Boston, MA 04/17/2013 (wallstreetpr) – In the next few months, the News Corp (NASDAQ:NWSA) (Closed: $31.33, Up by 3.06%) entertainment business is all scheduled to be segmented from the rest of the company, is slated to be called 21st Century Fox and will be the new face of the 78-year-old movie studio brand. This announcement was made by News Corp in a statement. The company had initially decided to call the business the Fox Group. The billionaire founder of News Corp, Rupert Murdoch will be the chairman and Chief Executive Officer of the company which will include television and film units.
Banking on history
Murdoch’s media empire was started with newspapers over fifty years ago. He finally gave-in to pressure from shareholders who had been demanding that the declining publishing division be separated from the more lucrative film and television business. This entertainment break-off will include broadcast and cable networks and the Twentieth Century Fox studio. The latter will retain its original name as it has a rich creative heritage. Murdoch said that 21st Century Fox will draw from it and will combine it with dynamism and innovation that should be the backbone of every one of the company’s businesses.
In-step with the times
He said that the new name draws inspiration from the very first company that had been acquired over three decades ago. That had been their entry-point into the world of entertainment. In 1935, Twentieth Century Fox had merged with Fox film Corp to form the movie studio and Murdoch had gained control of the business in 1985. That was the year in which he had become an American citizen and acquired six TV stations which were the foundation stones of his TV network. At the turn of the 21st century, Twentieth Century Fox chose to retain its name. Other companies such as Gateway 2000 and 20th Century Insurance company ended up changing their names though.
The New York Post and the Wall Street Journal are part of News Corp’s publishing business which will be retaining its name. Companies want to be able to gel with the psyche of its modern viewers and name changes such as this one are an attempt to be more in tandem with the times.
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