How did the 2019 sale of 21st Century Fox assets to Disney affect ownership of Fox Corporation?

1. The split: what Disney bought and what stayed with Fox Corporation

When Disney completed its acquisition of most of 21st Century Fox’s assets, it acquired the film studios (20th Century Fox/20th Century Studios, Fox Searchlight), FX, National Geographic, large international TV holdings and stakes in streaming properties — pieces intended to bulk up Disney’s content library and direct-to-consumer push ^{[1] [4]}. The assets that were not included in that sale — chiefly the Fox broadcast network, Fox News Channel and certain U.S. sports assets — were kept in a rump company that became Fox Corporation ^{[2] [5]}.

2. Why the carve‑out mattered: strategy and regulatory constraints

Regulators and antitrust authorities shaped the final outcome. The U.S. Department of Justice required Disney to divest 22 regional sports networks (RSNs) as a condition of approving the deal because combining Disney’s ESPN with Fox’s RSNs raised competition concerns; that requirement affected what Disney could retain and what the surviving Fox entity would look like ^{[3] [6]}. Industry analysts framed the transaction as Disney expanding its direct-to-consumer capabilities (Disney+ and a larger Hulu stake) while Fox Corporation would “hone” a distinct model focused on U.S. linear TV and news ^{[6] [7]}.

3. Ownership and shareholders: who ended up owning Fox Corporation

Available sources explain that current 21st Century Fox shareholders had options in the transaction structure — a mix of cash and Disney shares for the assets sold — and that a new, smaller Fox (often described as “New Fox” or Fox Corporation) remained publicly traded for shareholders who retained stakes in the parts not sold to Disney ^{[4] [8]}. Exact post‑deal ownership percentages inside the rump Fox Corporation aren’t detailed in the provided reporting; current reporting focuses on which assets moved and on Disney’s purchase terms ^{[4] [1]}. Therefore: available sources do not mention specific post‑transaction ownership percentages of Fox Corporation’s shares beyond saying shareholders of the former 21st Century Fox received consideration in the deal ^[4].

4. Financial terms that shaped the leftover company

Disney’s acquisition price is reported around $71 billion to $71.3 billion in equity value and roughly $85.1 billion total transaction value when net debt assumptions are included; Disney also took on substantial cash and debt from 21st Century Fox as part of the deal ^{[1] [4]}. Those sums reflect the assets transferred to Disney; the remaining Fox Corporation started life with the assets and revenue streams not included in that price tag, but sources emphasize the headline Disney figures rather than attributing a specific valuation to the spun‑off Fox Corporation ^{[1] [4]}.

5. Competing perspectives: boon to Disney — risk or opportunity for Fox Corp

Commentary diverges. Supporters argued the deal made Disney a content powerhouse better positioned against Netflix and other streamers by adding franchises and studio output ^{[6] [7]}. Critics and some analysts warned about concentration of content power and noted regulators forced divestitures — suggesting limits to Disney’s consolidation — while other analysts said the standalone Fox Corporation could focus and potentially be attractive to investors as a pure‑play broadcaster/news business ^{[6] [9]}. The Los Angeles Times and other outlets later debated whether Disney overpaid, pointing to asset sales required by regulators that reduced net cost, underscoring that views on the deal’s wisdom remain split ^[10].

6. What the transaction left unclear in reporting

The sources clearly identify the asset lines that moved to Disney and the existence of a smaller Fox Corporation focused on U.S. broadcast, news and some sports ^{[2] [3]}. However, the documents in this set do not provide a full breakdown of the post‑deal capital structure, exact shareholder roll‑forward into Fox Corporation, or detailed current ownership percentages of Fox Corporation shares after the closings ^{[4] [1]}. For those specifics, company filings and contemporaneous SEC proxy materials would be the primary sources — not present in the provided excerpts ^[1].

Bottom line: The 2019 transaction transferred most creative studios, cable networks and international assets to Disney and left a narrowed Fox Corporation as a separate public company owning the Fox broadcast network, Fox News and core U.S. sports — but the precise post‑deal shareholder mix and ownership percentages of Fox Corporation are not detailed in the supplied sources ^{[2] [4]}.