Disney Fox Acquisition Complete, Announces 21st Century Fox

Bessie Dean
March 20, 2019

Hours before their asset combination closes, Disney and Fox released the per-share value of the deal and offered a final blessing by Disney CEO Bob Iger, who called the deal "an extraordinary and historic moment for us".

Ryan and Formula One Group executive chairman Chase Carey will join Rupert Murdoch, Lachlan Murdoch, and Jacques Nasser as members of the powerful board.

He went on to say, "we look forward to working with and being guided by them as we begin a new chapter".

Former House Speaker Paul Ryan has joined the board of Fox Corp., the media company that begins its new life Tuesday after Rupert Murdoch sold much of his empire to Walt Disney Co. past year. In that role, he was interviewed often on Fox News, the cable news channel that will be a key asset in the slimmed-down version of the new company.

Fox Corp. was separated Tuesday from Twenty-First Century Fox, which was bought by Walt Disney Co.

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"The reconfigured Fox Corp. will emphasize live programming, with National Football League prime-time games on Thursday nights and WWE's "Smackdown" on Fridays". It came up with deals to keep shows like "The Simpsons" and "Family Guy".

Brokerage MoffettNathanson had started covering Fox with "buy" rating last week ahead of the debut, saying Fox Broadcasting Network and Fox News are "an unrivaled pair of must-have" content that will drive strong, industry-leading revenue growth for years.

Disney deal proceeds amounting to $US12 billion are now set to be split among Mr Murdoch's six children from three marriages - Prudence, Elisabeth, Lachlan, James, Grace Helen and Chloe - making them billionaires in their own right, according to calculations by the Bloomberg Billionaires Index.

The sale, which caps more than half a century of unceasing activity by Mr Murdoch to create a global media empire, will be formally completed at 12.02am ET on Wednesday.

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