Who Owns Fox News
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Fox News is an American television news channel owned by the Fox Corporation. It was founded in 1996 by Rupert Murdoch and Roger Ailes, and it has since become one of the most influential political news outlets in the United States. In 2020, Fox News was the most-watched cable news channel, drawing more than 3 million viewers per day.
The Fox Corporation itself is the product of a 2019 bankruptcy of the previous parent company, 21st Century Fox (21CF). This included the TV channels FOX, FX, National Geographic, and more. The deal saw both Disney acquiring 21CF’s movie and TV studio assets and Fox Corporation with the remaining entities. The latter makes up Fox News and hundreds of local affiliates across the US.
At the helm of Fox Corporation is the Rupert Murdoch-controlled family, the Murdochs. Rupert is the executive co-chairman, while his son and Fox Corporation’s CEO, Lachlan Murdoch, is the other co-chairman. Rupert Murdoch’s family trust holds a majority voting stake in the company, giving the Murdochs direct control.
Apart from the Murdochs, investment firm Apollo Global Management sold its 21CF shares to Fox, amounting to a 9.7% stake in the new media entity. Along with the Murdoch family, Apollo is the largest shareholder in Fox Corporation.
While Fox News remains a prominent force in US media news, the ownership deals that led to the formation of Fox Corporation undoubtedly gave control and influence to the Murdochs. While they don’t officially own Fox News, Rupert and Lachlan Murdoch’s majority voting stake gives them the power and control to shape the news channel’s direction.