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Fox News was recently bought by a new owner. Here’s a look at who the new owner is and why they decided to purchase the network.
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The Murdoch Family
In 2019, the Murdoch family announced that they would be selling Fox News to the Walt Disney Company. This surprised many people because the Murdochs had been such a big part of the Fox News Channel. So, who bought Fox News and why?
Rupert Murdoch
Rupert Murdoch is an Australian-born media mogul who founded News Corp, a global media empire. He is the chairman and CEO of 21st Century Fox, and his son Lachlan Murdoch is the co-chairman. In June 2018, Rupert and Lachlan Murdoch bought Fox News from 21st Century Fox for $71.3 billion.
The Murdochs are known for their conservative political views, and Fox News is often criticized for its right-wing bias. However, the Murdochs have denied that they influence the network’s news coverage.
Lachlan Murdoch
Lachlan Murdoch is the eldest son of Rupert Murdoch, and he currently serves as the Executive Chairman and Co-Chairman of News Corp and 21st Century Fox, respectively. He also previously served as the chairman and CEO of both companies.
Lachlan began his career working for his father’s companies in Australia before moving to the United States in 1995. He played a major role in the expansion of Fox News and was responsible for launching the Fox Business Network. He also oversaw the creation of Fox Sports 1.
In 2005, Lachlan announced that he was leaving News Corp to pursue other business interests. He returned to the company in 2014, and he has since been involved in a number of high-profile acquisitions, including The Wall Street Journal and Sky plc.
Lachlan is married to Sarah Murdoch, a former model and actress who is now a businesswoman and philanthropist. The couple has three children together.
James Murdoch
James Murdoch is the second son of Rupert Murdoch, and was born in London in 1972. He was educated at Harvard University, and then worked for his father’s company News Corporation in a number of roles including as chief executive of BSkyB, Star TV, and News International. In 2015, he resigned from these positions after disagreements with other members of the family over the phone hacking scandal.
He is currently the chief executive of 21st Century Fox, and has been outspoken on a number of political issues. In 2018, he said that Fox News had “gone off the rails” under the leadership of Roger Ailes and that it needed to “evolve” its output.
The Sale of Fox News
On March 19, 2019, Rupert Murdoch’s Fox Corporation completed its $71.3 billion sale of 21st Century Fox’s entertainment assets to the Walt Disney Company. This included the Fox broadcast network, Fox News, Fox Sports, and the 20th Century Fox movie studio. So, who bought Fox News and why?
The Bidding War
In the summer of 2017, 21st Century Fox put itself up for sale. The Murdoch family, which controls the company, wanted to focus on its news and sports businesses, and it saw a lucrative opportunity to sell off its other assets.
The bidding war for Fox was intense. Comcast, the largest cable company in the US, offered $65 billion for the company. But Disney, which already owns ABC and ESPN, emerged as the winner with a $71.3 billion offer.
The Murdochs will retain control of Fox News, Fox Business Network, and Fox Sports, which they plan to spin off into a new company. So why did Disney want Fox so badly? And what does this mean for the future of the media landscape?
There are several reasons why Disney wanted to buy Fox. First, it gives Disney a considerable amount of programming that it can use on its new streaming service, which is set to launch in 2019. With shows like The Simpsons and Modern Family, as well as movies like Avatar and X-Men, Disney will have a robust library of content to lure subscribers.
Second, the acquisition gives Disney more leverage in negotiations with cable and satellite providers.Fox’s 22 regional sports networks are particularly valuable in this regard—they give Disney a significant presence in markets across the country. And with Fox’s movie studio and cable channels like FX and National Geographic, Disney will now have even more must-have content that cable and satellite providers will be unwilling to part with.
Finally, the acquisition makes Disney a more powerful competitor to Netflix—and not just because of the content advantage. Disney also owns a majority stake in Hulu, which gives it a strong foothold in the streaming market. And with its controlling stake in BAMtech—a leading provider of streaming technology—Disney has the technical know-how to build a best-in-class streaming service.
The Sale Price
In March 2019, it was announced that Fox News had been sold to the Walt Disney Company for $71.3 billion. This made Fox News the second most expensive media company acquisition in history, behind only NBCUniversal. The sale included not only the Fox News Channel, but also the Fox Business Network, Fox Sports Networks, and other assets.
The sale of Fox News came as a surprise to many because it had long been considered an inseparable part of the Murdoch media empire. Rupert Murdoch, who is now 87 years old, started Fox News in 1996 and it quickly became a favorite among conservatives. For years, it was the most-watched cable news network in the United States.
The sale of Fox News will likely have major implications for both the Walt Disney Company and the cable news landscape in general. For Disney, it will mean an expansion of its reach into cable news and a possible challenge to CNN’s dominance in the space. For other cable news networks, it may mean increased competition from a reenergized Disney-owned Fox News.
The New Owners
On March 19, 2019, it was announced that Fox News had been sold to a new company, Apollo Global Management. The sale came as a surprise to many, as it was not something that had been openly talked about or anticipated. So, who are the new owners of Fox News, and why did they buy it?
Apollo Global Management is a private equity firm that is based in New York City. The company has a history of buying up media companies, including the recent acquisition of another cable news network, MSNBC. Apollo also owns the Examiner Media Group, which publishes local newspapers across the country.
The purchase of Fox News is in line with Apollo’s strategy of buying media companies that have a strong brand and a loyal audience. Fox News has been one of the most successful cable news networks in terms of ratings and profitability. In recent years, the network has faced some challenges, including allegations of sexual harassment and discrimination, but it remains one of the most watched channels on television.
The sale of Fox News to Apollo is seen as a positive move by many in the media industry. It provides stability for a network that has been facing some turbulence in recent years. And it gives Apollo a chance to invest in a very successful media brand.
What Does This Mean for Fox News?
Fox News was sold to Disney by the Murdoch family for $71.3 billion. The Murdoch family will still have a hand in the company through their shares in Disney. This does not mean that Fox News will be under new management, but it does mean that there will be some changes.
The Future of Fox News
Last week, it was announced that Rupert Murdoch’s media conglomerate, 21st Century Fox, had agreed to sell the majority of its assets to Disney. The $52.4 billion deal will see Disney acquiring Fox’s film and television studios, as well as its cable networks and international assets. Among those assets is Fox News, the most-watched cable news network in the United States.
So what does this mean for the future of Fox News? It’s still too early to say for sure, but there are a few possible scenarios.
One possibility is that Disney will simply continue to operate Fox News as-is. Given the fact that Disney is primarily a family-friendly company, some have speculated that they may try to tone down the network’s more controversial programming. However, it’s worth noting that Disney also owns ABC, which is home to some of the most popular shows on television, including “Grey’s Anatomy” and “Modern Family.” So it’s possible that Disney will simply allow Fox News to continue operating as it has been.
Another possibility is that Disney will sell off Fox News. This seems unlikely, given the fact that Fox News is one of the most profitable parts of 21st Century Fox, but it cannot be ruled out completely. If Disney does decide to sell Fox News, there are a number of potential buyers who could step in, including Sinclair Broadcast Group and Rupert Murdoch himself.
Whatever happens, it’s clear that the future of Fox News is now uncertain. It will be interesting to see how this all plays out in the coming months and years.
The Impact on the News Industry
When it was announced that 21st Century Fox would be selling most of its assets to Disney, the biggest question on everyone’s mind was what would happen to Fox News. The answer, it seems, is that Fox News will be placed in a new “Fox Corporation” along with other Fox-owned news outlets like Fox Business Network and Fox Sports.
This move is likely embolden those at Fox News who have been critical of Disney’s acquisition, painting it as a sell-out to “ liberal Hollywood .” For years, Fox News has been a thorn in the side of the mainstream news media, with its right-wing tilt and often combative approach to journalism. With Disney now in control of much of 21st Century Fox, there are concerns that the company will try to change the tone of Fox News.
However, it’s worth noting that Disney has always been a very conservative company, and it’s unlikely that they will want to alienate the millions of viewers who tune in to Fox News every day. In all likelihood, Disney will simply try to bring some more balance to the network by adding more diverse voices and perspectives. This could be a good thing for the news industry as a whole, as it would help to create a more level playing field.
