Media and entertainment company 21st Century Fox (FOXA) said Monday that Dana Walden and Gary Newman will oversee a new business unit within Fox Networks Group, Fox Television Group, which will combine Fox Broadcasting Co ("FBC") and 20th Century Fox Television ("TCFTV").
The announcement was made by Peter Rice, chairman of Fox Networks Group, to whom both Newman and Walden will now report. Their respective appointments are effective later this month.
In their new roles as chairmen and CEOs of Fox Television Group, Newman and Walden will be responsible for all facets of the FOX broadcast network, including programming, digital, marketing and other functions.
The new roles also call for the duo to continue oversight of 20th Century Fox Television, which they have led for the past 15 years.
20th Century Fox Television is comprised of the parent studio, cable production arms Fox 21 and Fox Television Studios, the licensing division Fox Consumer Products and the syndication division Twentieth Television. While both companies will be housed within Fox Television Group, FBC and TCFTV will continue to operate as independent entities, but will share financial and creative goals, and be led jointly by Walden and Newman.
Fox Television Group will operate as a division of Fox Networks Group, which also oversees 21st Century Fox's domestic entertainment, sports and non-fiction channels, as well as Fox International Channels' collection of more than 300 channels worldwide.
Named Presidents of 20th Century Fox Television in December 1999, and later elevated to Chairmen and then Chairmen and CEOs, Newman and Walden have built the studio into an undisputed industry leader, the company said in a statement.
Last June, 21st Century Fox split off from News Corp (NWSA, NWS) and went on to possess the media and entertainment assets. Its portfolio consists of cable and broadcasting properties, including FOX, National Geographic Channels, STAR, as well as film studio Twentieth Century Fox Film.
FOXA closed Monday at $35.54, down $0.10 or 0.28%, on a volume of 5.5 million shares on the Nasdaq.
by RTT Staff Writer
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