Rupert Murdoch begins his Hollywood goodbye by dismantling his US$100 billion trailblazing media empire
- Murdoch family will create new entity known as Fox after the breaking up of 21st Century Fox
Thirty-four years ago, Rupert Murdoch showed up in Hollywood with US$250 million, buying a stake in the 20th Century Fox film studio – even though he had little interest in making movies.
The scrappy Australian newsman, then known for his clamorous tabloids, was viewed with suspicion. Sceptics assumed he was a corporate raider intent on stripping value from the studio.
Instead, Murdoch rescued a threadbare operation from financial ruin and turned it into the centrepiece of a growing empire that has reshaped the entertainment industry.
Now, Murdoch is dismantling his life’s work: a kingdom worth more than US$100 billion.
On Tuesday, his largest company, 21st Century Fox, will be broken apart.
Walt Disney Co. will absorb Fox’s legendary movie and television production studios, with their deep trove of titles that include Avatar, Deadpool, Family Guy and The Simpsons.
The Murdoch family will create a new entity, simply known as Fox that will include Fox News Channel, the Fox broadcast network, national Fox Sports channels, TV stations and the 50-acre Fox studio lot in Century City, Los Angeles.
