Twenty-First Century Fox, Inc. agreed to spin-off portfolio of News, Sports and Broadcast Businesses of Twenty-First Century Fox, Inc. on December 13, 2017. Upon closing of the spin-off transaction, 21st Century Fox’s shareholders would receive one share of common stock in new Fox for each same class 21st Century Fox share currently held. Following the separation, new Fox would maintain two classes of common stock: Class A Common and Class B Common Voting Shares. The new “Fox” will include Fox News Channel, Fox Business Network, Fox Broadcasting Company, Fox Sports, Fox Television Stations Group, and sports cable networks FS1, FS2, Fox Deportes and Big Ten Network (BTN), Twenty-First Century Fox’s studio lot in Los Angeles and equity investment in Roku. The spin-off transaction will be taxable to 21st Century Fox, but not to its shareholders. The new Fox will receive a step-up in its tax basis commensurate with the amount of the corporate tax relating to the spin-off that will generate annual cash tax savings over the next 15 years. Prior to completion of the spin-off, new Fox will pay an $8.5 billion cash dividend to 21st Century Fox, representing an estimate of such tax liability. If the final tax liability of 21st Century Fox is less than such amount, the first $2 billion of that adjustment will be made by a net reduction in the amount of the cash dividend to 21st Century Fox from new Fox. Viet Dinh will act as Chief Legal and Policy Officer and Lachlan Murdoch will serve as Chairman and Chief Executive Officer for new "Fox". As of October 2, 2018, Eric Shanks was appointed as Chief Executive Officer of FOX Sports from his current role of President, Chief Operating Officer & Executive Producer, FOX Sports, Mike Biard, was appointed President, Operations and Distribution for FOX from President, Distribution for Fox Networks Group, Paul Cheesbrough, currently serves as Twenty-First Century Fox's Chief Technology Officer was promoted to Chief Technology Officer and Head of Direct to Consumer Platforms for FOX, Marianne Gambelli, currently serves as President of Ad Sales for FOX News Channel and FOX Business Network, was appointed President of Ad Sales for FOX and Steve Tomsic, currently serves as Twenty-First Century Fox's Executive Vice President, Finance and Deputy Chief Financial Officer, was promoted to FOX's Chief Financial Officer. John Nallen will be appointed Chief Operating Officer of FOX, Suzanne Scott will continue to serve as Chief Executive Officer of FOX News and FOX Business Network, and Jack Abernethy will remain Chief Executive Officer of Fox Television Stations. Danny O'Brien will become Executive Vice-President and Head of Government Relations of FOX and Hope Hicks will become Executive Vice-President and Chief Communications Officer of FOX. Three senior 21st Century Fox Inc. executives are joining the new company to be spun off. Rita Tuzon, who currently serves as executive vice president and general counsel at Fox Networks Group, was named executive vice president and corporate general counsel for the new entity. Also, Jill Ratner will serve the new entity as executive vice president and chief litigation counsel and Kevin Lord, currently executive vice president of human resources at FOX News Channel (US), will continue in that role but will broaden his responsibilities to provide HR oversight across all of the new entity. Charlie Collier will become the Chief Executive Officer of Entertainment. The appointments will become effective upon close of the Disney transaction. As of February 14, 2019, Joseph Dorrego, the current Chief Financial Officer of FOX Television Stations has been named the Chief Investor Relations Officer and Executive Vice President of Corporate Initiatives of Fox Corp. The appointment was made by John Nallen, Chief Operating Officer of Fox Corporation, to whom Dorrego will report. As of January 7, 2019, the entity to be spun-off named Fox Corporation, filed Registration Statement on Form 10 with the U.S. Securities and Exchange Commission. Fox Corporation intends to apply to have shares of both FOX class A common stock and FOX class B common stock authorized for listing and public trading on the Nasdaq Global Select Market under the symbols "FOXA" and "FOX," respectively. The closing of the transaction is subject to the satisfaction of certain conditions, including, among others, regulatory approvals, the effectiveness of the Form 10 and the receipt of certain tax opinions with respect to the treatment of the transactions under U.S. and Australian tax laws. The registration Statement on Form 10 for FOX was declared effective on February 5, 2019. The transaction is expected to close in the first half of calendar 2019. Goldman, Sachs & Co., Centerview Partners and Deutsche Bank acted as financial advisors and Skadden, Arps, Slate, Meagher & Flom LLP and Hogan Lovells acted as legal advisors to Twenty-First Century Fox. Patrick Ryan, Joe Kaufman, Jonathan Ozner, Matthew Farrell and Bassam Chain of Simpson Thacher & Bartlett acted as legal advisors to Twenty-First Century Fox in connection with the financing related to the spin-off. Morgan Bale, Corey Chivers, Raymond Gietz, Helyn Goldstein, Miranda Schiller, Ted Posner, Jeffrey Osterman, Jeff White, John O’Loughlin, Justin Lee, Nick Nikic, Michael Stein, Ariel Simon, Liam Murphy, Timothy Welch, Mary Lentowski and Megan Granger of Weil, Gotshal & Manges LLP acted as legal advisors to Goldman Sachs in providing a bridge loan commitment of up to $9 billion in connection with the transaction. Citigroup Inc. (NYSE:C) acted as financial advisor to Fox Corporation. Twenty-First Century Fox, Inc. completed the spin-off of Fox Corporation on March 19, 2019. The shareholders of Twenty-First Century Fox, Inc. received 1/3 of one share of Fox Corporation common stock for every one share of Twenty-First Century Fox, Inc. common stock. On completion of distribution of all issued and outstanding shares of Fox Corporation, it is now a standalone, publicly traded company. FOX Class A common stock and FOX Class B common stock are now listed on the Nasdaq Global Select Market (“Nasdaq”) under the symbols “FOXA” and “FOX,” respectively.