The name will come into effect once News Corp completes the split of its entertainment and publishing arms later this year. Furthermore, the moves puts pay to the Fox Group moniker, which will cease to exist at that point.
Falling under the new 21st Century Fox group are cable and broadcasting networks including FOX, FX, FXX, FS1, Fox News Channel, Fox Business Network, Fox Sports, Fox Sports Network, National Geographic Channels, Fox Pan American Sports, MundoFox and STAR; film studio Twentieth Century Fox Film; and television production studios Twentieth Century Fox Television and Shine Group.
It also houses News Corp’s pay TV services Sky Deutschland and Sky Italia and its interests in BSkyB and Tata Sky but not its holdings in Fox Sports Australia and Foxtel, as previously disclosed. These will sit within News Corp’s newly leveraged publishing wing, which will retain the News Corp moniker.
Rupert Murdoch will be CEO and chairman of the new entertainment group, while Chase Carey will be president and COO.
Murdoch said: “Over the years, we have built a global portfolio of companies that has consistently defied conventional wisdom, and succeeded where others have failed because we are driven by a steadfast belief in great ideas, the power of imagination and the desire to thrill and engage audiences with enduring stories and experiences.
“21st Century Fox is a name that draws upon the rich creative heritage of our film studio, while also speaking to the innovation and dynamism that define all of our global media and entertainment businesses and will guide us into the future.”
Carey added: “Together, as 21st Century Fox, we will have the global footprint and creative bench that give us a competitive edge across more than 50 countries. We believe that the 21st Century Fox name captures the power of our legacy as well as the vast opportunities for our consumers, businesses and investors as we look forward.”
News Corp announced plans to split entertainment and publishing following pressure from investors over poor returns from the latter but noted in its announcement the process was still subject to regulatory and final shareholder approval.