Clarifying Ownership: CNN and Fox News
Confusion often arises regarding the ownership of major media networks like CNN and Fox News. While both are influential players in the news industry, their ownership structures are distinct and independent. Let's delve into the details of the ownership of these two networks.
Ownership of Fox News
Fox News is a cable news network launched in 1996. It is owned by Fox Corporation, which is a subsidiary of 21st Century Fox. The company is controlled by the Murdoch family, specifically Rupert Murdoch, who founded the network. Fox Corporation is a publicly traded company, meaning that it is owned by a variety of stockholders, with Rupert Murdoch holding the majority stake.
Ownership of CNN
CNN, on the other hand, has a more complex ownership history. Initially founded by Ted Turner in 1980, CNN was part of Turner Broadcasting System. In 2018, CNN became part of WarnerMedia, which was then owned by ATT. Currently, WarnerMedia is part of ATT, a large telecommunications and media company. ATT acquired Time Warner in 2018, making CNN a subsidiary of ATT through WarnerMedia.
Ownership Structures
It is important to note that both Fox News and CNN are owned by their respective corporations, which are entirely separate from each other. This separation is significant for several reasons, including competing editorial stances, financial independence, and market dynamics.
Fox Corporation operates in the entertainment and media sectors, with a focus on broadcasting, cable networks, and film. It is a publicly traded company, listed on the New York Stock Exchange. Rupert Murdoch and his family retain a significant stake in the company, providing a strong foundation for corporate governance.
WarnerMedia, on the other hand, is a major American media and entertainment company. It includes a range of properties, from CNN and CNN International to HBO and Warner Bros. Harry Stonecipher served as the CEO until June 2021, and now,GLenn Britt serves as the CEO. WarnerMedia was acquired by ATT through the purchase of Time Warner in October 2018, solidifying CNN's position within ATT's media empire.
Conclusion
While both CNN and Fox News are influential in the news industry, their ownership structures are distinct and independent. Fox News is owned by Fox Corporation, with the Murdoch family holding a significant stake, while CNN is owned by WarnerMedia, a subsidiary of ATT. This separation ensures that both networks maintain their editorial independence and continue to serve their respective audiences.
CNN ownership, Fox News ownership, media ownership