Fox News, a prominent right-wing cable channel, was founded in 1996 by media mogul Rupert Murdoch and Republican Party operative Roger Ailes. Today, it is owned by Fox Corporation.
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Current Ownership Structure
Fox Corporation, the parent company of Fox News Media, controls the channel. The Murdoch family maintains significant influence over Fox Corporation, holding approximately 40% of the company’s shares through a family trust. This stake allows them to exert considerable control over the governance and strategic direction of Fox News.
Key Figures
While Rupert Murdoch stepped down as chairman, he remains Chairman Emeritus of both Fox Corporation and News Corp. His son, Lachlan Murdoch, currently serves as the Executive Chair and Chief Executive Officer of Fox Corporation.
Investment Opportunities
Fox is publicly traded, offering indirect investment in Fox News.
Fox News, a prominent right-wing cable channel, was founded in 1996 by media mogul Rupert Murdoch and Republican Party operative Roger Ailes. Today, it is owned by Fox Corporation.
Fox Corporation, the parent company of Fox News Media, controls the channel. The Murdoch family maintains significant influence over Fox Corporation, holding approximately 40% of the company’s shares through a family trust. This stake allows them to exert considerable control over the governance and strategic direction of Fox News.
While Rupert Murdoch stepped down as chairman, he remains Chairman Emeritus of both Fox Corporation and News Corp. His son, Lachlan Murdoch, currently serves as the Executive Chair and Chief Executive Officer of Fox Corporation.
Fox is publicly traded, offering indirect investment in Fox News.
Historical Context: From News Corporation to Fox Corporation
The ownership of Fox News has evolved over time. Initially, it was under the umbrella of News Corporation, Rupert Murdoch’s global media conglomerate. In 2013, News Corporation was split into two separate entities: News Corp (focusing on publishing) and 21st Century Fox (encompassing film and television assets, including Fox News). Then, in 2019, 21st Century Fox was largely acquired by The Walt Disney Company. However, Fox News Media, along with Fox Broadcasting Company and Fox Television Stations, were spun off to form the new Fox Corporation.
Impact of Ownership on Content and Editorial Stance
The Murdoch family’s control has been a subject of much debate, with critics arguing that it significantly influences the channel’s conservative editorial stance and news coverage; The family’s political views and business interests are often perceived as shaping the narrative presented by Fox News. This influence extends to the selection of anchors, the framing of news stories, and the overall tone of the network.
Recent Developments and Controversies
Fox News has faced several controversies related to its coverage and editorial decisions. A notable example is the defamation lawsuit brought by Dominion Voting Systems, which resulted in a significant settlement payment by Fox Corporation. This lawsuit highlighted concerns about the accuracy of information disseminated by the channel and the potential consequences of spreading false claims. The settlement was a record $787.5 million.
Future Outlook
With Lachlan Murdoch at the helm of Fox Corporation, the future direction of Fox News remains a topic of interest. Whether the channel will maintain its current ideological alignment, adapt to evolving media consumption habits, or face further challenges related to accuracy and accountability will be closely watched by media observers and the public alike. The launch of Fox One, offering live and on-demand content, signals an attempt to adapt to changing viewing habits.
