Former Speaker of the House Paul Ryan joins board of Fox Corporation

Disney Fox Acquisition Complete, Announces 21st Century Fox

Disney Fox Acquisition Complete, Announces 21st Century Fox

As Disney and Fox Corp. settle in to a new world order, employees at both companies are bracing for the impact of large-scale layoffs to come in Burbank and Century City.

Earlier Tuesday, 21st Century Fox completed the separation of assets that are moving to Disney and those that will comprise the foundation of Fox Corporation, which began trading on the NASDAQ as a stand-alone entity on Tuesday morning.

The new Fox will be led by Murdoch's elder son, Lachlan, and will focus largely on sports and news - two forms of programming that have held up well in the ratings despite fewer people watching television.

Former Speaker of the House Paul Ryan on Tuesday was named a board member of Fox Corporation, the new parent company of Fox News.

21st Century Fox was created in 2013.

Disney won a bidding war in 2018 against cable giant Comcast to acquire the assets.

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Disney Chairman Robert Iger has indicated that his company will continue to release movies under the 20th Century Fox and Fox Searchlight banners.

With the acquisition, Disney now has a huge amount of content and intellectual property, including "X-Men", "Avatar", and "Deadpool".

The larger implications of this deal are not entirely known although Fox News and sports channels will not be included in the acquisition.

"The reconfigured Fox Corp. will emphasize live programming, with National Football League prime-time games on Thursday nights and WWE's "Smackdown" on Fridays".

Fox News and Fox Business are now part of the newly created Fox Corporation.

Disney deal proceeds amounting to $US12 billion are now set to be split among Mr Murdoch's six children from three marriages - Prudence, Elisabeth, Lachlan, James, Grace Helen and Chloe - making them billionaires in their own right, according to calculations by the Bloomberg Billionaires Index.

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