How has Fox News ownership evolved since its founding in 1996?
Executive summary
Fox News was launched in 1996 as part of Rupert Murdoch’s television holdings and remained under Murdoch family control through successive corporate restructurings: from News Corporation to 21st Century Fox, then into the stand‑alone Fox Corporation after the 2019 Disney sale [1] [2]. By 2025 the Murdoch family — operating through dual‑class shares and family trusts — retained decisive voting power and installed Lachlan Murdoch as the company’s active leader, even as public Class A shares trade on Nasdaq [3] [4] [5].
1. Origins: a Murdoch TV project turned cable powerhouse
Rupert Murdoch created Fox News Channel to expand his television presence in the U.S.; the network launched on October 7, 1996 under the umbrella of his television holdings and quickly became a dominant cable news player [1]. Early success in primetime and ratings established Fox News as a core asset within Murdoch’s broadcast portfolio, setting the stage for later corporate maneuvers [6] [7].
2. Corporate shifts: News Corp → 21st Century Fox → Fox Corporation
Fox News moved through Murdoch’s larger group restructurings. The Murdoch conglomerate split publishing and TV assets in 2013 and later sold most entertainment assets to Disney; as a result, in 2019 Fox News and related TV properties were placed into a newly created, publicly traded Fox Corporation [2] [7]. That reorganization separated the broadcast/cable businesses — including Fox News — from the film and entertainment businesses Disney acquired [2].
3. Ownership mechanics: public shares, private control
Although Fox Corporation is publicly traded (tickers FOXA/FOX), its governance features a dual‑class share structure: publicly available Class A shares and higher‑voting Class B shares held largely by the Murdoch family, concentrating control despite outside investors [3] [8]. Analysts and investor guides describe this structure as the mechanism that allows the family to steer corporate strategy and preserve editorial continuity [3] [9].
4. Leadership succession and the Lachlan Murdoch era
Rupert Murdoch gradually ceded operational control in recent years and by 2023–2025 his son Lachlan Murdoch took on top roles at Fox Corporation, effectively becoming the company’s chief decision‑maker; reporting in 2025 shows Lachlan as executive chair and CEO of Fox Corporation [4] [9]. A high‑profile family settlement in September 2025 further cemented Lachlan’s control through a restructured family trust that holds a large block of Class B voting stock [5].
5. Family trusts, legal fights and political implications
Multiple sources describe the Murdoch family trust arrangements as central to long‑term control over both Fox Corporation and News Corp; those trusts, and occasional legal disputes among heirs, are the locus of succession battles and public scrutiny [10] [5]. Reporting highlights that estate and trust decisions implicitly shape editorial direction because the family’s votes determine board composition and strategic priorities [5] [3].
6. What changed — and what has not
What changed: Fox News moved from a unit inside a sprawling News Corporation to the news anchor of an independent, publicly listed Fox Corporation after 2019; ownership mechanics and leadership have shifted toward Lachlan Murdoch in the 2020s [2] [4]. What has not changed: the Murdoch family’s concentrated voting control and the network’s location within a Murdoch‑dominated corporate structure remain consistent drivers of strategy and editorial posture [3] [8].
7. Competing perspectives and limits of the record
Corporate histories and investor pieces emphasize structural facts — spin‑offs, stock classes, and leadership titles — and depict the Murdoch family’s control as deliberate and enduring [3] [9]. Other reporting frames Lachlan’s consolidation of power as the outcome of intra‑family deals and legal maneuvers finalized in 2025 [5]. Available sources do not mention specific internal editorial directives tied to ownership changes, and they do not provide a comprehensive chronology of every legal dispute over the family trust beyond the summaries cited [10] [5].
8. Why this matters for audiences and investors
Ownership and governance determine who appoints directors, who sets strategy, and who holds ultimate voting power. The Murdoch family’s dual‑class structure and trust agreements mean public investors have financial exposure while the family retains decisive control — a setup that affects corporate decisions, risk tolerance, and the network’s long‑term positioning in U.S. media [3] [9].
Limitations: this account relies on the supplied reporting and corporate profiles; it does not include internal Fox documents or sources outside the list provided. All factual assertions above are drawn from the cited items [1] [2] [3] [4] [5] [9] [10] [8].