High-Profile Politician Joins Board of Fox as the Company Begins a New Era

Mar 19, 2019  •  Post A Comment

With the Disney acquisition of 21st Century Fox’s assets set to become official tonight, the remaining stand-alone entity Fox Corp. began trading today and announced new members of its board of directors — including former House Speaker Paul Ryan.

“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,” Deadline reports. “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.”

The remaining assets not acquired by Disney include 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,” Deadline notes.

The report adds: “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.”

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