Rupert Murdoch's 21st Century Fox spun off various television assets — including the Fox News Channel and Fox broadcast network — to form a new company Tuesday known simply as Fox Corp.
The freshly minted company unveiled its board members, including former House Speaker Paul D. Ryan (R-Wis.). Ryan, whose two decades in Congress ended in January, forged a working relationship with President Trump to advance a conservative agenda, including tax cuts.
Now Ryan will help oversee the parent of Fox News — Trump's favorite news network.
Fox's other board members are Murdoch; his oldest son, Lachlan Murdoch, who is also the company's chairman and chief executive; Anne Dias, founder and CEO of media investment firm Aragon Global Holdings; Chase Carey, a former Fox executive who is chairman and CEO of Formula 1 racing; Roland A. Hernandez, a former chief of Spanish-language network Telemundo; and Jacques Nasser, former head of Ford Motor Co. and a longtime Murdoch associate.
The spinoff completed early Tuesday is part of a multipronged 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.
The new Fox is now a standalone, publicly traded company. Its shares are listed on the Nasdaq market; Tuesday marked their first day of trading. The Class A shares fell 3.3% to close at $40.34.
The 88-year-old Murdoch and his family decided in late 2017 to break up their entertainment empire, and Disney was the Australian mogul's preferred suitor. The Disney portion of the deal is expected to be complete late Tuesday night when the Burbank entertainment giant swallows the bulk of the Fox assets.
The new incarnation of Fox — with headquarters in New York and Los Angeles — is a slimmer version of the old Fox.