Better still, by July 1985, 20th Century Fox had big announcements to make. Rupert Murdoch had completed a transaction that would see him own 50% of Fox Filmed Entertainment. This company was in fact the parent company of the then Century Fox Film Corporation. His efforts were not about to stop there either, as the very next year, financials took a turn for the better. The company reported a loss of over $55 million previously, with new figures showing a $5 million profit.
FNC was certainly a bold move for Murdoch, as he did have many successful ventures in the past and this could have taken a huge turn for the worse. He gained his experience in the industry when News Corp.’s BSkyB created their first and Europe’s first 24 hour news channel back in 1989. After this the Sky News involvement along side his hand in the redevelopment of 20th Century Fox, this put him in a very strong position.
Murdoch announced via News Corp that Fox Programming would be changing. He said that the new worldwide platform would support a 24 hour news channel for all viewers. This was set to revolutionize the company, and was a bold step forward for both companies. The announcement was made back in January, 1996.
February 1996 provided more development for Fox News Channel. Roger Ailes was a major force in the industry, being a US Republican Party political strategist and NBC executive previously. Ailes announced his resignation from America’s Talking, which is now known as MSNBC. At the time, people knew he would be summoned to work as a major player in a similar channel, but where. Of course, Murdoch saw the potential and asked him to join his workforce.