21st Century Fox Inc. and Fox Corp. have emerged as separate, standalone public companies following the completion of a planned share distribution.
21st Century Fox distributed a total of 620,501,921 shares of Fox Corp.'s common stock to 21st Century Fox stockholders on a pro rata basis. Fox Corp. class A and class B common stock are now listed on the Nasdaq Global Select Market under the symbols FOXA and FOX, respectively, while shares of 21st Century Fox, which formerly traded under the same symbols, are now listed on Nasdaq under the symbols TFCFA and TFCF. Walt Disney Co.'s acquisition of 21st Century Fox will become effective at 12:02 a.m. ET on March 20.
Fox Corp. also announced the appointment of several new directors: former U.S. House of Representatives Speaker Paul Ryan, Aragon Global Holdings CEO Anne Dias, former Fox and DIRECTV executive Chase Carey, and Hernandez Media Ventures CEO Roland Hernandez. Previously announced directors include K. Rupert Murdoch, FOX Chairman and CEO Lachlan Murdoch and Jacques Nasser.
In connection with the distribution, the board approved the adoption of a temporary stockholder rights agreement. The agreement will expire following the next annual meeting of stockholders of the company. Under the agreement, Fox Corp. is issuing 1 class A right for each outstanding share of the company's class A common stock and one class B right for each outstanding share of the company's class B common stock, in each case as of the close of business on April 2. Initially, these rights will not be exercisable and will trade with the company's class A common stock and class B common stock.
The board also is evaluating the company's capital return framework, which may include share repurchases in addition to a planned semiannual dividend.