Thirty-four years ago, Rupert Murdoch showed up in Hollywood with $250 million, buying a stake in the 20th Century Fox film studio — even though he had little interest in making movies.
The scrappy Australian newsman, then known for his clamorous tabloids, was viewed with suspicion. Skeptics assumed he was a corporate raider intent on stripping value from the studio. Instead, Murdoch rescued a threadbare operation from financial ruin and turned it into the centerpiece of a growing empire that has reshaped the entertainment industry.
Now, Murdoch is dismantling his life’s work: a kingdom worth more than $100 billion. On Tuesday, his largest company, 21st Century Fox, will be broken apart. Walt Disney Co. will absorb Fox’s legendary movie and television production studios, with their deep trove of titles that includes “Avatar,” “Deadpool,” “Family Guy” and “The Simpsons.” The Murdoch family will create a new entity, simply known as Fox, that will include Fox News Channel, the Fox broadcast network, national Fox Sports channels, TV stations and the 50-acre Fox studio lot in Century City.