Murdoch family launches a new Fox; former House Speaker Paul Ryan joins company's board

Rupert Murdoch's 21st Century Fox has spun off various television assets - including the Fox News Channel and Fox broadcast network - to form a new company that will be known simply as Fox Corp.The spinoff completed early Tuesday is part of a multi-pronged process that will culminate with the $US71.3 billion sale of the rest of Murdoch's entertainment company to Disney.

The reconfigured Fox Corp. will emphasize live programming, with NFL prime-time games on Thursday nights and WWE's "Smackdown" on Fridays. With a growing number of viewers watching scripted dramas and comedies on a delayed basis, Fox is seeking to have more commercials that reach consumers with greater immediacy.

Fox also is holding onto the historic studio lot on Pico Boulevard in West Los Angeles, where the mogul's oldest son, Lachlan Murdoch, 47, is based.

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