Under capitalism, ownership brings control, and Fox News has a new corporate parent that began trading yesterday on NASDAQ. There are reasons for conservatives to be deeply concerned.
Sarah Ellison and Paul Farhi write at the Washington Post:
Fox’s parent company is undergoing a generational change — one that produced another, perhaps more subtle sign of independence from the president.
On Tuesday, Fox Corp. began public trading as the new parent of Fox News, Fox Entertainment and Fox Sports; the company is the result of 21st Century Fox’s sale of its film and television assets to Disney Corp. The new company is headed by Lachlan Murdoch, the eldest son of Rupert Murdoch, who co-founded Fox News with Roger Ailes and remains a controlling shareholder in Fox.
Among Fox Corp.’s first acts in business: appointing former House speaker Paul D. Ryan to its board of directors. Ryan is, of course, an establishment conservative disliked by both Democrats and those who most strongly supported Trump. Although he advanced some of Trump’s agenda, particularly tax reform, as speaker, Ryan declined to defend Trump or campaign with him in the latter stages of the 2016 campaign.
Ryan is also increasingly blamed for not passing funding for border wall construction while Republicans controlled both houses of Congress.
The acquisition of the film and television entertainment assets to Disney closed at midnight last night, so the restructuring of Murdoch’s assets now is complete, with Fox Corporation’s market cap more directly linked to the perceived television fortune of Fox News, along with Fox Sports and Fox Broadcasting.
The trading debut of Fox Corporation was not exactly auspicious, though not a disaster, either. The early dip would seem to indicate a rush of sales orders, but this…