In a note to staff members on Tuesday, Rupert Murdoch, chairman and chief executive of News Corporation, said the name “draws upon the creative heritage of 20th Century Fox, while also speaking to the innovation and dynamism that must define each of our businesses through the 21st century.”
News Corporation is expected to complete in early July the split of its entertainment assets from its publishing units, including The Wall Street Journal, The New York Post and HarperCollins. The publishing company, which will also include Australian pay television assets, will keep the name News Corporation.
The name 21st Century Fox signals that the company wants to highlight its accomplishments in movies and television, including producing movies like “Avatar” and “Titanic” and television series like “The Simpsons,” “Homeland” and “Modern Family.” The new company had previously been referred to as the Fox Group.
In his note, Mr. Murdoch praised those creative accomplishments. The bulk of 21st Century Fox’s profits, however, will most likely not come from the studio but from its cable channels, including Fox News and FX. “We created a ratings juggernaut, with millions of households trusting Fox News to deliver the most valuable and most watched journalism on television,” Mr. Murdoch said.
The company will expand its presence in cable television with the introduction of Fox Sports 1, a 24-hour cable sports channel aimed at competing with ESPN. Mr. Murdoch said the company would approach its sports endeavors with “the brash, irreverent attitude that is synonymous with Fox Sports.”
Mr. Murdoch will continue to serve as chief executive and chairman of 21st Century Fox and will serve as chairman of News Corporation. Chase Carey will serve as chief operating officer of 21st Century Fox and Robert Thomson holds the roll of chief executive of News Corporation.
Article source: http://www.nytimes.com/2013/04/17/business/media/21st-century-fox-is-name-for-news-corp-media-unit.html?partner=rss&emc=rss
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