Yesterday, 21st Century Fox split itself into two companies and Today it will be only one.
21st Century Fox and FOX were both listed as publicly traded companies, but 21st Century Fox was gobbled up by Disney early this morning, leaving on FOX in the control of the Murdoch’s.
The new Fox company will be much smaller and will rely on TV, live events, news and sports. Most of the companies revenue will come from Fox News.
Wall Street analyst Michael Nathanson estimates that some 86% of Fox’s earnings will come from cable programming, and 90% of those earnings will come from Fox News.
On Thursday, Lachlan Murdoch will hold a town hall session for employees. The company is expected to face some growing pains early on as it downsizes its workforce as the assets change hands and Fox Corp. is re-engineered.
No cuts are expected to be made at Fox News or the O&O’s.
While the Fox suits made millions on the deal, the people at the O&O’s got a candy bar and a book yesterday. Seems fair….