news 4 months ago

Fox Corp. Begins New Era As Stand-Alone Company, With Former House Speaker Paul Ryan Joining Board

Deadline — Dade Hayes

With fewer than 24 hours remaining before the acquisition of 21st Century Fox by Disney closes, the remaining stand-alone entity Fox Corp. begins trading today and has announced new members of its board of directors.

The company will maintain the ticker symbols FOXA and FOX for its Class A and Class B common shares, respectively, and will trade on the NASDAQ. Holders of Fox Corp. have received 620.5 million shares from 21st Century Fox as part of the $71.3 billion Disney transaction. A portion of each share of 21st Century Fox common stock held at the time of the distribution was exchanged for one-third of one share of common stock of the same class, and holders will receive cash in lieu of any fractional shares.

Staying behind at Fox Corp. are assets including the Fox broadcast network, Fox News, Fox Sports and local TV stations. The film and TV studio, as well as FX Networks, National Geographic and 30% of Hulu, are heading to Disney.

Along with formalizing the company’s new phase as a stand-alone entity, Fox also said it has added several new members to its board of directors, including former House Speaker Paul Ryan. Other new directors include Anne Dias, Chase Carey and Roland A. Hernandez. Previously announced board members include Rupert Murdoch, Lachlan Murdoch (who will run Fox Corp.) and Jacques Nasser. Carey, CEO of the Formula 1 racing circuit, is a longtime Murdoch associate who held senior-level executive posts at News Corp. and 21st Century Fox.

“We are thrilled to welcome our new colleagues to the Fox board,” Lachlan Murdoch said in a press release. “We look forward to working with and being guided by them as we begin a new chapter, steadfastly committed to providing the best in news, sports and entertainment programming.”

Sign up for Deadline's Newsletter. For the latest news, follow us on Facebook, Twitter, and Instagram.