The new Fox is said to be slimmer and more agile as it moves forward and the Murdochs will continue to control the company through the voting shares.
Rupert Murdoch’s 21st Century Fox has spun off various television assets — including the Fox News Channel and Fox broadcast network — to form a new company that will be known simply as Fox Corp.
The spinoff completed early Tuesday is part of a multi-pronged process that will culminate with the $71.3-billion sale of the rest of Murdoch’s entertainment company to Walt Disney Co. The company announced that it had finished the process of issuing shares in the new Fox Corp. to investors of 21st Century Fox.
Fox announced its board members, including former U.S. House Speaker Paul D. Ryan (R-Wis.). Other board members include Rupert Murdoch, Lachlan Murdoch, Anne Dias, Chase Carey, Roland A. Hernandez and Jacques Nasser.
The new Fox is now “a standalone, publicly traded company,” the company said. Its shares are listed on the Nasdaq market; Tuesday marks the first day of trading.