

Assets and divisions

Its portfolio is organized into several key divisions. The Fox Broadcasting Company operates its flagship television network, airing programming like The Simpsons and 9-1-1: Lone Star. The Fox Television Stations group owns and operates numerous local stations in major markets such as New York City, Los Angeles, and Chicago. Its cable network portfolio is headlined by Fox News Channel and the business channel Fox Business. The Fox Sports division encompasses national cable channels like FS1 and FS2, and holds broadcasting rights for major leagues including the National Football League, Major League Baseball, and NASCAR. Other assets include the advertising technology platform Tubi and the studio Fox Entertainment.

Leadership and governance

Executive leadership is led by Lachlan Murdoch, who serves as Executive Chair and Chief Executive Officer. Other key executives include Chief Operating Officer John Nallen and Chief Financial Officer Steve Tomsic. Rupert Murdoch holds the title of Chairman Emeritus. The board of directors provides governance oversight, with notable members like Jacques Nasser and Roland A. Hernandez. Senior management also includes the presidents of its major divisions, such as Suzanne Scott at Fox News Media and Eric Shanks at Fox Sports. This leadership team is responsible for strategic direction and daily operations across all its properties.

Financial performance

Revenue is primarily generated through advertising sales across its broadcast and cable networks, and affiliate fees from cable and satellite distributors. A significant portion of its profitability is driven by the consistent performance of Fox News Channel and the lucrative rights fees from live sports broadcasting deals with entities like the NFL. The company reports its financial results in segments such as Cable Network Programming and Television. It has pursued strategic investments, such as the acquisition of Tubi, to expand its digital and streaming footprint in response to market shifts toward streaming media.

The company and its divisions have been involved in several high-profile legal and regulatory matters. Fox News Channel has faced numerous lawsuits, most notably the defamation case brought by Dominion Voting Systems, which resulted in a substantial settlement. Its operations are subject to oversight by the Federal Communications Commission regarding broadcast licenses and ownership rules. Other issues have included shareholder litigation related to the spinoff from 21st Century Fox and investigations into workplace culture at certain divisions. These matters have required significant legal expenditure and corporate governance attention.

Category:Mass media companies of the United States Category:Companies based in New York City Category:Fox Corporation