21st Century Fox has filed a registration statement with the U.S. Securities and Exchange Commission to create Fox Corp., the company to be spun off in connection with the Walt Disney Co.’s acquisition of most of its film and television assets.
“New” Fox will include the company’s branded news, sports and entertainment assets: Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network.
The SEC filing provides an overview of Fox’s business and its competitive strengths and strategies. It also contains information about the transaction. Fox will seek to be traded on the Nasdaq exchange, with two classes of stock.
“We are pleased to be taking another important step toward the creation of Fox, which will immediately enjoy strong leadership positions across its core businesses and benefit from the flexibility and capitalization of our new structure in order to pursue high growth initiatives and strategic opportunities,” said Lachlan Murdoch, executive chairman of 21CF and chairman and CEO of Fox.
Disney’s planned $71.3 billion acquisition much of Fox is still subject to regulatory approval. The companies expect the deal to close in the first half of the year.