News Corp. Names Entertainment Spinoff 21st Century Fox
Previously referred to as the Fox Group, the film and TV assets will fall under a separate umbrella from Rupert Murdoch's publishing efforts.
21st Century Fox is the new name given to the half of News Corp. created by the spinoff separating the publishing assets from the media and entertainment assets.
Previously the company had been referring to the other entity as the Fox Group, but the Tuesday announcement confirms that the name will be replaced by this new moniker when the split becomes official. The publishing portion of the company, which includes newspapers such as the New York Post, The Australian and The Times of London, is keeping the News Corp. name.
21st Century Fox includes the Fox movie and TV studios, the Fox TV network, the Fox cable TV networks (FX, FXX, FS1, Fox News Channel, Fox Business Network, Fox Sports, Fox Sports Network, National Geographic Channels, Fox Pan American Sports, MundoFox and STAR) as well as the Shine Group. The company feeds content through its domestic distribution operations and to its pay-television services in Europe and Asia, including Sky Deutschland, Sky Italia and its equity interests in BSkyB and Tata Sky.
“Over the years, we have built a global portfolio of companies that has consistently defied conventional wisdom, and succeeded where others have failed because we are driven by a steadfast belief in great ideas, the power of imagination and the desire to thrill and engage audiences with enduring stories and experiences," said Rupert Murdoch, who will continue to be the top executive at both companies. "21st Century Fox is a name that draws upon the rich creative heritage of our film studio, while also speaking to the innovation and dynamism that define all of our global media and entertainment businesses and will guide us into the future.”
Chase Carey, who will be president and CEO of the new company added, “Together, as 21st Century Fox, we will have the global footprint and creative bench that give us a competitive edge across more than 50 countries. We believe that the 21st Century Fox name captures the power of our legacy as well as the vast opportunities for our consumers, businesses and investors as we look forward.”