Who Owns Fox News

Who Owns Fox News: The Company That Changed Media

So the Topic is Who Owns Fox News? Fox News has been a major player in how we consume and digest news.

The political leanings of Fox News and its coverage of the Trump presidency have become an important topic of conversation.

We’ve recently seen a new direction for the company with CEO Rupert Murdoch handing over control to James Murdoch’s son. Should we be concerned about what this means for the future?

What does this mean for our perception of trust in news media? Here are some ways to consider who owns Fox News today.

Who Owns Fox News?

Fox, Inc doesn’t own Fox News. The two companies split up in 2004. Fox, Inc. is the parent company of the TV network and the film studio 20th Century Fox.

As a broadcaster, Fox News is just one of the many channels Fox broadcasts. It is owned by Fox Television Stations and 21st Century Fox.

The Fox News company is called News Corp. and is a direct spin-off of Rupert Murdoch’s Times of London newspaper. Rupert Murdoch is the chairman and CEO of News Corp. (and the current Fox chairman). News Corp. and Fox are separate companies but share the same headquarters.

Who Owns Fox News: The Murdoch Family

James Murdoch is the CEO of Fox.

Fox News and the Murdoch family own over 80% of the network. According to the Wall Street Journal, that number will be reduced to a slim majority with control passing to James Murdoch, the company’s CEO and a new generation of leaders.

The Murdoch family is a large business clan. After his father died in 2013, the leadership of 21st Century Fox shifted from his sons, James and Lachlan, to James Murdoch. The family is not shy about their political leanings. James and his father even had a hand in writing a Republican manifesto for the 2016 presidential election.

Rupert Murdoch

Noted for his anti-communism efforts during his tenure as CEO of News Corp, Rupert Murdoch has kept a close eye on the company since stepping down. He remains chairman and CEO of the conglomerate’s 21st Century Fox and 20th Century Fox. He also serves as chairman of both Fox News Channel and Fox Business Network.

21st Century Fox has been under Murdoch’s purview since 2013, when News Corp spun off its entertainment division and integrated it into the conglomerate, retaining control of the other media companies. The main family member controlling the media company is Rupert Murdoch’s son, James Murdoch, who succeeded his father in the CEO role in 2016.

Some family members are involved as directors, such as his brother Lachlan Murdoch. Murdoch has a net worth of $7.

James Murdoch

The new Fox News CEO is James Murdoch. Murdoch and his father Rupert owned 21st Century Fox, which owns a number of cable networks such as FX and National Geographic Channel, among others. Now, they’re keeping all of that, but they’ve also decided to sell the Fox News Channel, Fox Business Network, Fox Sports 1, and its local television stations.

21st Century Fox is retaining the Fox broadcast network and Fox News Channel, and then it is just waiting on Comcast (NASDAQ: CMCSA ) to buy Fox’s entertainment assets. That deal is expected to close by June 2018.

Should We Be Concerned?

While Fox News might be part of the corporate family, it does not sell directly to the consumer and has more influence than some other channels due to its influence in the news media industry.

The history of Fox News and the Murdoch family

Murdoch originally began his publishing empire in the 1960s when he purchased a newspaper in Australia, The Herald & Weekly Times. This paper was later expanded with the purchase of Australian Magazine publisher, Weekly Inter­view. In the late 1980s, he acquired The New York Post from his brother, Keith, and then The Sun, which his other brother, Lachlan, ultimately took over from him. Murdoch later began building his stable of media properties by purchasing a number of small news companies, including Madison Media Group and Wireless Group. The company’s broadcast division, News Corp., also included HarperCollins Publishers and his broadcast television stations.

What Changes Does This Mean For Us?

In the past, any news network that had a right-wing bias was branded as a right-wing channel. These channels aren’t that controversial, but the traditional media makes that easy. With Fox News being seen as more “mainstream”, the company doesn’t quite have that freedom to lean more in one direction. It has to spread its news and political ideas more broadly. With news being bought up by tech companies, this trend will likely continue.

The American people put their trust in a news source is fundamental to our democratic society. This is why it is so concerns when a news organization loses its public trust. It’s not just political leanings, but the changes it’s made to the editorial process as well. It makes people question how honest the company is.

What Does This Mean for the Future of Media?

Recently, James Murdoch has been at the helm of the day-to-day operations of Fox News, and the future of the network is on the line. As the son of Fox News founder Roger Ailes and Rupert Murdoch’s sons, James has always felt that a presence on Fox News was a natural progression in his career. Yet, it has been a contentious time in his career. His father has now handed over the reins of the network to him, and this could mark a significant change in the media landscape.

At times, it seems as though the voices and opinions trying to get out into the open are being drowned out by the voice of Fox News. We all know that their reach is quite substantial, but can they continue to wield that influence in the future?

Fox News is currently at a crossroads.

The Influence of Fox News

Fox News is the company’s face and has been the key driver in the company’s financial growth. An analysis of Fox News’ year-over-year performance by the investment firm MoffettNathanson, reveals that, since 2015, average total viewer audience growth has outpaced network competition by more than 20%. The growth can be attributed to Fox News’s primetime lineup anchored by Bill O’Reilly, Megyn Kelly and Sean Hannity. This trio was designed to serve as right-wing propaganda designed to influence the conservative and Republican audience. The original franchise ownership (21st Century Fox, News Corp, and a subsidiary) remains with the Murdoch family. Their version of Fox News has very different economic motivations than the founders.

Fox News and The Trump Presidency

The central relationship to Donald Trump’s political career is Fox News. In the 2016 election, the network’s opinion shows were cited as the primary way he achieved his presidency. A paper by Kenneth P. Green and John Couvillon found that Fox News personalities contributed to 63 per cent of coverage about Trump. This is a massive increase in their contribution compared to coverage of Romney in 2012, who only had 43 per cent of their coverage compared to coverage of Trump’s 40 per cent in the same period.

How did this happen? Some would point to the fact that Fox News has long been a friend and ally of the president. He even acknowledged Fox as “my base” in a tweet in January, writing “, Thanks to Fox News for being number one in Arbitration Survey for two years in a row.

The future of Fox New

At the time of this writing, Fox News has ten total branches, two of which are nonprofit. The company’s latest endeavour is the New Fox Incorporated, a newly formed holding company created in the wake of the Disney acquisition. With this, Fox News is expected to be folded into the new company. The hope is that the new company will be able to absorb the news network and the majority of other assets formerly owned by 21st Century Fox.

Of course, there are a number of worries surrounding this change. If we’re to trust one cable news outlet, it might be Fox News, but if we believe in cable news being a trustworthy source of information, it might not be possible to settle on one quickly.

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