Fox Corporation: The Evolution of a Modern Media Giant
The landscape of global media underwent a seismic shift in 2019 with the emergence of Fox Corporation. Born from one of the largest acquisitions in entertainment history, the company was designed to be a lean, focused entity specializing in live news and sports. While its predecessor, 21st Century Fox, was a sprawling conglomerate, the "New Fox" was built to navigate a digital-first era where live events remain the primary draw for traditional television audiences.
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The Formation of Fox Corporation
The origins of Fox Corporation date back to December 14, 2017, when The Walt Disney Company announced its intent to acquire the majority of 21st Century Fox's assets—including motion picture, television production, and cable entertainment divisions—for $52.4 billion. This deal included 20th Century Fox and FX Networks.
However, Disney could not acquire everything. Due to the dual network rule—an FCC policy prohibiting mergers between the top broadcast networks—Disney (which already owned ABC) was legally unable to own the Fox television network and its broadcast stations. Consequently, these assets, along with Fox News and the national operations of Fox Sports, formed the independent "New Fox." While Disney initially acquired Fox's regional sports networks, the Department of Justice later ordered their divestiture to prevent a monopoly in the cable sports market, given Disney's 80% ownership of ESPN.
The Bidding War and Finalization
The path to formation was not without conflict. In mid-2018, Comcast (parent of NBCUniversal) sparked a bidding war for both the Fox assets and Sky plc, a British broadcaster. To secure the deal, Disney increased its offer to $71.3 billion. Meanwhile, Comcast eventually won the auction for Sky.
By January 1, 2019, the new organizational structure was implemented, and the company officially retained the Fox name. On March 19, 2019, Fox Corporation began trading on the S&P 500, replacing 21st Century Fox. As part of the agreement, Disney committed to removing the Fox brand from its acquired assets by 2024 to avoid market confusion.
Strategic Growth and Digital Expansion
Under the leadership of Chairman and CEO Lachlan Murdoch, Fox Corporation pivoted toward aggressive digital expansion and strategic acquisitions to diversify its revenue streams beyond traditional broadcasting.
Diversifying the Portfolio
Fox began expanding into gambling and digital content early in its operations. In May 2019, the company acquired a 4.99% stake in The Stars Group for $236 million to co-develop Fox Bet. Other key acquisitions included:
- Credible Labs (67% stake) and Bento Box Entertainment in August 2019.
- Tubi, a streaming service acquired in April 2020 for $440 million.
- TMZ from WarnerMedia in September 2021 for approximately $50 million.
- MarVista Entertainment in December 2021.
In September 2022, the company launched Fox Entertainment Studios, marking its first venture into entirely in-house television production, debuting with the show Monarch. It also established Fox Entertainment Global to re-enter the international distribution market.
The Rise of Tubi Media Group
In April 2023, Fox consolidated its digital efforts by forming the Tubi Media Group. Led by CEO Paul Cheesbrough, this standalone unit encompasses Tubi, Credible Labs, Blockchain Creative Labs, and various digital sports and news platforms. This group further expanded in February 2025 with the acquisition of the podcast company Red Seat Ventures.
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Recent Ventures and Future Outlook
Fox continues to push into new markets and technologies to combat the trend of cord-cutting. In August 2025, the company launched Fox One, a streaming service specifically targeting "cord-cutters" and "cord-nevers" by bundling the Fox broadcast network and its cable channels.
International and Sports Expansion
The company has also looked abroad and toward niche sports. In June 2025, Fox acquired Caliente TV, a Mexican sports platform, appointing Carlos Martinez as managing director of Latin America. Additionally, in July 2025, Fox acquired a one-third stake in Penske Entertainment, the parent company of the IndyCar Series and Indianapolis Motor Speedway, extending its media rights for the series.
The Roku Acquisition and Antitrust Concerns
In June 2026, Fox Corporation announced a massive cash-and-stock deal to acquire Roku for approximately $22 billion. The deal aims to pair Fox's news and sports content with a leading streaming platform. If completed in early 2027, Fox shareholders are expected to own 73% of the combined entity.
This move has drawn scrutiny from U.S. lawmakers. Congressional Democrats, including Elizabeth Warren, have warned of antitrust implications, suggesting the merger could reduce consumer choice for free streaming and allow Fox to unfairly preference its own content over competitors.
Key Facts
- Formation Date: Officially began operating on March 19, 2019.
- Key Leadership: Led by Chairman and CEO Lachlan Murdoch.
- Major Acquisition: Proposed $22 billion purchase of Roku (expected close 2027).
- Digital Hub: Tubi Media Group manages the company's streaming and digital assets.
- Strategic Shift: Moved from a broad conglomerate to a focus on live news, sports, and digital streaming.
| Year | Event/Acquisition | Details/Value |
|---|---|---|
| 2019 | Formation of Fox Corp | Spun off from 21st Century Fox |
| 2020 | Tubi | $440 million |
| 2021 | TMZ | ~$50 million |
| 2025 | Fox One Launch | Streaming service for cord-cutters |
| 2026 | Roku (Proposed) | $22 billion |
Frequently Asked Questions
Why didn't Disney buy the entire 21st Century Fox?
Disney was prohibited from buying the Fox broadcast network and stations due to the FCC's "dual network rule," which prevents a single company from owning two of the top broadcast networks (Disney already owned ABC).
What is the Tubi Media Group?
Launched in April 2023, it is a standalone digital business unit that integrates Tubi, Credible Labs, Blockchain Creative Labs, and other digital news, sports, and entertainment platforms.
What is Fox One?
Fox One is a streaming service launched in August 2025 designed for audiences who do not subscribe to traditional cable (cord-cutters and cord-nevers), featuring Fox's broadcast and cable channels.
Why is the Roku acquisition controversial?
Some lawmakers argue it may create antitrust issues by eliminating a competitor in the free streaming market and potentially allowing Fox to prioritize its own content over other providers on the Roku platform.
Who currently leads Fox Corporation?
Lachlan Murdoch serves as the Chairman and CEO of the company.