The Fox Corporation Launches as a Publicly Traded Company




(New York, NY and Los Angeles, CA) The merger of Twenty-First Century Fox, Inc. with The Walt Disney Company has been concluded.  As a result, the leadership of Twenty-First Century Fox that was not part of the merger, has started a spun-off media company.  The spun-off media company is appropriately named, the Fox Corporation.  Recently, the Fox Corporation announced that, it has been launched.  Additionally, that it has been launched as a publicly traded company.  Furthermore, post-launch it has complied with the last outstanding obligation, which is a result of the merger with The Walt Disney Company. 
             The last outstanding obligation that, is a result of the merger with The Walt Disney Company (NYSE:  DIS) is a payment, to be able, to pay taxes.  Specifically, the Fox Corporation (NASDAQ:  FOX.A and FOX) owed $8.5 billion USD.  The previous amount, was owed to Twenty-First Century Fox, Inc.  The aforementioned, now belongs to The Walt Disney Company.  The taxes that needed to be paid, include the taxes that resulted from divestures.  A divesture is when a subsidiary business or investment, is sold.  Post-merger, the specific divesture transactions were not completely disclosed.  One disclosed divesture is the Fox Sports Regional Sports Networks.  The estimated tax liability of this divesture, was estimated at $700 million USD.  Obviously, the $700 million dollar amount is part of the overall, $8.5 billion dollars.  Technically, the paid $8.5 billion dollars is also considered to be, a pre-payment.  In return, The Walt Disney Company paid the Fox Corporation $2 billion USD.  The $2 billion dollars was paid in cash money.
            Continuing with, the launch of the Fox Corporation, it all started with a separation from Twenty-First Century Fox, Inc.  The latter and in turn, distributed back all of the outstanding shares of common traded stock, to its stockholders.  The distribution of the common traded stock was done in a proportional manner, or, pro rata basis.  Specifically, for each share of common stock, which was held by a stockholder, the individual stockholder received 1/3 of a share of common stock.  The aforementioned, is also, for common traded stock of the same class.  Furthermore, cash money was paid out, instead of fractional shares.  Overall, Twenty-First Century Fox, Inc. distributed back 620,501,921 shares of common traded stock on March 19th, 2019.  As a publicly traded company, the Fox Corporation, was also launched with two types of common traded stock.  The two types of common traded stock are Class A, and, Class B.  The stock exchange, is the NASDAQ Global Select Market.  As a newly launched media company, the Fox Corporation, aims at television production and distribution.  News, sports and entertainment are the types of television content that; are produced and distributed.  Specifically; the conventional media platforms of the Fox Corporation include Fox News, Fox Sports, the Fox Television Network and the Fox Television Stations.  For this moment in time, the launch of the Fox Corporation concludes or ends, with the revelation of the Board of Directors.  The Fox Corporation’s Board of Directors is comprised of Anne Dias, Chase Carey, Roland A. Hernandez, Paul D. Ryan, Jacques Nasser, K. Rupert Murdoch and Lachlan K. Murdoch. 
            To end, the Fox Corporation did release a press statement.  Lachlan K. Murdoch is the Chairman and Chief Executive Officer of the Fox Corporation.  Through a press statement, Mr. Murdoch said the following.  “We are thrilled to welcome our new colleagues to the FOX board.  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.”  As previously stated, the aforementioned media company recently announced that, it has been launched.  Additionally, that it has been launched as a publicly traded company.  Furthermore, post-launch it has complied with the last outstanding obligation, which is a result of the merger with The Walt Disney Company.  Lastly and for the Fox Corporation, everything is all set and ready for business operations, its Board of Directors has been established.

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Written from Press Release
Registered Writer at
PR Newswire Association, LLC
03/22/2019

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